Meritage Portfolio Management cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 31.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 94,455 shares of the software maker's stock after selling 44,303 shares during the quarter. Meritage Portfolio Management's holdings in Fortinet were worth $7,501,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the company. Allstate Corp acquired a new position in Fortinet during the third quarter valued at approximately $2,034,000. Asset Management One Co. Ltd. boosted its position in Fortinet by 4.7% during the third quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker's stock valued at $33,824,000 after purchasing an additional 17,892 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Fortinet by 465.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 756,651 shares of the software maker's stock valued at $64,255,000 after purchasing an additional 622,809 shares during the last quarter. Trilogy Capital Inc. boosted its position in Fortinet by 46.8% during the fourth quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock valued at $3,506,000 after purchasing an additional 14,076 shares during the last quarter. Finally, Machina Capital S.A.S. acquired a new position in Fortinet during the third quarter valued at approximately $1,177,000. 83.71% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts recently commented on the company. Oppenheimer reissued a "market perform" rating on shares of Fortinet in a research report on Friday, January 23rd. Wedbush reissued an "outperform" rating and set a $90.00 price target on shares of Fortinet in a research report on Friday, February 6th. Mizuho reduced their price target on Fortinet from $74.00 to $70.00 and set an "underperform" rating for the company in a research report on Tuesday, April 14th. Barclays set a $88.00 price target on Fortinet in a research report on Tuesday, February 3rd. Finally, Truist Financial set a $88.00 price objective on Fortinet in a research report on Tuesday, January 20th. Five equities research analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $87.68.
Read Our Latest Stock Analysis on FTNT
Fortinet Stock Performance
FTNT opened at $82.60 on Tuesday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $109.33. The stock has a market cap of $61.12 billion, a price-to-earnings ratio of 33.99, a PEG ratio of 2.81 and a beta of 1.00. The business has a 50 day moving average of $81.66 and a 200-day moving average of $81.71. The company has a quick ratio of 1.09, a current ratio of 1.17 and a debt-to-equity ratio of 0.40.
Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.07. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The company had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.86 billion. During the same period last year, the firm posted $0.74 earnings per share. The business's revenue was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. On average, equities research analysts expect that Fortinet, Inc. will post 2.63 earnings per share for the current year.
Insider Activity at Fortinet
In related news, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the completion of the sale, the chief executive officer directly owned 51,396,385 shares of the company's stock, valued at approximately $4,184,693,666.70. This trade represents a 0.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 343,106 shares of Fortinet stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $27,935,690.52. Following the sale, the vice president directly owned 10,210,282 shares of the company's stock, valued at approximately $831,321,160.44. The trade was a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 18.00% of the company's stock.
Fortinet Profile
(
Free Report)
Fortinet, Inc NASDAQ: FTNT is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet's product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
Further Reading
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