Neo Ivy Capital Management Takes $2.05 Million Position in Fortinet, Inc. $FTNT

Key Points

• Neo Ivy Capital Management opened a new position in Fortinet by buying 24,412 shares valued at approximately $2.05 million during the third quarter.
• Fortinet is heavily institutionally owned — 83.71% of shares are held by institutions, including Vanguard's ~75.6M‑share stake (~$6.35B) and a new Norges Bank position worth about $1.64B.
• Fortinet beat quarterly expectations (EPS $0.81 vs. $0.74; revenue $1.91B, +14.8% YoY) and set FY2026 guidance of 2.94–3.00 EPS, while insiders CEO Ken Xie and VP Michael Xie sold large share blocks on Feb. 2.

Neo Ivy Capital Management acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 24,412 shares of the software maker's stock, valued at approximately $2,053,000.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Fortinet in the second quarter valued at approximately $1,640,900,000. Vanguard Group Inc. raised its holdings in shares of Fortinet by 4.0% during the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock valued at $6,354,874,000 after buying an additional 2,894,355 shares during the last quarter. State Street Corp boosted its position in shares of Fortinet by 3.0% during the second quarter. State Street Corp now owns 29,183,161 shares of the software maker's stock worth $3,085,244,000 after buying an additional 862,468 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Fortinet by 28.7% during the third quarter. Dimensional Fund Advisors LP now owns 3,846,164 shares of the software maker's stock worth $323,386,000 after buying an additional 858,723 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker's stock worth $1,783,091,000 after buying an additional 828,569 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

FTNT opened at $83.67 on Friday. The business has a 50 day moving average price of $80.23 and a two-hundred day moving average price of $81.48. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09. The company has a market capitalization of $61.91 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 2.92 and a beta of 1.05. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $109.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.86 billion. During the same period last year, the firm earned $0.74 EPS. The firm's revenue for the quarter 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. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 175,737 shares of the company's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value 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 represents a 0.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 343,106 shares of the firm's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the transaction, the vice president owned 10,210,282 shares of the company's stock, valued at approximately $831,321,160.44. This trade represents a 3.25% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on the company. Wells Fargo & Company assumed coverage on Fortinet in a research report on Tuesday. They issued an "underweight" rating and a $64.00 target price on the stock. Sanford C. Bernstein reiterated a "market perform" rating and set a $83.00 price target on shares of Fortinet in a research report on Friday, February 6th. Daiwa Securities Group cut Fortinet from an "outperform" rating to a "neutral" rating and set a $86.00 price target for the company. in a research note on Wednesday, November 12th. Mizuho raised their price target on Fortinet from $72.00 to $74.00 and gave the company an "underperform" rating in a report on Friday, February 6th. Finally, Freedom Capital cut shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-two have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $88.62.

About Fortinet

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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.