NewEdge Wealth LLC Raises Stock Position in Fortinet, Inc. $FTNT

Key Points

• NewEdge Wealth LLC increased its Fortinet stake by 2.6% in the fourth quarter, adding 10,531 shares and bringing its total holding to 410,696 shares worth about $32.6 million.
• Fortinet’s latest earnings topped expectations, with EPS of $0.82 and revenue of $1.85 billion, both above analyst estimates, while revenue rose 20.1% year over year. The company also issued upbeat Q2 and full-year guidance.
• Despite the strong results, Wall Street remains cautious overall: Fortinet’s consensus rating is Hold with a price target of $100.45, even as several analysts recently raised their targets. Insider selling by the CEO and a vice president also appeared in the filing, though both sales were small and tied to tax withholding.

NewEdge Wealth LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 410,696 shares of the software maker's stock after purchasing an additional 10,531 shares during the quarter. NewEdge Wealth LLC owned about 0.06% of Fortinet worth $32,613,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Steigerwald Gordon & Koch Inc. acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Pinnacle Holdings LLC acquired a new stake in Fortinet during the third quarter worth $25,000. Ameriflex Group Inc. purchased a new stake in Fortinet in the third quarter valued at $25,000. Wexford Capital LP purchased a new stake in Fortinet in the third quarter valued at $25,000. Finally, Palisade Asset Management LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $28,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Fortinet from $73.00 to $75.00 and gave the stock an "underweight" rating in a report on Thursday. Susquehanna upped their target price on shares of Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday. Oppenheimer reaffirmed a "market perform" rating on shares of Fortinet in a research note on Friday, January 23rd. Weiss Ratings upgraded shares of Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Finally, Stephens set a $115.00 price target on shares of Fortinet and gave the company an "equal weight" rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $100.45.

Fortinet Price Performance

FTNT stock opened at $114.07 on Friday. The business's fifty day moving average price is $82.97 and its 200 day moving average price is $81.98. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.66. The company has a current ratio of 1.15, a quick ratio of 1.09 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $83.51 billion, a PE ratio of 44.04, a P/E/G ratio of 3.90 and a beta of 0.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.Fortinet's revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the business posted $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.64 EPS for the current year.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the completion of the transaction, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 5,355 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $88.90, for a total transaction of $476,059.50. Following the sale, the chief executive officer directly owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.20% of the company's stock.

Trending Headlines about Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet delivered a strong Q1 beat, with revenue up 20% year over year, EPS ahead of estimates, billings up sharply, and full-year guidance raised, signaling stronger demand across cybersecurity and AI-related security products.
• Positive Sentiment: Several analysts turned more constructive, including BTIG’s upgrade to Buy, Rosenblatt’s Buy rating with a higher target, and Citi/Susquehanna/UBS/Piper all raising price targets to around the current share price or above, supporting bullish sentiment.
• Positive Sentiment: Commentary around Fortinet’s gains suggests the results helped dispel “AI disruption” fears and highlighted growing demand tied to a more complex threat environment, which is improving investor confidence in the company’s growth runway.
• Neutral Sentiment: Citigroup and Susquehanna raised their price target to $115 while maintaining Neutral ratings, implying limited upside from current levels even after the rally.
• Neutral Sentiment: RBC Capital and Needham kept Hold-type views, indicating that not all analysts see the valuation as compelling despite the improved fundamentals.
• Negative Sentiment: There were also insider sales by the CEO and a VP, which may temper enthusiasm somewhat, though these trades appear small relative to the stock’s recent move.

Fortinet Profile

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.

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