Oxbow Advisors LLC Invests $3.28 Million in Fortinet, Inc. $FTNT

Key Points

• Oxbow Advisors LLC disclosed a new first-quarter stake in Fortinet, buying 40,178 shares valued at about $3.28 million.
• Fortinet reported strong quarterly results, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion, up 20.1% year over year.
• Analysts remain mixed on the stock: Fortinet has a Hold consensus rating, even though some firms have recently raised price targets, while insiders have also been selling shares.

Oxbow Advisors LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 40,178 shares of the software maker's stock, valued at approximately $3,283,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Norges Bank bought a new position in Fortinet during the 4th quarter valued at $1,152,917,000. Van ECK Associates Corp increased its position in shares of Fortinet by 38.9% during the 4th quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker's stock valued at $613,915,000 after purchasing an additional 2,166,396 shares during the period. First Trust Advisors LP raised its stake in shares of Fortinet by 30.9% in the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock worth $636,962,000 after buying an additional 1,790,033 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Fortinet by 76.2% in the fourth quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker's stock valued at $326,297,000 after buying an additional 1,777,115 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after buying an additional 1,568,337 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Shares of Fortinet stock opened at $156.25 on Friday. The stock's fifty day moving average is $130.25 and its 200-day moving average is $98.18. The firm has a market capitalization of $114.48 billion, a PE ratio of 60.33, a price-to-earnings-growth ratio of 4.28 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $159.80.

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 the consensus estimate of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the business posted $0.58 earnings per share. Fortinet's revenue was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts anticipate that Fortinet, Inc. will post 2.78 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Bank of America raised their target price on Fortinet from $130.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Morgan Stanley reissued an "underweight" rating and issued a $80.00 price target on shares of Fortinet in a report on Thursday, May 7th. Barclays set a $155.00 price objective on shares of Fortinet and gave the company an "equal weight" rating in a research report on Friday, June 12th. UBS Group lifted their price objective on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Finally, Rosenblatt Securities boosted their target price on shares of Fortinet from $105.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $107.58.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their position. The transaction 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. Also, CEO Ken Xie sold 160,632 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at approximately $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is currently owned by corporate insiders.

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.

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