Pallas Capital Advisors LLC Acquires Shares of 17,777 Fortinet, Inc. $FTNT

Key Points

• Pallas Capital Advisors acquired 17,777 Fortinet shares valued at approximately $2.7 million during the second quarter. Institutional investors collectively own 83.71% of FTNT.
• Fortinet reported quarterly earnings of $0.90 per share and revenue of $2.05 billion, exceeding analyst expectations, while revenue increased 25.6% year over year.
• Analysts maintain a mixed outlook, with the stock holding an average “Hold” rating and a $150.91 price target; Fortinet shares recently opened at $155.85. Insiders have sold roughly $69.5 million of stock over the past 90 days.

Pallas Capital Advisors LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 17,777 shares of the software maker's stock, valued at approximately $2,731,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Norges Bank purchased a new position in Fortinet during the fourth quarter valued at $1,152,917,000. Bank of New York Mellon Corp purchased a new stake in Fortinet in the 2nd quarter worth $1,432,842,000. Arrowstreet Capital Limited Partnership lifted its stake in Fortinet by 87.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker's stock worth $788,682,000 after purchasing an additional 4,500,194 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Fortinet during the 2nd quarter valued at about $581,102,000. Finally, First Trust Advisors LP boosted its holdings in shares of Fortinet by 45.5% during the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker's stock valued at $940,284,000 after purchasing an additional 3,598,487 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Down 2.6%

Shares of NASDAQ:FTNT opened at $155.85 on Tuesday. The company has a market cap of $114.35 billion, a price-to-earnings ratio of 54.88, a PEG ratio of 3.03 and a beta of 1.07. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $172.09. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average price of $155.31 and a 200 day moving average price of $115.83.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company had revenue of $2.05 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The firm's revenue for the quarter was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, equities research analysts predict that Fortinet, Inc. will post 3.05 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the topic of several research reports. Barclays set a $190.00 target price on Fortinet and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Stifel Nicolaus set a $175.00 price target on Fortinet and gave the company a "hold" rating in a report on Thursday, July 30th. Truist Financial set a $183.00 price target on Fortinet and gave the company a "buy" rating in a report on Tuesday, July 21st. Rosenblatt Securities lifted their price objective on Fortinet from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings raised Fortinet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average price target of $150.91.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the sale, the chief executive officer owned 52,972,372 shares of the company's stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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, COO John Whittle sold 146,015 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the completion of the sale, the chief operating officer owned 94,724 shares of the company's stock, valued at $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 475,157 shares of company stock worth $69,480,964 in the last 90 days. 17.60% of the stock is owned by corporate insiders.

Fortinet Company 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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