Patron Partners LLC Takes Position in Fortinet, Inc. $FTNT

Key Points

• Patron Partners LLC acquired 6,932 Fortinet shares during the second quarter, valued at approximately $1.07 million. Hedge funds and institutional investors own 83.71% of FTNT.
• Fortinet insiders sold roughly 329,142 shares worth $50.7 million over the past 90 days, including CEO Ken Xie’s $26.3 million sale; the transactions were conducted under pre-arranged plans to cover tax obligations.
• Fortinet’s latest quarterly results exceeded expectations, with adjusted EPS of $0.90 versus $0.75 expected and revenue of $2.05 billion, up 25.6% year over year. Despite mixed analyst views, the stock carries a consensus “Hold” rating and a $150.91 target price.

Patron Partners LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 6,932 shares of the software maker's stock, valued at approximately $1,065,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dunhill Financial LLC purchased a new position in Fortinet during the second quarter valued at approximately $25,000. Elevation Wealth Partners LLC increased its stake in shares of Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker's stock worth $33,000 after purchasing an additional 75 shares in the last quarter. Kilter Group LLC bought a new stake in shares of Fortinet during the 2nd quarter valued at $41,000. Wexford Capital LP bought a new stake in shares of Fortinet during the 3rd quarter valued at $25,000. Finally, Physician Wealth Advisors Inc. lifted its stake in shares of Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock valued at $25,000 after buying an additional 245 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Ken Xie sold 161,482 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, VP Michael Xie sold 3,121 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the transaction, the vice president directly owned 9,918,360 shares of the company's stock, valued at approximately $1,613,022,886.80. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last ninety days, insiders sold 329,142 shares of company stock worth $50,731,178. Corporate insiders own 17.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FTNT shares. HC Wainwright reissued a "buy" rating on shares of Fortinet in a report on Thursday, July 30th. William Blair reiterated a "market perform" rating on shares of Fortinet in a research report on Tuesday, July 21st. Mizuho set a $125.00 target price on Fortinet and gave the company an "underperform" rating in a research note on Wednesday, July 15th. Rosenblatt Securities boosted their price target on Fortinet from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, HSBC downgraded Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 price target for the company. in a research note on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $150.91.

Fortinet Stock Up 1.8%

FTNT opened at $153.51 on Friday. The company has a market capitalization of $112.63 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.86 and a beta of 1.07. The firm has a 50-day simple moving average of $156.24 and a two-hundred day simple moving average of $117.61. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09.

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

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source