Peak Asset Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 159,052 shares of the software maker's stock, valued at approximately $24,434,000. Fortinet makes up approximately 3.6% of Peak Asset Management LLC's portfolio, making the stock its 10th largest holding.
A number of other hedge funds have also bought and sold shares of FTNT. BlackRock Inc. bought a new position in shares of Fortinet during the second quarter worth approximately $9,561,650,000. Norges Bank bought a new stake in shares of Fortinet in the fourth quarter valued at approximately $1,152,917,000. Bank of New York Mellon Corp acquired a new stake in Fortinet during the second quarter worth approximately $1,432,842,000. Arrowstreet Capital Limited Partnership increased its stake in Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker's stock worth $788,682,000 after acquiring an additional 4,500,194 shares during the period. Finally, Deutsche Bank AG acquired a new position in Fortinet in the 2nd quarter valued at $581,102,000. 83.71% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on FTNT shares. Scotiabank reissued a "sector perform" rating and set a $163.00 target price on shares of Fortinet in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $160.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Stephens set a $115.00 target price on shares of Fortinet and gave the company an "equal weight" rating in a report on Thursday, May 7th. William Blair reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday, July 21st. Finally, DZ Bank lowered shares of Fortinet from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, twenty have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $150.91.
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Insiders Place Their Bets
In other news, CEO Ken Xie sold 161,482 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, 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, VP Michael Xie sold 3,907 shares of the business's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the sale, the vice president owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This represents a 0.04% decrease in their position. 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. Insiders sold a total of 329,142 shares of company stock valued at $50,731,178 over the last quarter. 17.60% of the stock is owned by corporate insiders.
Fortinet Stock Down 1.0%
Shares of NASDAQ FTNT opened at $151.99 on Tuesday. The company has a market cap of $111.52 billion, a price-to-earnings ratio of 53.52, a PEG ratio of 2.91 and a beta of 1.07. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $172.09. The stock has a 50-day moving average price of $156.29 and a two-hundred day moving average price of $118.38.
Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.15. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm's revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. 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, analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.
Fortinet Profile
(
Free Report)
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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