Perigon Wealth Management LLC Takes $2.55 Million Position in Fortinet, Inc. $FTNT

Key Points

• Perigon Wealth Management acquired 16,613 Fortinet shares worth approximately $2.55 million during the second quarter. Institutional investors collectively own 83.71% of the company.
• Fortinet reported quarterly revenue of $2.05 billion and earnings of $0.90 per share, beating analyst estimates, while revenue increased 25.6% year over year.
• Analyst sentiment is mixed: Fortinet has a consensus “Hold” rating and a $150.91 price target, despite several firms maintaining or issuing “Buy” ratings.

Perigon Wealth Management LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 16,613 shares of the software maker's stock, valued at approximately $2,552,000.

Several other large investors have also recently modified their holdings of FTNT. Elevation Wealth Partners LLC boosted its holdings in Fortinet by 53.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker's stock valued at $33,000 after acquiring an additional 75 shares during the period. Wexford Capital LP purchased a new position in Fortinet in the 3rd quarter worth approximately $25,000. Physician Wealth Advisors Inc. lifted its position in Fortinet by 408.3% in the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock valued at $25,000 after purchasing an additional 245 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Fortinet during the third quarter valued at approximately $28,000. Finally, Elyxium Wealth LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $27,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. BTIG Research upped their price objective on shares of Fortinet from $186.00 to $203.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Zacks Research upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Piper Sandler reaffirmed a "neutral" rating and set a $175.00 price target (up from $110.00) on shares of Fortinet in a research report on Thursday, July 30th. The Goldman Sachs Group reiterated a "buy" rating and issued a $190.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Finally, Bank of America restated a "buy" rating on shares of Fortinet in a report on Monday, July 27th. Two investment 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $150.91.

Fortinet Trading Down 2.6%

NASDAQ FTNT opened at $155.85 on Tuesday. The stock's 50 day moving average is $155.31 and its 200 day moving average is $115.83. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $114.35 billion, a PE ratio of 54.88, a P/E/G ratio of 3.03 and a beta of 1.07. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $172.09.

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

Insider Transactions at Fortinet

In other news, COO John Whittle sold 146,015 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,121 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was 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 owned 9,918,360 shares in the company, valued at approximately $1,613,022,886.80. The trade was a 0.03% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 475,157 shares of company stock valued at $69,480,964 in the last ninety days. 17.60% of the stock is currently owned by corporate insiders.

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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