Pinnbrook Capital Management LP Purchases Shares of 25,900 Fortinet, Inc. $FTNT

Key Points

• Pinnbrook Capital Management purchased a new 25,900-share stake in Fortinet during the second quarter, valued at approximately $3.98 million. Institutional investors own 83.71% of the company.
• Fortinet reported quarterly earnings of $0.90 per share and revenue of $2.05 billion, surpassing analyst estimates of $0.75 per share and $1.89 billion, respectively. Revenue increased 25.6% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $150.91. FTNT opened at $153.51, while CEO Ken Xie and other insiders have sold shares under pre-arranged trading plans.

Pinnbrook Capital Management LP purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 25,900 shares of the software maker's stock, valued at approximately $3,979,000.

A number of other institutional investors have also made changes to their positions in FTNT. Expressive Wealth LLC bought a new stake in Fortinet in the 4th quarter valued at $646,000. Leonteq Securities AG bought a new position in shares of Fortinet during the 4th quarter worth about $10,422,000. Eurizon Capital SGR S.p.A. bought a new position in shares of Fortinet during the 4th quarter worth about $14,638,000. Thrivent Financial for Lutherans raised its position in shares of Fortinet by 156.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 390,492 shares of the software maker's stock valued at $31,009,000 after buying an additional 238,299 shares during the last quarter. Finally, Westerkirk Capital Inc. raised its position in shares of Fortinet by 41.9% during the fourth quarter. Westerkirk Capital Inc. now owns 52,500 shares of the software maker's stock valued at $4,169,000 after buying an additional 15,500 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FTNT shares. Scotiabank restated a "sector perform" rating and set a $163.00 price target on shares of Fortinet in a research note on Thursday, July 30th. TD Cowen reiterated a "buy" rating and issued a $215.00 price objective (up from $160.00) on shares of Fortinet in a research report on Monday, July 13th. HSBC lowered Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 price objective on the stock. in a report on Monday, June 29th. The Goldman Sachs Group restated a "buy" rating and set a $190.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Finally, Evercore set a $165.00 target price on Fortinet in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $150.91.

Fortinet Stock Performance

NASDAQ:FTNT opened at $153.51 on Friday. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $172.09. 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 $112.63 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.91 and a beta of 1.07. The firm has a 50-day moving average price of $156.24 and a 200 day moving average price of $117.61.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.89 billion. During the same period in the previous year, the business earned $0.64 earnings per share. The company's quarterly revenue 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. Research analysts anticipate that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet 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 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 $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 329,142 shares of company stock valued at $50,731,178 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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