Sei Investments Co. Acquires 164,517 Shares of Fortinet, Inc. $FTNT

Key Points

• Sei Investments increased its Fortinet stake by 61.2% during the first quarter, adding 164,517 shares to own 433,321 shares valued at approximately $35.4 million. Institutional investors collectively hold 83.71% of Fortinet’s stock.
• Analyst sentiment remains mixed: Fortinet has a consensus “Hold” rating and an average price target of $123.61, despite recent upgrades from Zacks Research and Rosenblatt Securities.
• Fortinet exceeded quarterly expectations with $0.82 in EPS versus a $0.62 consensus estimate and $1.85 billion in revenue, up 20.1% year over year. However, insiders sold about $43.4 million of stock over the past 90 days.

Sei Investments Co. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 61.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 433,321 shares of the software maker's stock after purchasing an additional 164,517 shares during the quarter. Sei Investments Co. owned 0.06% of Fortinet worth $35,412,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FTNT. Florida Financial Advisors LLC increased its stake in Fortinet by 3.0% during the 1st quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker's stock worth $309,000 after purchasing an additional 109 shares in the last quarter. Optimist Retirement Group LLC boosted its holdings in shares of Fortinet by 2.5% in the fourth quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker's stock valued at $398,000 after buying an additional 122 shares during the period. PDS Planning Inc increased its position in shares of Fortinet by 3.1% during the fourth quarter. PDS Planning Inc now owns 4,110 shares of the software maker's stock worth $326,000 after acquiring an additional 123 shares in the last quarter. GW&K Investment Management LLC increased its position in shares of Fortinet by 31.4% during the fourth quarter. GW&K Investment Management LLC now owns 515 shares of the software maker's stock worth $41,000 after acquiring an additional 123 shares in the last quarter. Finally, Delta Investment Management LLC raised its holdings in shares of Fortinet by 2.4% during the fourth quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker's stock worth $417,000 after acquiring an additional 125 shares during the period. Institutional investors own 83.71% of the company's stock.

Get Fortinet SMS alerts:

Sign Up

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FTNT shares. Zacks Research raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Piper Sandler boosted their price target on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. William Blair reiterated a "market perform" rating on shares of Fortinet in a report on Tuesday, July 21st. Rosenblatt Securities lifted their target price on Fortinet from $105.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Wall Street Zen cut Fortinet from a "buy" rating to a "hold" rating in a research note on Sunday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-four have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $123.61.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $152.37 on Monday. The company's 50-day moving average price is $148.02 and its two-hundred day moving average price is $106.65. Fortinet, Inc. has a one year low of $70.12 and a one year high of $170.35. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The stock has a market capitalization of $111.63 billion, a PE ratio of 58.83, a price-to-earnings-growth ratio of 4.14 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.Fortinet's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, COO John Whittle sold 146,015 shares of the firm's stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 3,907 shares of the business's stock in a transaction that occurred 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 transaction, the vice president directly owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This trade 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 318,387 shares of company stock worth $43,403,063 over the last ninety days. 17.60% of the stock is currently 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.

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.