Tobam Has $1.38 Million Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Tobam reduced its Fortinet stake by 36.9% in the fourth quarter, selling 10,195 shares and ending with 17,421 shares valued at about $1.38 million.
• Fortinet insiders have been selling shares, including CEO Ken Xie and VP Michael Xie, with total insider sales of 318,387 shares worth $43.4 million over the last three months.
• Analysts remain cautious overall: Fortinet has a consensus rating of “Hold” and a consensus price target of $107.77, even after some firms raised targets following the company’s stronger-than-expected earnings and revenue results.

Tobam trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 36.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,421 shares of the software maker's stock after selling 10,195 shares during the quarter. Tobam's holdings in Fortinet were worth $1,383,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Pinnacle Holdings LLC bought a new stake in shares of Fortinet during the third quarter worth $25,000. Ameriflex Group Inc. acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Wexford Capital LP bought a new stake in Fortinet in the 3rd quarter valued at $25,000. Elyxium Wealth LLC bought a new stake in Fortinet in the 4th quarter valued at $27,000. Finally, Palisade Asset Management LLC acquired a new position in Fortinet in the 3rd quarter worth $28,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,907 shares of the 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 completion of the sale, the vice president owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at approximately $7,711,717,915.76. This trade represents a 0.30% 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. Over the last three months, insiders have sold 318,387 shares of company stock worth $43,403,063. Insiders own 17.60% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FTNT shares. Stifel Nicolaus set a $85.00 target price on Fortinet in a report on Wednesday, March 11th. TD Cowen restated a "buy" rating and issued a $160.00 price target (up from $125.00) on shares of Fortinet in a report on Monday, June 8th. Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 price objective on shares of Fortinet in a research report on Thursday, May 7th. Robert W. Baird set a $115.00 target price on Fortinet in a research report on Thursday, May 7th. Finally, Piper Sandler boosted their target price on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-five have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $107.77.

Fortinet Stock Performance

Fortinet stock opened at $144.73 on Friday. The firm has a 50-day moving average of $116.11 and a 200-day moving average of $93.37. Fortinet, Inc. has a one year low of $70.12 and a one year high of $150.07. 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 company has a market cap of $106.04 billion, a price-to-earnings ratio of 55.88, a P/E/G ratio of 3.96 and a beta of 1.11.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.20. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.Fortinet's revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.58 earnings per share. 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 expect that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

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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