Woodstock Corp Sells 8,766 Shares of Fortinet, Inc. $FTNT

Key Points

• Woodstock Corp reduced its Fortinet stake by 3.8%, selling 8,766 shares and retaining 223,138 shares valued at approximately $39.9 million. Institutional investors collectively own 83.71% of Fortinet.
• Fortinet insiders sold 221,303 shares worth $36.2 million over the past 90 days, including sales by CEO Ken Xie and COO John Whittle under pre-arranged trading plans.
• Fortinet reported quarterly earnings of $0.90 per share and revenue of $2.05 billion, beating estimates and representing 25.6% year-over-year revenue growth. Analysts maintain an overall “Hold” rating with an average price target of $156.51.

Woodstock Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 223,138 shares of the software maker's stock after selling 8,766 shares during the quarter. Fortinet comprises about 3.2% of Woodstock Corp's portfolio, making the stock its 6th largest position. Woodstock Corp's holdings in Fortinet were worth $39,888,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Fortinet in the second quarter valued at approximately $9,561,650,000. First Trust Advisors LP increased its holdings in Fortinet by 45.5% in the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker's stock worth $940,284,000 after buying an additional 3,598,487 shares during the period. Arrowstreet Capital Limited Partnership raised its position 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 buying an additional 4,500,194 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Fortinet during the 2nd quarter worth approximately $1,432,842,000. Finally, Legal & General Group Plc acquired a new stake in Fortinet during the 2nd quarter valued at approximately $979,062,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 161,482 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, COO John Whittle sold 53,865 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $165.44, for a total value of $8,911,425.60. Following the completion of the sale, the chief operating officer directly owned 96,987 shares in the company, valued at approximately $16,045,529.28. The trade was a 35.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 221,303 shares of company stock worth $36,164,034 in the last 90 days. Corporate insiders own 17.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTNT. TD Cowen reaffirmed a "buy" rating on shares of Fortinet in a report on Tuesday. Robert W. Baird set a $165.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a report on Thursday, July 30th. UBS Group restated a "neutral" rating and set a $180.00 target price on shares of Fortinet in a research report on Thursday, July 30th. Citigroup upped their price target on shares of Fortinet from $165.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Finally, Capital One Financial lifted their price objective on Fortinet from $150.00 to $185.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-one have issued a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $156.51.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $192.94 on Tuesday. The company has a market capitalization of $141.56 billion, a PE ratio of 67.94, a price-to-earnings-growth ratio of 3.64 and a beta of 1.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The company's fifty day moving average price is $167.86 and its 200 day moving average price is $140.42. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $196.87.

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. The company had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm's revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 earnings per share. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. On average, research analysts predict that Fortinet, Inc. will post 3.10 earnings per share for the current year.

About Fortinet

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company's portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.

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