E. Ohman J or Asset Management AB Cuts Stake in Fortinet, Inc. $FTNT

E. Ohman J or Asset Management AB reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 255,619 shares of the software maker’s stock after selling 29,440 shares during the quarter. Fortinet makes up approximately 0.9% of E. Ohman J or Asset Management AB’s holdings, making the stock its 25th largest holding. E. Ohman J or Asset Management AB’s holdings in Fortinet were worth $39,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. State Street Corp increased its position in shares of Fortinet by 1.6% in the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after acquiring an additional 477,397 shares during the period. Norges Bank purchased a new stake in shares of Fortinet in the 4th quarter valued at $1,152,917,000. Bank of New York Mellon Corp increased its stake in shares of Fortinet by 6.6% in the fourth quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock worth $1,151,810,000 after acquiring an additional 893,190 shares during the period. First Trust Advisors LP lifted its position in Fortinet by 45.5% during the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after purchasing an additional 3,598,487 shares during the period. Finally, Invesco Ltd. lifted its position in Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after purchasing an additional 1,568,337 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, CEO Ken Xie sold 161,482 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their position. The sale 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, COO John Whittle sold 146,015 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were 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 owned 94,724 shares in the company, valued at $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 475,157 shares of company stock worth $69,480,964. 17.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. William Blair reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, July 21st. Piper Sandler reissued a “neutral” rating and issued a $175.00 price objective (up from $110.00) on shares of Fortinet in a report on Thursday, July 30th. Weiss Ratings upgraded Fortinet from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 31st. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 target price on the stock. in a report on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $160.00 price target on shares of Fortinet in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $150.91.

Fortinet Trading Up 2.9%

Shares of Fortinet stock opened at $164.21 on Tuesday. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $172.09. The firm has a market capitalization of $120.48 billion, a PE ratio of 57.82, a P/E/G ratio of 3.03 and a beta of 1.07. The firm’s 50-day moving average price is $153.88 and its 200 day moving average price is $112.99.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the business earned $0.64 EPS. Fortinet’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. On average, sell-side analysts predict that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

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.