NewEdge Wealth LLC Invests $64.82 Million in Fortinet, Inc. $FTNT

NewEdge Wealth LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, HoldingsChannel reports. The fund acquired 421,954 shares of the software maker’s stock, valued at approximately $64,821,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. BlackRock Inc. acquired a new position in Fortinet in the second quarter valued at about $9,561,650,000. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter worth about $1,152,917,000. Bank of New York Mellon Corp acquired a new position in shares of Fortinet during the 2nd quarter worth about $1,432,842,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 87.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after acquiring an additional 4,500,194 shares during the last quarter. Finally, Deutsche Bank AG bought a new stake in shares of Fortinet in the 2nd quarter valued at about $581,102,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,907 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 329,142 shares of company stock worth $50,731,178. Insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. Truist Financial set a $183.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Robert W. Baird set a $165.00 target price on shares of Fortinet in a research note on Thursday, July 30th. Scotiabank reaffirmed a “sector perform” rating and issued a $163.00 target price on shares of Fortinet in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. Finally, Zacks Research raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have given a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $150.91.

Fortinet Trading Down 3.3%

NASDAQ:FTNT opened at $152.85 on Thursday. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $172.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The stock has a market capitalization of $112.15 billion, a PE ratio of 53.82, a price-to-earnings-growth ratio of 3.00 and a beta of 1.07. The business’s 50-day simple moving average is $155.98 and its 200-day simple moving average is $116.87.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, beating 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 business 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 firm earned $0.64 EPS. Fortinet’s quarterly revenue was up 25.6% compared to the same quarter last year. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts expect that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

About Fortinet

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.