Ieq Capital LLC Acquires New Stake in Fortinet, Inc. $FTNT

Ieq Capital LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 333,612 shares of the software maker’s stock, valued at approximately $51,250,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Dunhill Financial LLC purchased a new stake in Fortinet during the second quarter worth about $25,000. Elevation Wealth Partners LLC boosted its stake in shares of Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock valued at $33,000 after purchasing an additional 75 shares during the period. C M Bidwell & Associates Ltd. purchased a new position in shares of Fortinet in the second quarter valued at approximately $35,000. Kilter Group LLC acquired a new position in shares of Fortinet in the second quarter valued at approximately $41,000. Finally, Wexford Capital LP purchased a new stake in Fortinet during the 3rd quarter worth approximately $25,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on FTNT. HC Wainwright reissued a “buy” rating on shares of Fortinet in a research report on Thursday, July 30th. Wolfe Research set a $175.00 price objective on Fortinet in a research report on Thursday, July 30th. Arete Research set a $104.00 price objective on Fortinet and gave the company a “buy” rating in a research note on Monday, April 27th. UBS Group reiterated a “neutral” rating and issued a $180.00 target price on shares of Fortinet in a report on Thursday, July 30th. Finally, TD Cowen reissued a “buy” rating and set a $215.00 target price (up from $160.00) on shares of Fortinet in a research note on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $150.91.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction dated 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 $8,616,486,029.52. This trade represents a 0.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 329,142 shares of company stock worth $50,731,178 in the last three months. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 1.8%

NASDAQ FTNT opened at $153.51 on Friday. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09. The firm has a 50 day moving average of $156.24 and a two-hundred day moving average of $117.61. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $112.63 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.86 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last announced 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 business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company’s revenue was up 25.6% on a year-over-year basis. During the same period last year, the business earned $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, research analysts expect that Fortinet, Inc. will post 3.05 EPS 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.