Dixon Mitchell Investment Counsel Inc. Grows Position in Fortinet, Inc. $FTNT

Dixon Mitchell Investment Counsel Inc. grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 333,554 shares of the software maker’s stock after buying an additional 10,289 shares during the period. Dixon Mitchell Investment Counsel Inc.’s holdings in Fortinet were worth $28,045,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Fortinet by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock valued at $6,354,874,000 after acquiring an additional 2,894,355 shares during the last quarter. State Street Corp boosted its holdings in shares of Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after purchasing an additional 862,468 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after purchasing an additional 828,569 shares during the last quarter. Norges Bank purchased a new stake in shares of Fortinet in the second quarter valued at approximately $1,640,900,000. Finally, Invesco Ltd. grew its position in shares of Fortinet by 7.9% in the second quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock valued at $977,718,000 after purchasing an additional 677,654 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock opened at $83.81 on Tuesday. The company’s 50 day simple moving average is $80.29 and its 200-day simple moving average is $81.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $109.33. The company has a market capitalization of $62.01 billion, a price-to-earnings ratio of 34.49, a price-to-earnings-growth ratio of 2.89 and a beta of 1.05.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter last year, the company posted $0.74 EPS. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the completion of the transaction, the chief executive officer directly owned 51,396,385 shares of the company’s stock, valued at $4,184,693,666.70. The trade was a 0.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 343,106 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the sale, the vice president directly owned 10,210,282 shares in the company, valued at $831,321,160.44. This represents a 3.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FTNT shares. JPMorgan Chase & Co. lifted their price objective on Fortinet from $72.00 to $73.00 and gave the stock an “underweight” rating in a research report on Friday, February 6th. BMO Capital Markets upped their target price on Fortinet from $90.00 to $95.00 and gave the company a “market perform” rating in a report on Monday, February 9th. Robert W. Baird set a $90.00 target price on Fortinet in a research note on Friday, February 6th. Jefferies Financial Group set a $90.00 price target on Fortinet in a report on Friday, February 6th. Finally, Wells Fargo & Company began coverage on shares of Fortinet in a research report on Tuesday, March 3rd. They set an “underweight” rating and a $64.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-two have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $88.62.

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.