ICICI Prudential Asset Management Co Ltd Buys 73,667 Shares of Fortinet, Inc. $FTNT

ICICI Prudential Asset Management Co Ltd lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 185.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,434 shares of the software maker’s stock after acquiring an additional 73,667 shares during the period. Fortinet accounts for 1.1% of ICICI Prudential Asset Management Co Ltd’s portfolio, making the stock its 25th largest position. ICICI Prudential Asset Management Co Ltd’s holdings in Fortinet were worth $9,008,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Expressive Wealth LLC bought a new position in shares of Fortinet in the 4th quarter worth $646,000. Trilogy Capital Inc. increased its position in Fortinet by 46.8% during the 4th quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker’s stock valued at $3,506,000 after buying an additional 14,076 shares in the last quarter. Leonteq Securities AG acquired a new position in Fortinet during the 4th quarter valued at about $10,422,000. Victory Capital Management Inc. increased its position in Fortinet by 5.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,651,683 shares of the software maker’s stock valued at $138,874,000 after buying an additional 90,284 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Fortinet during the 4th quarter valued at about $14,638,000. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other news, COO John Whittle sold 146,015 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the transaction, the chief operating officer directly owned 94,724 shares of the company’s stock, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction dated 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 directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 318,387 shares of company stock valued at $43,403,063. Company insiders own 17.60% of the company’s stock.

Fortinet Stock Up 4.4%

Shares of FTNT stock opened at $145.06 on Friday. The stock’s 50-day simple moving average is $108.50 and its 200-day simple moving average is $90.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The firm has a market capitalization of $106.28 billion, a PE ratio of 56.01, a P/E/G ratio of 3.80 and a beta of 1.11. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $150.07.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts expect that Fortinet, Inc. will post 2.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FTNT shares. JPMorgan Chase & Co. upped their target price on Fortinet from $73.00 to $75.00 and gave the company an “underweight” rating in a research report on Thursday, May 7th. BTIG Research upped their target price on Fortinet from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Weiss Ratings lowered Fortinet from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, May 19th. Rosenblatt Securities upped their target price on Fortinet from $105.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Barclays set a $115.00 target price on Fortinet and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $106.43.

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.