Dixon Mitchell Investment Counsel Inc. Raises Stake in Fortinet, Inc. $FTNT

Dixon Mitchell Investment Counsel Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 340,939 shares of the software maker’s stock after purchasing an additional 7,385 shares during the quarter. Dixon Mitchell Investment Counsel Inc.’s holdings in Fortinet were worth $27,074,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Optimist Retirement Group LLC lifted its position in Fortinet by 2.5% in the fourth quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker’s stock valued at $398,000 after purchasing an additional 122 shares during the last quarter. PDS Planning Inc lifted its position in Fortinet by 3.1% in the fourth quarter. PDS Planning Inc now owns 4,110 shares of the software maker’s stock valued at $326,000 after purchasing an additional 123 shares during the last quarter. GW&K Investment Management LLC lifted its position in Fortinet by 31.4% in the fourth quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock valued at $41,000 after purchasing an additional 123 shares during the last quarter. Delta Investment Management LLC lifted its position in Fortinet by 2.4% in the fourth quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock valued at $417,000 after purchasing an additional 125 shares during the last quarter. Finally, Catalyst Capital Advisors LLC lifted its position in Fortinet by 2.0% in the fourth quarter. Catalyst Capital Advisors LLC now owns 6,459 shares of the software maker’s stock valued at $513,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FTNT. BMO Capital Markets boosted their price objective on Fortinet from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Monday, May 4th. UBS Group boosted their price objective on Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Scotiabank boosted their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $107.00 price objective (up from $90.00) on shares of Fortinet in a research report on Thursday, May 7th. Finally, Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $107.77.

Insider Activity at Fortinet

In related news, COO John Whittle sold 146,015 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the vice president owned 9,923,610 shares of the company’s stock, valued at approximately $1,453,213,448.40. This represents a 0.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 318,387 shares of company stock worth $43,403,063 over the last quarter. 17.60% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $146.30 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The company has a market cap of $107.19 billion, a PE ratio of 56.49, a P/E/G ratio of 4.01 and a beta of 1.11. The business has a 50 day moving average of $109.80 and a 200 day moving average of $91.08. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $150.07.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter 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. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.78 earnings per share for the current 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.