Convergence Investment Partners LLC Makes New Investment in Fortinet, Inc. $FTNT

Convergence Investment Partners LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 55,978 shares of the software maker’s stock, valued at approximately $4,575,000.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Fortinet during the 4th quarter worth approximately $1,152,917,000. Van ECK Associates Corp raised its holdings in shares of Fortinet by 38.9% in the fourth quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker’s stock worth $613,915,000 after buying an additional 2,166,396 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Fortinet by 76.2% during the fourth quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker’s stock worth $326,297,000 after buying an additional 1,777,115 shares during the period. Invesco Ltd. grew its holdings in shares of Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after buying an additional 1,568,337 shares during the last quarter. Finally, Capital World Investors purchased a new stake in shares of Fortinet during the fourth quarter valued at $100,256,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Down 0.8%

NASDAQ FTNT opened at $160.36 on Tuesday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $170.35. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The company has a market capitalization of $117.49 billion, a PE ratio of 61.92, a P/E/G ratio of 4.39 and a beta of 1.09. The company has a fifty day moving average of $145.20 and a 200 day moving average of $104.52.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion for 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% compared to the same quarter last year. During the same period last year, the firm earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Research analysts forecast that Fortinet, Inc. will post 2.8 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet 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 value of $18,749,786.15. Following the sale, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction 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. The trade was 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 have sold a total of 318,387 shares of company stock valued at $43,403,063 over the last ninety days. Company insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FTNT shares. Piper Sandler raised their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. BTIG Research boosted their price target on Fortinet from $150.00 to $186.00 and gave the company a “buy” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their price objective on Fortinet from $73.00 to $75.00 and gave the company an “underweight” rating in a report on Thursday, May 7th. Wall Street Zen upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Arete Research set a $104.00 target price on Fortinet and gave the stock a “buy” rating in a report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-three have issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $115.58.

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.