Westpac Banking Corp Takes $1.03 Million Position in Fortinet, Inc. $FTNT

Westpac Banking Corp bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,694 shares of the software maker’s stock, valued at approximately $1,028,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Brighton Jones LLC lifted its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC purchased a new stake in Fortinet during the 4th quarter valued at approximately $585,000. HUB Investment Partners LLC grew its holdings in Fortinet by 29.1% during the 2nd quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker’s stock valued at $560,000 after buying an additional 1,193 shares in the last quarter. Diversify Advisory Services LLC bought a new stake in shares of Fortinet during the second quarter valued at approximately $1,136,000. Finally, Quantinno Capital Management LP raised its position in shares of Fortinet by 27.4% during the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker’s stock valued at $15,328,000 after buying an additional 31,202 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock 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 company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average is $156.24 and its 200 day moving average is $117.61. The company has a market cap of $112.63 billion, a price-to-earnings ratio of 54.05, a PEG ratio of 2.91 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the company posted $0.64 EPS. The business’s revenue was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,121 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, CEO Ken Xie sold 161,482 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their position. 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. Over the last 90 days, insiders have sold 329,142 shares of company stock worth $50,731,178. Company insiders own 17.60% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of several research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $185.00 target price (up from $165.00) on shares of Fortinet in a research note on Thursday, July 30th. William Blair restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, July 21st. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 target price (up from $110.00) on shares of Fortinet in a report on Thursday, July 30th. Scotiabank reissued a “sector perform” rating and set a $163.00 price target on shares of Fortinet in a research note on Thursday, July 30th. Finally, Evercore set a $165.00 price target on Fortinet in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $150.91.

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.