Hennion & Walsh Asset Management Inc. Trims Stake in Fortinet, Inc. $FTNT

Hennion & Walsh Asset Management Inc. lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 16.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,134 shares of the software maker’s stock after selling 6,889 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Fortinet were worth $5,397,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in FTNT. Elevation Wealth Partners LLC raised its holdings in Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after purchasing an additional 75 shares in the last quarter. Wexford Capital LP bought a new stake in shares of Fortinet during the 3rd quarter valued at $25,000. Physician Wealth Advisors Inc. boosted its holdings in shares of Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock valued at $25,000 after buying an additional 245 shares in the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Fortinet in the 3rd quarter worth about $28,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of Fortinet in the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, COO John Whittle sold 146,015 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the sale, the chief operating officer owned 94,724 shares of the company’s stock, valued at $12,163,508.84. This trade 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 at the SEC website. Also, CEO Ken Xie sold 161,482 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 475,157 shares of company stock worth $69,480,964 over the last 90 days. 17.60% of the stock is currently owned by insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $159.64 on Monday. The stock has a market cap of $117.13 billion, a price-to-earnings ratio of 56.21, a PEG ratio of 3.03 and a beta of 1.07. The firm’s 50-day moving average is $153.54 and its 200 day moving average is $112.36. Fortinet, Inc. has a 1 year low of $72.83 and a 1 year high of $172.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.15. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. Fortinet’s revenue was up 25.6% compared to the same quarter last year. During the same period last year, the business earned $0.64 EPS. 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 anticipate that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Weiss Ratings raised shares of Fortinet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. DZ Bank cut shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (up from $110.00) on shares of Fortinet in a research note on Thursday, July 30th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 target price for the company. in a report on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $160.00 price target on shares of Fortinet in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, nineteen have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat, the company currently 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.