Ieq Capital LLC Takes Position in Fortinet, Inc. $FTNT

Ieq Capital LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, Holdings Channel.com reports. The fund bought 333,612 shares of the software maker’s stock, valued at approximately $51,250,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Dunhill Financial LLC acquired a new position in Fortinet in the second quarter valued at $25,000. Elevation Wealth Partners LLC increased its position in shares of Fortinet by 53.6% during 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. C M Bidwell & Associates Ltd. purchased a new stake in shares of Fortinet in the 2nd quarter valued at about $35,000. Kilter Group LLC purchased a new stake in shares of Fortinet in the 2nd quarter valued at about $41,000. Finally, Wexford Capital LP acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $25,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 1.8%

Shares of FTNT opened at $153.51 on Friday. The firm’s 50-day moving average is $156.24 and its two-hundred day moving average is $117.61. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $172.09. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $112.63 billion, a P/E ratio of 54.05, a PEG ratio of 2.86 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company 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. On average, research analysts predict that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,907 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the firm’s 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 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. This represents a 0.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 329,142 shares of company stock valued at $50,731,178. 17.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FTNT shares. Piper Sandler restated a “neutral” rating and set a $175.00 price target (up from $110.00) on shares of Fortinet in a research note on Thursday, July 30th. Stephens set a $115.00 price objective on Fortinet and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $160.00 target price on shares of Fortinet in a research report on Thursday, July 30th. Zacks Research raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, Robert W. Baird set a $165.00 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, ten have assigned a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $150.91.

Fortinet Company 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.