Haverford Trust Co Buys New Shares in Fortinet, Inc. $FTNT

Haverford Trust Co purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,880 shares of the software maker’s stock, valued at approximately $596,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Dunhill Financial LLC bought a new position in shares of Fortinet during the 2nd quarter worth about $25,000. Elevation Wealth Partners LLC lifted its stake in shares of Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock valued at $33,000 after buying an additional 75 shares during the period. C M Bidwell & Associates Ltd. bought a new stake in shares of Fortinet in the second quarter valued at about $35,000. Kilter Group LLC bought a new stake in shares of Fortinet in the second quarter valued at about $41,000. Finally, Wexford Capital LP acquired a new stake in Fortinet during the third quarter worth about $25,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley restated a “positive” rating and set a $136.00 price target (up from $133.00) on shares of Fortinet in a research note on Thursday, July 30th. TD Cowen reiterated a “buy” rating and issued a $215.00 price objective (up from $160.00) on shares of Fortinet in a research report on Monday, July 13th. Zacks Research raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (up from $110.00) on shares of Fortinet in a research report on Thursday, July 30th. Finally, Mizuho set a $125.00 target price on Fortinet and gave the company an “underperform” rating in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $150.91.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,907 shares of the business’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 $1,453,213,448.40. The trade was a 0.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the business’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 sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 three months, insiders sold 329,142 shares of company stock valued at $50,731,178. 17.60% of the stock is currently owned by insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $153.51 on Friday. The stock has a market cap of $112.63 billion, a P/E ratio of 54.05, a PEG ratio of 2.91 and a beta of 1.07. The company’s 50-day simple moving average is $156.24 and its 200 day simple 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 quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.15. The firm 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%. The company’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 earnings per share. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal 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.