10,332 Shares in Fortinet, Inc. $FTNT Purchased by Equitable Holdings Inc.

Equitable Holdings Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, Holdings Channel reports. The firm acquired 10,332 shares of the software maker’s stock, valued at approximately $1,587,000.

Several other institutional investors have also added to or reduced their stakes in FTNT. BlackRock Inc. bought a new position in Fortinet in the 2nd quarter worth approximately $9,561,650,000. State Street Corp raised its holdings in Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after acquiring an additional 477,397 shares during the period. Norges Bank purchased a new stake in shares of Fortinet during the fourth quarter worth $1,152,917,000. Bank of New York Mellon Corp lifted its position in shares of Fortinet by 6.6% during the fourth quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock worth $1,151,810,000 after acquiring an additional 893,190 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Fortinet by 45.5% in the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after acquiring an additional 3,598,487 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet Federal, a wholly owned subsidiary, earned CMMC Level 2 certification after validating 110 NIST SP 800-171 controls. The certification could improve Fortinet’s credibility with U.S. government agencies and defense contractors seeking compliant cybersecurity providers. Fortinet Federal’s New CMMC Level 2 Certification
• Positive Sentiment: Analysts continue to point to platform adoption, artificial-intelligence security products, product expansion and CMMC-related demand as potential growth drivers across enterprise and government markets. Fortinet Stock Surges on Security Platform Momentum
• Positive Sentiment: A new multi-year sponsorship agreement with Stanford Athletics supports Fortinet’s brand visibility, although the financial impact is likely modest compared with its core business. Stanford Athletics and Fortinet Sponsorship
• Neutral Sentiment: Fortinet recently moved above its 20-day moving average, signaling short-term technical momentum. However, technical support can also encourage profit-taking after a large advance. Fortinet Crosses Above Its 20-Day Moving Average
• Negative Sentiment: Valuation is a key overhang. With the stock near its annual high and trading at roughly 58 times earnings, investors may be demanding continued strong execution, leaving limited room for disappointment. Fortinet Valuation Leaves Limited Margin of Safety
• Negative Sentiment: Insider-trading data shows executives made no open-market purchases and reported multiple sales over the past six months. In addition, the reported median analyst price target of $115 is below recent trading levels, reinforcing concerns that expectations may have become excessive.

Insider Buying and Selling

In other news, 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 transaction of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction 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 of the company’s stock, valued at $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. 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. In the last three months, insiders sold 329,142 shares of company stock valued at $50,731,178. Corporate insiders own 17.60% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $166.00 on Friday. The stock has a market cap of $121.80 billion, a price-to-earnings ratio of 58.45, a PEG ratio of 3.28 and a beta of 1.07. 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 business has a 50-day simple moving average of $157.68 and a 200 day simple moving average of $120.40. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $173.89.

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

Analyst Ratings Changes

Several brokerages have recently weighed in on FTNT. JPMorgan Chase & Co. lifted their price target on Fortinet from $73.00 to $75.00 and gave the company an “underweight” rating in a research report on Thursday, May 7th. Citigroup raised their target price on Fortinet from $165.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Scotiabank reaffirmed a “sector perform” rating and set a $163.00 target price on shares of Fortinet in a report on Thursday, July 30th. Royal Bank Of Canada set a $185.00 price target on Fortinet and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Finally, Bank of America reissued a “buy” rating on shares of Fortinet in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.