Fortinet, Inc. $FTNT Position Boosted by QRG Capital Management Inc.

QRG Capital Management Inc. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 21.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 75,491 shares of the software maker’s stock after buying an additional 13,294 shares during the quarter. QRG Capital Management Inc.’s holdings in Fortinet were worth $6,169,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of FTNT. 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 worth $2,493,860,000 after buying an additional 477,397 shares during the period. Norges Bank purchased a new stake in Fortinet during the fourth quarter valued at about $1,152,917,000. Bank of New York Mellon Corp boosted its holdings in shares of Fortinet by 6.6% in 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 buying an additional 893,190 shares during the period. Invesco Ltd. boosted its holdings in shares of Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock worth $909,453,000 after buying an additional 1,568,337 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Fortinet by 4.4% in the fourth quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker’s stock worth $627,949,000 after acquiring an additional 332,024 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FTNT. Royal Bank Of Canada reissued a “sector perform” rating and set a $107.00 target price (up from $90.00) on shares of Fortinet in a research note on Thursday, May 7th. Robert W. Baird set a $115.00 price target on Fortinet in a report on Thursday, May 7th. Rosenblatt Securities lifted their price target on Fortinet from $105.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, May 7th. BMO Capital Markets upped their price target on Fortinet from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Monday, May 4th. Finally, Mizuho increased their price objective on Fortinet from $70.00 to $86.00 and gave the stock an “underperform” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $107.58.

Insider Activity

In other news, COO John Whittle sold 146,015 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 160,632 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $7,711,717,915.76. The trade was a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 318,387 shares of company stock valued at $43,403,063 over the last 90 days. 17.60% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Fortinet stock opened at $156.25 on Monday. The company’s fifty day simple moving average is $130.25 and its 200-day simple moving average is $98.30. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $159.80. The stock has a market cap of $114.48 billion, a P/E ratio of 60.33, a P/E/G ratio of 4.28 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted $0.58 earnings per share. The firm’s revenue was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.78 EPS for the current fiscal year.

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.