Plato Investment Management Ltd Buys New Position in Fortinet, Inc. $FTNT

Plato Investment Management Ltd bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 16,218 shares of the software maker’s stock, valued at approximately $2,477,000.

A number of other large investors have also recently bought and sold shares of FTNT. State Street Corp raised its holdings in shares of Fortinet by 1.6% in the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Norges Bank bought a new position in Fortinet in the fourth quarter valued at $1,152,917,000. Bank of New York Mellon Corp increased its stake in Fortinet by 6.6% in the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after buying an additional 893,190 shares during the last quarter. First Trust Advisors LP lifted its position in Fortinet by 45.5% during the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after buying an additional 3,598,487 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Fortinet by 17.0% during the 3rd 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 last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $160.00 target price on shares of Fortinet in a research report on Thursday, July 30th. BMO Capital Markets boosted their price target on Fortinet from $170.00 to $185.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Truist Financial set a $183.00 price target on Fortinet and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Arete Research set a $104.00 price objective on Fortinet and gave the company a “buy” rating in a report on Monday, April 27th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $190.00 target price on shares of Fortinet in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $150.91.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $160.01 on Monday. 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’s 50 day moving average price is $155.05 and its two-hundred day moving average price is $115.31. The company has a market cap of $117.40 billion, a PE ratio of 56.34, a price-to-earnings-growth ratio of 3.03 and a beta of 1.07. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $172.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the firm posted $0.64 earnings per share. The business’s revenue was up 25.6% on a year-over-year basis. 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, analysts predict that Fortinet, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction 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 transaction, the chief operating officer directly owned 94,724 shares of the company’s stock, valued at $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 161,482 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $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 sold 475,157 shares of company stock valued at $69,480,964 in the last quarter. 17.60% of the stock is currently owned by insiders.

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.