31,501 Shares in Fortinet, Inc. $FTNT Bought by Iyo Bank Ltd.

Iyo Bank Ltd. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 31,501 shares of the software maker’s stock, valued at approximately $4,839,000. Fortinet comprises 1.5% of Iyo Bank Ltd.’s portfolio, making the stock its 26th largest position.

A number of other hedge funds also recently bought and sold shares of FTNT. BlackRock Inc. bought a new position in shares of Fortinet in the second quarter worth about $9,561,650,000. State Street Corp lifted its position in shares of 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 purchasing an additional 477,397 shares during the last quarter. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter worth about $1,152,917,000. Bank of New York Mellon Corp boosted its stake in Fortinet by 6.6% during 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 purchasing an additional 893,190 shares during the period. Finally, First Trust Advisors LP boosted its stake 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 valued at $940,284,000 after purchasing an additional 3,598,487 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was 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 directly owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 3,121 shares of Fortinet stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the sale, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This represents a 0.03% 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 90 days, insiders have sold 329,142 shares of company stock worth $50,731,178. 17.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on FTNT shares. JPMorgan Chase & Co. lifted their price target on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, May 7th. TD Cowen reissued 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. Mizuho set a $125.00 price objective on shares of Fortinet and gave the stock an “underperform” rating in a research note on Wednesday, July 15th. BMO Capital Markets raised their price objective on shares of Fortinet from $170.00 to $185.00 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Finally, UBS Group reaffirmed a “neutral” rating and set a $180.00 target price on shares of Fortinet in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $150.91.

Fortinet Stock Up 1.8%

FTNT stock opened at $153.51 on Friday. 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. The company has a market cap of $112.63 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.86 and a beta of 1.07. The business’s 50-day simple moving average is $156.24 and its 200 day simple moving average is $117.61.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the prior year, the firm posted $0.64 EPS. The company’s revenue for the quarter 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, research analysts anticipate that Fortinet, Inc. will post 3.05 earnings per share for the current year.

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.