6,694 Shares in Fortinet, Inc. $FTNT Purchased by Westpac Banking Corp

Westpac Banking Corp acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 6,694 shares of the software maker’s stock, valued at approximately $1,028,000.

Other institutional investors have also added to or reduced their stakes in the company. Iyo Bank Ltd. purchased a new position in shares of Fortinet during the second quarter valued at approximately $4,839,000. TRB Wealth Management LLC purchased a new stake in shares of Fortinet in the second quarter worth approximately $283,000. Sumitomo Life Insurance Co. purchased a new stake in shares of Fortinet in the second quarter worth approximately $1,998,000. Landscape Capital Management L.L.C. bought a new stake in shares of Fortinet during the 2nd quarter worth approximately $3,619,000. Finally, Korea Investment CORP bought a new stake in shares of Fortinet during the second quarter worth $60,210,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 161,482 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was 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. The trade was a 0.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 dated Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the sale, the vice president directly owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This trade 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. Insiders sold a total of 329,142 shares of company stock valued at $50,731,178 over the last quarter. 17.60% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $153.51 on Friday. Fortinet, Inc. has a one year low of $73.55 and a one year high of $172.09. The company has a 50-day simple moving average of $156.24 and a two-hundred day simple moving average of $117.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The company has a market capitalization of $112.63 billion, a PE ratio of 54.05, a P/E/G ratio of 2.91 and a beta of 1.07.

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. William Blair restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, July 21st. Morgan Stanley reaffirmed 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. UBS Group reiterated a “neutral” rating and issued a $180.00 price target on shares of Fortinet in a report on Thursday, July 30th. BTIG Research increased their price objective on Fortinet from $186.00 to $203.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $150.91.

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.