L2 Asset Management LLC Invests $542,000 in Fortinet, Inc. $FTNT

L2 Asset Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,531 shares of the software maker’s stock, valued at approximately $542,000.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. purchased a new position in Fortinet in the 2nd quarter worth about $9,561,650,000. State Street Corp grew its stake 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 worth $2,493,860,000 after acquiring an additional 477,397 shares during the period. Norges Bank bought a new stake in shares of Fortinet in the fourth quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp raised its holdings 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 valued at $1,151,810,000 after purchasing an additional 893,190 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Fortinet by 45.5% during the first 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 last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wolfe Research set a $175.00 target price on shares of Fortinet in a report on Thursday, July 30th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Fortinet in a research note on Monday. Morgan Stanley reissued a “positive” rating and set a $136.00 price target (up from $133.00) on shares of Fortinet in a report on Thursday, July 30th. BMO Capital Markets raised their price target on Fortinet from $170.00 to $185.00 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Finally, Stephens set a $115.00 price objective on Fortinet and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Two 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. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $150.91.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $153.66 on Wednesday. The firm has a 50 day moving average of $156.42 and a 200 day moving average of $118.89. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $112.74 billion, a price-to-earnings ratio of 54.11, a price-to-earnings-growth ratio of 2.88 and a beta of 1.07. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $172.09.

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

Insider Buying and Selling at Fortinet

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 completion of the sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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 the company’s 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 completion of the sale, the vice president owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. The trade was a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 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 90 days. 17.60% of the stock is currently owned by company insiders.

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.