West Family Investments Inc. Makes New $727,000 Investment in Fortinet, Inc. $FTNT

West Family Investments Inc. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,731 shares of the software maker’s stock, valued at approximately $727,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. California State Teachers Retirement System boosted its holdings in Fortinet by 15,545.1% in the 2nd quarter. California State Teachers Retirement System now owns 145,097,777 shares of the software maker’s stock valued at $22,289,921,000 after purchasing an additional 144,170,346 shares during the last quarter. BlackRock Inc. purchased a new stake in Fortinet in the second quarter valued at approximately $9,561,650,000. State Street Corp lifted its stake 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 acquiring an additional 477,397 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet in the fourth quarter valued at approximately $1,152,917,000. Finally, Bank of New York Mellon Corp grew its stake 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 acquiring an additional 893,190 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This 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 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 stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the sale, the vice president owned 9,918,360 shares in the company, valued at approximately $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. 17.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. UBS Group reaffirmed a “neutral” rating and issued a $180.00 target price on shares of Fortinet in a report on Thursday, July 30th. DZ Bank lowered Fortinet from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 30th. Zacks Research raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Evercore set a $165.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Finally, Robert W. Baird set a $165.00 target price on shares of Fortinet in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $150.91.

Fortinet Price Performance

FTNT stock traded up $1.18 during trading on Tuesday, reaching $157.47. 3,575,179 shares of the company were exchanged, compared to its average volume of 6,152,005. 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 stock’s 50 day moving average price is $158.90 and its 200 day moving average price is $123.78. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $173.89. The company has a market cap of $115.54 billion, a P/E ratio of 55.45, a PEG ratio of 2.96 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, analysts predict that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal 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.