IFP Advisors Inc Trims Position in Fortinet, Inc. $FTNT

IFP Advisors Inc reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 13.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,521 shares of the software maker’s stock after selling 5,839 shares during the quarter. IFP Advisors Inc’s holdings in Fortinet were worth $5,610,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Physician Wealth Advisors Inc. lifted its stake in Fortinet by 408.3% in the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after purchasing an additional 245 shares in the last quarter. Dunhill Financial LLC purchased a new position in shares of Fortinet during the 2nd quarter valued at $25,000. Burk Holdings LLC bought a new position in shares of Fortinet in the second quarter worth $25,000. Cornerstone Financial Management LLC increased its holdings in shares of Fortinet by 102.5% in the second quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock worth $25,000 after purchasing an additional 83 shares during the period. Finally, Wexford Capital LP purchased a new stake in shares of Fortinet in the third quarter worth $25,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,121 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president directly owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. 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 own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FTNT shares. Evercore set a $165.00 target price on Fortinet in a research report on Thursday, July 30th. William Blair reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, July 21st. Royal Bank Of Canada set a $185.00 price objective on Fortinet and gave the stock a “sector perform” rating in a report on Thursday, July 30th. HC Wainwright restated a “buy” rating on shares of Fortinet in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Fortinet from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $150.91.

Fortinet Trading Down 0.2%

NASDAQ FTNT opened at $157.22 on Thursday. The stock’s 50-day simple moving average is $158.94 and its two-hundred day simple moving average is $124.86. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $173.89. 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 capitalization of $115.35 billion, a price-to-earnings ratio of 55.36, a PEG ratio of 2.99 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $1.89 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The company’s revenue was up 25.6% compared to the same quarter last year. 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 forecast that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc develops cybersecurity products and services designed to protect enterprise, small and midsize business, service provider, and government networks. Its portfolio covers network security, endpoint protection, cloud security, secure access service edge (SASE), security operations, and zero-trust access.

The company’s offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiManager and FortiAnalyzer management and analytics tools.