29,024 Shares in Fortinet, Inc. $FTNT Bought by Range Financial Group LLC

Range Financial Group LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 29,024 shares of the software maker’s stock, valued at approximately $5,188,000. Fortinet comprises 1.4% of Range Financial Group LLC’s investment portfolio, making the stock its 14th biggest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. boosted its stake in shares of Fortinet by 13.1% in the 3rd quarter. Pinnacle Associates Ltd. now owns 5,314 shares of the software maker’s stock valued at $950,000 after purchasing an additional 614 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Fortinet by 48.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,469,882 shares of the software maker’s stock worth $441,516,000 after buying an additional 801,943 shares during the period. Diversify Advisory Services LLC raised its stake in Fortinet by 4.3% during the third quarter. Diversify Advisory Services LLC now owns 112,704 shares of the software maker’s stock worth $20,502,000 after buying an additional 4,660 shares during the last quarter. South Shore Capital Advisors raised its stake in Fortinet by 11.2% during the third quarter. South Shore Capital Advisors now owns 2,438 shares of the software maker’s stock worth $407,000 after buying an additional 245 shares during the last quarter. Finally, 55 North Private Wealth LLC bought a new position in Fortinet during the third quarter worth $281,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.3%

Shares of NASDAQ FTNT opened at $170.93 on Wednesday. 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 firm has a market cap of $125.41 billion, a PE ratio of 60.19, a P/E/G ratio of 3.20 and a beta of 1.03. The company’s fifty day simple moving average is $169.65 and its 200 day simple moving average is $144.56. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $197.13.

Fortinet (NASDAQ:FTNT) last posted its quarterly 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. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The business’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. As a group, sell-side analysts forecast that Fortinet, Inc. will post 3.10 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president directly owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. This represents a 0.03% decrease in their position. The transaction was disclosed in a filing 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, CEO Ken Xie sold 161,482 shares of the stock in a transaction that occurred 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 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. 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 221,303 shares of company stock worth $36,164,034 in the last three months. Company insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of research analyst reports. Bank of America reaffirmed a “buy” rating on shares of Fortinet in a research report on Monday, July 27th. JPMorgan Chase & Co. lifted their price objective on Fortinet from $100.00 to $118.00 and gave the stock an “underweight” rating in a research report on Thursday, July 30th. Scotiabank reissued a “sector perform” rating and issued a $163.00 price objective (up from $110.00) on shares of Fortinet in a research report on Thursday, July 30th. Sanford C. Bernstein reissued a “market perform” rating and issued a $145.00 price objective (up from $102.00) on shares of Fortinet in a research note on Thursday, September 17th. Finally, Arete Research lowered Fortinet from a “buy” rating to a “sell” rating and set a $117.00 target price on the stock. in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-one have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $161.75.

Fortinet Profile

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.