E Fund Management Co. Ltd. Takes Position in Fortinet, Inc. $FTNT

E Fund Management Co. Ltd. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, HoldingsChannel reports. The fund purchased 42,599 shares of the software maker’s stock, valued at approximately $6,544,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Fortinet in the second quarter worth $9,561,650,000. State Street Corp boosted its position in Fortinet by 1.6% in the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after buying an additional 477,397 shares in the last quarter. Norges Bank bought a new stake in Fortinet during the 4th quarter worth $1,152,917,000. Bank of New York Mellon Corp increased 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 valued at $1,151,810,000 after buying an additional 893,190 shares during the period. Finally, First Trust Advisors LP lifted 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 worth $940,284,000 after purchasing an additional 3,598,487 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on FTNT shares. Wells Fargo & Company set a $135.00 target price on Fortinet and gave the stock an “underweight” rating in a research report on Thursday, July 30th. Rosenblatt Securities raised their target price on Fortinet from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. Morgan Stanley reiterated 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. Finally, Scotiabank reiterated a “sector perform” rating and issued a $163.00 price objective on shares of Fortinet in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $150.91.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction 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 completion of the transaction, the chief executive officer directly 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 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. In the last ninety days, insiders have sold 329,142 shares of company stock worth $50,731,178. 17.60% of the stock is owned by insiders.

Fortinet Trading Down 3.3%

Shares of FTNT opened at $152.85 on Thursday. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $172.09. 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 stock has a market cap of $112.15 billion, a PE ratio of 53.82, a P/E/G ratio of 3.00 and a beta of 1.07. The business’s 50-day moving average price is $155.98 and its 200-day moving average price is $116.87.

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, beating analysts’ consensus estimates of $0.75 by $0.15. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter last year, the company posted $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. On average, equities analysts forecast that Fortinet, Inc. will post 3.05 EPS 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.