Pinnacle Associates Ltd. Invests $472,000 in Fortinet, Inc. $FTNT

Pinnacle Associates Ltd. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,940 shares of the software maker’s stock, valued at approximately $472,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. raised its position in shares of Fortinet by 4.0% during the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock valued at $6,354,874,000 after buying an additional 2,894,355 shares during the last quarter. State Street Corp grew its stake in Fortinet by 1.6% during 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 acquiring an additional 477,397 shares in the last quarter. Invesco Ltd. grew its stake in Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. First Trust Advisors LP increased its holdings in Fortinet by 30.9% in the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock valued at $636,962,000 after acquiring an additional 1,790,033 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Fortinet by 4.7% in the 3rd quarter. Legal & General Group Plc now owns 6,115,450 shares of the software maker’s stock worth $514,187,000 after purchasing an additional 273,428 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FTNT shares. Arete Research set a $104.00 price objective on shares of Fortinet and gave the company a “buy” rating in a report on Monday, April 27th. TD Cowen reiterated a “buy” rating and issued a $125.00 target price (up from $100.00) on shares of Fortinet in a research report on Thursday, May 7th. Mizuho increased their price target on Fortinet from $70.00 to $86.00 and gave the company an “underperform” rating in a research note on Thursday, May 7th. Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $100.00 price objective on shares of Fortinet in a research note on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $100.45.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 2,478 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the transaction, the vice president directly owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This represents a 0.02% 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, CEO Ken Xie sold 5,355 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.90, for a total transaction of $476,059.50. Following the completion of the transaction, the chief executive officer directly owned 52,978,004 shares in the company, valued at $4,709,744,555.60. This represents a 0.01% 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. 17.60% of the stock is currently owned by company insiders.

Fortinet Trading Up 3.0%

FTNT opened at $126.50 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The stock’s 50 day moving average price is $88.36 and its 200-day moving average price is $83.65. Fortinet, Inc. has a one year low of $70.12 and a one year high of $126.61. The stock has a market cap of $92.68 billion, a price-to-earnings ratio of 48.84, a P/E/G ratio of 3.38 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company earned $0.58 EPS. Fortinet’s quarterly revenue was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.77 EPS for the current 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.