Elevation Point Wealth Partners LLC Makes New Investment in Fortinet, Inc. $FTNT

Elevation Point Wealth Partners LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 3,463 shares of the software maker’s stock, valued at approximately $532,000.

Several other large investors have also bought and sold shares of FTNT. Brighton Jones LLC boosted its position in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC bought a new position in Fortinet in the fourth quarter worth $585,000. HUB Investment Partners LLC lifted its position in Fortinet by 29.1% during the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker’s stock valued at $560,000 after buying an additional 1,193 shares during the period. Diversify Advisory Services LLC purchased a new position in Fortinet during the second quarter valued at $1,136,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of Fortinet by 27.4% during the 2nd quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker’s stock valued at $15,328,000 after buying an additional 31,202 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 161,482 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 3,907 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This trade represents a 0.04% 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. In the last quarter, insiders sold 329,142 shares of company stock worth $50,731,178. Insiders own 17.60% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $153.66 on Wednesday. The business has a fifty day moving average price of $156.42 and a 200-day moving average price of $118.89. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The company has a market capitalization of $112.74 billion, a PE ratio of 54.11, a PEG ratio of 2.88 and a beta of 1.07. Fortinet, Inc. has a 1-year low of $73.55 and a 1-year high of $172.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. Fortinet’s revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the business 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. As a group, equities analysts expect that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. TD Cowen reaffirmed a “buy” rating and issued a $215.00 target price (up from $160.00) on shares of Fortinet in a research report on Monday, July 13th. HC Wainwright reissued a “buy” rating on shares of Fortinet in a research note on Thursday, July 30th. Scotiabank reissued a “sector perform” rating and set a $163.00 price objective on shares of Fortinet in a research note on Thursday, July 30th. Barclays set a $190.00 price objective on shares of Fortinet and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Finally, Evercore set a $165.00 target price on shares of Fortinet in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $150.91.

About Fortinet

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.