Westpac Banking Corp Trims Holdings in Fortinet, Inc. $FTNT

Westpac Banking Corp lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 90.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,352 shares of the software maker’s stock after selling 21,226 shares during the quarter. Westpac Banking Corp’s holdings in Fortinet were worth $198,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FTNT. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Fortinet by 6.8% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock worth $137,800,000 after buying an additional 82,937 shares in the last quarter. Allstate Corp bought a new position in shares of Fortinet in the 3rd quarter worth approximately $2,034,000. Asset Management One Co. Ltd. lifted its stake in shares of Fortinet by 4.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker’s stock valued at $33,824,000 after purchasing an additional 17,892 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Fortinet by 465.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 756,651 shares of the software maker’s stock valued at $64,255,000 after purchasing an additional 622,809 shares in the last quarter. Finally, Machina Capital S.A.S. purchased a new stake in Fortinet in the third quarter worth $1,177,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Barclays set a $88.00 target price on shares of Fortinet in a report on Tuesday, February 3rd. Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Fortinet in a report on Friday, February 6th. Daiwa Securities Group lowered shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price for the company. in a report on Wednesday, November 12th. Citigroup restated a “neutral” rating and issued a $90.00 price target (up from $85.00) on shares of Fortinet in a research note on Monday, February 9th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $70.00 price objective (up from $66.00) on shares of Fortinet in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $89.42.

Fortinet Stock Performance

FTNT stock opened at $79.03 on Friday. The stock’s 50 day simple moving average is $80.14 and its 200 day simple moving average is $81.36. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $110.67. The stock has a market capitalization of $58.48 billion, a PE ratio of 32.52, a price-to-earnings-growth ratio of 2.74 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.07. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company’s revenue was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Michael Xie sold 343,106 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the completion of the transaction, the vice president directly owned 10,210,282 shares of the company’s stock, valued at $831,321,160.44. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 175,737 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the transaction, the chief executive officer owned 51,396,385 shares in the company, valued at approximately $4,184,693,666.70. This trade represents a 0.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 17.20% of the company’s stock.

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.