Fortinet, Inc. $FTNT Stock: Axecap Investments LLC Decreases Position

Axecap Investments LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 16.9% in the third quarter, HoldingsChannel reports. The fund owned 31,350 shares of the software maker’s stock after selling 6,386 shares during the period. Fortinet makes up about 3.4% of Axecap Investments LLC’s portfolio, making the stock its 5th biggest position. Axecap Investments LLC’s holdings in Fortinet were worth $5,604,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of FTNT. Capstone Capital Management Ltd grew its stake in shares of Fortinet by 6.6% in the third quarter. Capstone Capital Management Ltd now owns 6,809 shares of the software maker’s stock worth $1,217,000 after purchasing an additional 423 shares during the last quarter. Range Financial Group LLC purchased a new position in Fortinet during the 3rd quarter valued at about $5,188,000. Pinnacle Associates Ltd. increased its holdings in Fortinet by 13.1% during 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 period. Robeco Institutional Asset Management B.V. raised its position in Fortinet by 48.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,469,882 shares of the software maker’s stock valued at $441,516,000 after purchasing an additional 801,943 shares during the last quarter. Finally, Diversify Advisory Services LLC raised its position in Fortinet by 4.3% during the 3rd quarter. Diversify Advisory Services LLC now owns 112,704 shares of the software maker’s stock valued at $20,502,000 after purchasing an additional 4,660 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

FTNT stock opened at $170.93 on Wednesday. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $197.13. The company has a market cap of $125.41 billion, a P/E ratio of 60.19, a PEG ratio of 3.20 and a beta of 1.03. The firm has a 50-day moving average of $169.65 and a 200 day moving average of $144.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. Fortinet’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period last year, the business posted $0.64 earnings per share. 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, sell-side analysts forecast that Fortinet, Inc. will post 3.10 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on FTNT. JPMorgan Chase & Co. increased their price objective on Fortinet from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Thursday, July 30th. Rosenblatt Securities lifted their price objective on Fortinet from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Truist Financial set a $200.00 target price on Fortinet and gave the company a “buy” rating in a research note on Tuesday. Stephens upped their target price on Fortinet from $160.00 to $165.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, Citigroup raised their price target on Fortinet from $165.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twenty-one have assigned a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $161.75.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 161,482 shares of the firm’s 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 $8,616,486,029.52. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 3,121 shares of Fortinet stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the sale, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This represents a 0.03% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 221,303 shares of company stock valued at $36,164,034. Corporate insiders own 17.60% of the company’s stock.

About Fortinet

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.