Procyon Advisors LLC Grows Holdings in Fortinet, Inc. $FTNT

Procyon Advisors LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 32.0% in the first quarter, Holdings Channel reports. The firm owned 38,679 shares of the software maker’s stock after buying an additional 9,378 shares during the quarter. Procyon Advisors LLC’s holdings in Fortinet were worth $3,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp raised its holdings in shares of 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 during the last quarter. Norges Bank purchased a new position in shares of Fortinet during the fourth quarter worth about $1,152,917,000. Bank of New York Mellon Corp increased its position in Fortinet by 6.6% in the 4th 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 acquiring an additional 893,190 shares during the period. Invesco Ltd. increased its position in Fortinet by 17.0% in the 3rd 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 during the period. Finally, First Trust Advisors LP raised its stake in Fortinet by 4.4% during the 4th quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker’s stock valued at $627,949,000 after acquiring an additional 332,024 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 2.0%

NASDAQ:FTNT opened at $160.62 on Tuesday. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $165.28. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The stock has a fifty day simple moving average of $139.26 and a 200-day simple moving average of $101.64. The company has a market capitalization of $117.68 billion, a PE ratio of 62.02, a price-to-earnings-growth ratio of 4.28 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the company earned $0.58 EPS. The firm’s revenue was up 20.1% on a year-over-year basis. 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 research analysts expect that Fortinet, Inc. will post 2.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. The trade was a 0.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the company’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 value of $572,141.08. Following the completion of the sale, the vice president directly 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 318,387 shares of company stock valued at $43,403,063 over the last quarter. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FTNT. BTIG Research increased their price objective on Fortinet from $150.00 to $186.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group boosted their target price on Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Scotiabank upped their price target on Fortinet from $85.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $70.00 price target (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. Finally, HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price objective on the stock. in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have given a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $111.00.

Fortinet 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.