SCS Capital Management LLC Makes New $2.32 Million Investment in Fortinet, Inc. $FTNT

SCS Capital Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 15,106 shares of the software maker’s stock, valued at approximately $2,321,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Physician Wealth Advisors Inc. lifted its stake in Fortinet by 408.3% in the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock valued at $25,000 after buying an additional 245 shares in the last quarter. Wexford Capital LP bought a new stake in Fortinet in the 3rd quarter valued at $25,000. Elyxium Wealth LLC acquired a new position in Fortinet in the 4th quarter worth $27,000. Palisade Asset Management LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $28,000. Finally, Ares Financial Consulting LLC bought a new stake in shares of Fortinet in the fourth quarter valued at about $29,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,907 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the sale, the vice president owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the business’s 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 completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. 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. Insiders sold a total of 475,157 shares of company stock valued at $69,480,964 over the last quarter. 17.60% of the stock is owned by corporate insiders.

Fortinet Price Performance

NASDAQ:FTNT opened at $160.01 on Monday. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The firm’s 50-day simple moving average is $155.05 and its 200 day simple moving average is $115.31. The firm has a market cap of $117.40 billion, a price-to-earnings ratio of 56.34, a P/E/G ratio of 3.03 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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 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%. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period last year, the firm earned $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. As a group, sell-side analysts predict that Fortinet, Inc. will post 3.05 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on FTNT. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price target (up from $110.00) on shares of Fortinet in a research note on Thursday, July 30th. Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. boosted their price target on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, May 7th. BTIG Research boosted their target price on shares of Fortinet from $186.00 to $203.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, UBS Group restated a “neutral” rating and set a $180.00 price objective on shares of Fortinet in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average 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.