Evolve Private Wealth LLC Purchases Shares of 13,688 Fortinet, Inc. $FTNT

Evolve Private Wealth LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, HoldingsChannel reports. The firm acquired 13,688 shares of the software maker’s stock, valued at approximately $2,103,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Physician Wealth Advisors Inc. boosted its position in Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after purchasing an additional 245 shares during the period. Dunhill Financial LLC acquired a new stake in shares of Fortinet during the second quarter worth $25,000. Wexford Capital LP acquired a new stake in Fortinet during the third quarter worth about $25,000. Elyxium Wealth LLC acquired a new position in Fortinet during the 4th quarter valued at approximately $27,000. Finally, Palisade Asset Management LLC bought a new position in shares of Fortinet during the third quarter worth about $28,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $153.51 on Friday. The stock’s fifty day simple moving average is $156.24 and its 200 day simple moving average is $117.61. The stock has a market capitalization of $112.63 billion, a price-to-earnings ratio of 54.05, a PEG ratio of 2.91 and a beta of 1.07. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $172.09.

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. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. 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 forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on FTNT shares. Scotiabank restated a “sector perform” rating and issued a $163.00 target price on shares of Fortinet in a research report on Thursday, July 30th. Citigroup boosted their price target on Fortinet from $165.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Robert W. Baird set a $165.00 price target on Fortinet in a report on Thursday, July 30th. Wells Fargo & Company set a $135.00 price objective on shares of Fortinet and gave the company an “underweight” rating in a research note on Thursday, July 30th. Finally, Mizuho set a $125.00 price objective on shares of Fortinet and gave the stock an “underperform” rating in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $150.91.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,121 shares of Fortinet stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the sale, the vice president directly owned 9,918,360 shares in the company, valued at $1,613,022,886.80. The trade was a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, 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 value of $26,266,662.12. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 329,142 shares of company stock valued at $50,731,178. Insiders own 17.60% of the company’s stock.

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.