Meeder Asset Management Inc. Invests $6.04 Million in Fortinet, Inc. $FTNT

Meeder Asset Management Inc. purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, HoldingsChannel reports. The firm purchased 39,322 shares of the software maker’s stock, valued at approximately $6,041,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Physician Wealth Advisors Inc. grew its position in shares of Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after acquiring an additional 245 shares during the last quarter. Dunhill Financial LLC bought a new stake in Fortinet in the 2nd quarter valued at about $25,000. Wexford Capital LP acquired a new position in Fortinet during the 3rd quarter valued at about $25,000. Elyxium Wealth LLC acquired a new position in Fortinet during the 4th quarter valued at about $27,000. Finally, Palisade Asset Management LLC bought a new position in Fortinet in the 3rd quarter worth about $28,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their position. The sale was disclosed in a document filed 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, VP Michael Xie sold 3,121 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value 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. This represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 475,157 shares of company stock worth $69,480,964 over the last ninety days. Company insiders own 17.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FTNT. Wells Fargo & Company set a $135.00 price target on shares of Fortinet and gave the company an “underweight” rating in a research note on Thursday, July 30th. Robert W. Baird set a $165.00 price objective on Fortinet in a research report on Thursday, July 30th. Piper Sandler reissued a “neutral” rating and issued a $175.00 price objective (up from $110.00) on shares of Fortinet in a report on Thursday, July 30th. DZ Bank cut Fortinet from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 30th. Finally, Bank of America reaffirmed a “buy” rating on shares of Fortinet in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $150.91.

Fortinet Stock Down 2.6%

FTNT stock opened at $155.85 on Tuesday. The firm’s 50-day moving average is $155.31 and its two-hundred day moving average is $115.83. The company has a market capitalization of $114.35 billion, a price-to-earnings ratio of 54.88, a price-to-earnings-growth ratio of 3.03 and a beta of 1.07. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the firm posted $0.64 earnings per share. The business’s revenue 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. On average, analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

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.