Maridea Wealth Management LLC Acquires Shares of 10,850 Fortinet, Inc. $FTNT

Maridea Wealth Management LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 10,850 shares of the software maker’s stock, valued at approximately $1,667,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Norges Bank acquired a new stake in shares of Fortinet in the 4th quarter worth about $1,152,917,000. Arrowstreet Capital Limited Partnership boosted its stake in Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after purchasing an additional 4,500,194 shares during the last quarter. First Trust Advisors LP boosted its stake in Fortinet by 45.5% during the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after purchasing an additional 3,598,487 shares during the last quarter. Van ECK Associates Corp increased its holdings in Fortinet by 38.9% during the 4th quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker’s stock worth $613,915,000 after purchasing an additional 2,166,396 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Fortinet by 76.2% during the 4th quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker’s stock worth $326,297,000 after purchasing an additional 1,777,115 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Down 3.3%

NASDAQ FTNT opened at $160.01 on Friday. The stock has a market capitalization of $117.40 billion, a price-to-earnings ratio of 56.34, a PEG ratio of 3.03 and a beta of 1.07. Fortinet, Inc. has a one year low of $73.55 and a one year high of $172.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The business’s fifty day moving average is $155.05 and its 200-day moving average is $115.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Equities research analysts predict that Fortinet, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling 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 shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the sale, 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 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the sale, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. This trade represents a 60.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 475,157 shares of company stock worth $69,480,964 over the last three months. 17.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. DZ Bank lowered Fortinet from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. HC Wainwright reiterated a “buy” rating on shares of Fortinet in a report on Thursday, July 30th. Wolfe Research set a $175.00 price target on Fortinet in a research report on Thursday, July 30th. Mizuho set a $125.00 price objective on Fortinet and gave the company an “underperform” rating in a research note on Wednesday, July 15th. Finally, BMO Capital Markets lifted their price objective on shares of Fortinet from $170.00 to $185.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $150.91.

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.