Elevation Point Wealth Partners LLC Invests $532,000 in Fortinet, Inc. $FTNT

Elevation Point Wealth Partners LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,463 shares of the software maker’s stock, valued at approximately $532,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Fortinet during the 2nd quarter valued at about $9,561,650,000. Norges Bank purchased a new stake in Fortinet in the fourth quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp bought a new position in Fortinet during the second quarter valued at approximately $1,432,842,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Fortinet by 87.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after acquiring an additional 4,500,194 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in shares of Fortinet during the second quarter worth approximately $581,102,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $153.66 on Wednesday. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average price of $156.42 and a 200-day moving average price of $118.89. The company has a market cap of $112.74 billion, a price-to-earnings ratio of 54.11, a price-to-earnings-growth ratio of 2.88 and a beta of 1.07. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $172.09.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the firm earned $0.64 earnings per share. Fortinet’s quarterly 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. As a group, equities analysts anticipate that Fortinet, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was 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 $8,616,486,029.52. The trade was a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last quarter, insiders sold 329,142 shares of company stock worth $50,731,178. Corporate insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several analyst reports. Scotiabank restated a “sector perform” rating and set a $163.00 price target on shares of Fortinet in a research report on Thursday, July 30th. DZ Bank lowered Fortinet from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. Susquehanna raised their price target on Fortinet from $115.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Bank of America reaffirmed a “buy” rating on shares of Fortinet in a research note on Monday, July 27th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Fortinet in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty have given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target 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.