Westpac Banking Corp Sells 21,226 Shares of Fortinet, Inc. $FTNT

Westpac Banking Corp decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 90.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,352 shares of the software maker’s stock after selling 21,226 shares during the quarter. Westpac Banking Corp’s holdings in Fortinet were worth $198,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after acquiring an additional 221 shares during the last quarter. Bison Wealth LLC purchased a new position in Fortinet during the fourth quarter valued at $585,000. Envestnet Asset Management Inc. grew its holdings in Fortinet by 7.3% during the second quarter. Envestnet Asset Management Inc. now owns 648,605 shares of the software maker’s stock valued at $68,566,000 after purchasing an additional 44,216 shares during the period. World Investment Advisors increased its position in Fortinet by 44.5% in the second quarter. World Investment Advisors now owns 5,429 shares of the software maker’s stock worth $574,000 after buying an additional 1,671 shares in the last quarter. Finally, HBK Sorce Advisory LLC raised its stake in shares of Fortinet by 1.5% in the second quarter. HBK Sorce Advisory LLC now owns 10,551 shares of the software maker’s stock worth $1,116,000 after buying an additional 160 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 343,106 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the transaction, the vice president owned 10,210,282 shares of the company’s stock, valued at approximately $831,321,160.44. The trade was a 3.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 175,737 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the completion of the sale, the chief executive officer owned 51,396,385 shares of the company’s stock, valued at approximately $4,184,693,666.70. This represents a 0.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 17.20% of the company’s stock.

Fortinet Stock Down 0.2%

NASDAQ FTNT opened at $79.03 on Friday. The stock has a 50 day moving average price of $80.14 and a 200-day moving average price of $81.36. Fortinet, Inc. has a one year low of $70.12 and a one year high of $110.67. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17. The company has a market capitalization of $58.48 billion, a P/E ratio of 32.52, a P/E/G ratio of 2.74 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the firm earned $0.74 earnings per share. Fortinet’s revenue was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on FTNT. Weiss Ratings restated a “hold (c)” rating on shares of Fortinet in a research note on Monday, December 29th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $90.00 price target (up from $85.00) on shares of Fortinet in a research note on Friday, February 6th. Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 price objective on shares of Fortinet in a research report on Monday, November 24th. Freedom Capital cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Scotiabank cut Fortinet from a “sector outperform” rating to a “sector perform” rating and set a $85.00 price target on the stock. in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $89.42.

Fortinet Company 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.