Praxis Investment Management Inc. Boosts Stock Position in Fortinet, Inc. $FTNT

Praxis Investment Management Inc. boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,153 shares of the software maker’s stock after buying an additional 6,319 shares during the period. Praxis Investment Management Inc.’s holdings in Fortinet were worth $1,892,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FTNT. Ameriflex Group Inc. acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Physician Wealth Advisors Inc. increased its position in shares of 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 last quarter. Wexford Capital LP purchased a new stake in Fortinet in the 3rd quarter valued at about $25,000. Elyxium Wealth LLC purchased a new position in Fortinet during the fourth quarter worth about $27,000. Finally, Palisade Asset Management LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $28,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. DZ Bank cut Fortinet from a “buy” rating to a “hold” rating and set a $125.00 price objective for the company. in a research note on Tuesday, May 19th. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, May 7th. Stephens set a $115.00 price objective on shares of Fortinet and gave the company an “equal weight” rating in a report on Thursday, May 7th. Bank of America upped their target price on shares of Fortinet from $130.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Finally, Truist Financial set a $120.00 target price on shares of Fortinet and gave the stock a “buy” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $107.58.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president owned 9,923,610 shares of the company’s stock, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents 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. Over the last 90 days, insiders have sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is currently owned by insiders.

Fortinet Price Performance

FTNT stock opened at $156.25 on Friday. The stock has a market cap of $114.48 billion, a P/E ratio of 60.33, a PEG ratio of 4.28 and a beta of 1.09. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $159.80. The company’s 50 day moving average is $130.25 and its two-hundred day moving average is $98.18.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The business had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the business posted $0.58 EPS. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Research analysts expect that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

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.