Glenmede Trust Co. NA Has $42.35 Million Stake in Fortinet, Inc. $FTNT

Glenmede Trust Co. NA raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.6% during the first quarter, HoldingsChannel.com reports. The fund owned 518,217 shares of the software maker’s stock after buying an additional 49,669 shares during the quarter. Glenmede Trust Co. NA’s holdings in Fortinet were worth $42,349,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FTNT. Wexford Capital LP acquired a new position in shares of Fortinet in the 3rd quarter valued at about $25,000. Physician Wealth Advisors Inc. increased its holdings in Fortinet by 408.3% in the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after purchasing an additional 245 shares in the last quarter. Palisade Asset Management LLC bought a new stake in Fortinet in the third quarter worth approximately $28,000. Elyxium Wealth LLC acquired a new position in Fortinet in the fourth quarter valued at approximately $27,000. Finally, Maseco LLP acquired a new position in Fortinet in the first quarter valued at approximately $29,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $161.95 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.07 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $118.65 billion, a price-to-earnings ratio of 57.02, a PEG ratio of 4.17 and a beta of 1.09. The stock has a 50 day moving average of $150.50 and a 200 day moving average of $109.09. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $170.35.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the company posted $0.64 earnings per share. Fortinet’s quarterly revenue was up 25.6% compared to the same quarter last year. 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, sell-side analysts forecast that Fortinet, Inc. will post 2.82 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the subject of several recent analyst reports. HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price objective for the company. in a research report on Monday, June 29th. Mizuho set a $125.00 target price on shares of Fortinet and gave the company an “underperform” rating in a research report on Wednesday, July 15th. Susquehanna increased their target price on shares of Fortinet from $115.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday. BTIG Research raised their price target on shares of Fortinet from $186.00 to $203.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Morgan Stanley restated a “positive” rating and issued a $136.00 price target (up from $133.00) on shares of Fortinet in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-three have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $150.91.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Strong Q2 results: Fortinet reported earnings of $0.90 per share versus the $0.75 consensus estimate, while revenue rose 25.6% year over year to $2.05 billion, above the $1.89 billion forecast. Product revenue reportedly increased 52%, and billings climbed 33% to $2.37 billion. Fortinet lifts annual revenue forecast on strong cybersecurity demand
• Positive Sentiment: Guidance raised: Management lifted its full-year 2026 revenue outlook, signaling confidence that enterprise spending on security will remain strong amid rising data-security incidents. Analysts also highlighted pricing strength and solid execution. Fortinet raises revenue outlook after strong Q2 and new AI product push
• Positive Sentiment: AI and platform momentum: Demand for Fortinet’s AI-security offerings, SASE Firewall, security platforms and operational-technology products is providing additional growth catalysts as companies expand AI infrastructure. FTNT Q2 earnings call highlights SASE Firewall growth
• Positive Sentiment: Analyst target increases: Rosenblatt raised its target to $195 and BTIG raised its target to $203, both with Buy ratings. Citigroup also increased its target to $185, reinforcing the favorable near-term reaction to the earnings report. Analysts boost forecasts following upbeat Q2 earnings
• Neutral Sentiment: Susquehanna raised its target to $160 but retained a Neutral rating, while William Blair maintained a Hold rating, citing questions about how durable Fortinet’s pricing and growth advantages will be.
• Negative Sentiment: Valuation remains a risk after the stock’s substantial multiyear gain. At roughly 57 times earnings, shares may already reflect considerable optimism, leaving less room for disappointment. Fortinet stock seems stretched following its five-year run

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares in the company, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their position. The transaction 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. Also, CEO Ken Xie sold 160,632 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $7,711,717,915.76. The trade was a 0.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 318,387 shares of company stock worth $43,403,063 in the last ninety days. Company insiders own 17.60% of the company’s stock.

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.