Cibc World Market Inc. Buys Shares of 75,367 Fortinet, Inc. $FTNT

Cibc World Market Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 75,367 shares of the software maker’s stock, valued at approximately $11,578,000.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Fortinet in the second quarter worth approximately $9,561,650,000. Norges Bank bought a new stake in Fortinet during the 4th quarter valued at $1,152,917,000. Bank of New York Mellon Corp bought a new stake in Fortinet during the 2nd quarter valued at $1,432,842,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet by 87.4% in 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 acquiring an additional 4,500,194 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of Fortinet in the 2nd quarter valued at $581,102,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 161,482 shares of the business’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 sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. The trade was a 0.03% 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. In the last three months, insiders have sold 329,142 shares of company stock worth $50,731,178. 17.60% of the stock is owned by insiders.

Fortinet Trading Down 1.0%

Shares of NASDAQ:FTNT opened at $151.99 on Tuesday. The business’s 50-day moving average is $156.29 and its 200 day moving average is $118.38. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $172.09. The firm has a market capitalization of $111.52 billion, a P/E ratio of 53.52, a P/E/G ratio of 2.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19.

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. 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 quarter in the previous year, the firm earned $0.64 earnings per share. The company’s 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. On average, research analysts predict that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FTNT shares. JPMorgan Chase & Co. upped their price objective on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, May 7th. Compass Point set a $100.00 target price on Fortinet in a research note on Monday, May 4th. Zacks Research upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Royal Bank Of Canada set a $185.00 price target on shares of Fortinet and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Finally, Morgan Stanley reaffirmed a “positive” rating and issued a $136.00 price objective (up from $133.00) on shares of Fortinet in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price 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.