Independent Financial Group LLC Makes New $3.94 Million Investment in Fortinet, Inc. $FTNT

Independent Financial Group LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 48,180 shares of the software maker’s stock, valued at approximately $3,937,000.

Other large investors have also recently bought and sold shares of the company. State Street Corp lifted its holdings in Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Norges Bank acquired a new stake in shares of Fortinet during the fourth quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp raised its stake in shares of Fortinet by 6.6% in the fourth quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after acquiring an additional 893,190 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Fortinet by 17.0% in the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock worth $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Fortinet by 4.4% during the 4th quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker’s stock worth $627,949,000 after acquiring an additional 332,024 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, COO John Whittle sold 146,015 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer directly owned 94,724 shares in the company, valued at approximately $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 160,632 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $7,711,717,915.76. This represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 318,387 shares of company stock worth $43,403,063 over the last quarter. 17.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research analyst reports. Arete Research set a $104.00 target price on Fortinet and gave the stock a “buy” rating in a report on Monday, April 27th. DZ Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a report on Tuesday, May 19th. Scotiabank upped their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $87.00 price objective on shares of Fortinet in a research report on Tuesday, April 21st. Finally, TD Cowen reaffirmed a “buy” rating and issued a $215.00 target price (up from $160.00) on shares of Fortinet in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $113.97.

Fortinet Stock Up 0.5%

Shares of NASDAQ:FTNT opened at $161.61 on Friday. The company has a 50 day moving average price of $144.30 and a two-hundred day moving average price of $103.80. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The company has a market capitalization of $118.40 billion, a PE ratio of 62.40, a PEG ratio of 4.37 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $170.35.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the firm posted $0.58 earnings per share. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Analysts forecast that Fortinet, Inc. will post 2.8 earnings per share for the current year.

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.