HBK Sorce Advisory LLC Takes Position in Fortinet, Inc. $FTNT

HBK Sorce Advisory LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 9,649 shares of the software maker’s stock, valued at approximately $1,584,000.

Other hedge funds have also added to or reduced their stakes in the company. Elevation Wealth Partners LLC lifted its holdings in Fortinet by 53.6% during the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after acquiring an additional 75 shares in the last quarter. Wexford Capital LP bought a new stake in shares of Fortinet in the third quarter worth about $25,000. Physician Wealth Advisors Inc. raised its position in shares of Fortinet by 408.3% during 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 during the period. Palisade Asset Management LLC acquired a new stake in shares of Fortinet during the third quarter worth about $28,000. Finally, Elyxium Wealth LLC bought a new position in shares of Fortinet during the 4th quarter valued at about $27,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 firm’s stock in a transaction 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 completion of the transaction, the vice president directly owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. This trade represents 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. Insiders have sold 475,157 shares of company stock worth $69,480,964 over the last ninety days. Insiders own 17.60% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $160.01 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The company has a market cap of $117.40 billion, a PE ratio of 56.34, a PEG ratio of 3.03 and a beta of 1.07. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $172.09. The stock has a 50-day simple moving average of $155.05 and a 200 day simple moving average of $115.31.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, beating 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 last year, the firm earned $0.64 EPS. Fortinet’s revenue for the quarter 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. On average, sell-side analysts expect that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Stifel Nicolaus set a $175.00 price objective on Fortinet and gave the company a “hold” rating in a research report on Thursday, July 30th. Piper Sandler restated a “neutral” rating and set a $175.00 target price (up from $110.00) on shares of Fortinet in a report on Thursday, July 30th. Wolfe Research set a $175.00 price target on shares of Fortinet in a research note on Thursday, July 30th. Barclays set a $190.00 price target on shares of Fortinet and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, Truist Financial set a $183.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a report on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $150.91.

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.