Proficio Capital Partners LLC Invests $1.23 Million in Fortinet, Inc. $FTNT

Proficio Capital Partners LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 7,990 shares of the software maker’s stock, valued at approximately $1,227,000.

Several other large investors have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Fortinet during the second quarter worth approximately $9,561,650,000. 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 worth $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Norges Bank bought a new stake in Fortinet in the 4th quarter valued at $1,152,917,000. Bank of New York Mellon Corp boosted its stake in Fortinet by 6.6% in the 4th 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 purchasing an additional 893,190 shares during the period. Finally, First Trust Advisors LP grew its holdings in Fortinet by 45.5% in the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after buying an additional 3,598,487 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent research reports. TD Cowen reiterated a “buy” rating and set a $215.00 price objective (up from $160.00) on shares of Fortinet in a research report on Monday, July 13th. HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price target on the stock. in a research note on Monday, June 29th. Scotiabank reiterated a “sector perform” rating and issued a $163.00 price objective on shares of Fortinet in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $160.00 target price on shares of Fortinet in a research report on Thursday, July 30th. Finally, Susquehanna raised their target price on shares of Fortinet from $115.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $150.91.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,121 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the completion of the transaction, the vice president owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This represents a 0.03% decrease in their position. The sale 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, CEO Ken Xie sold 161,482 shares of the firm’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 completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders sold 329,142 shares of company stock worth $50,731,178. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 2.5%

Shares of FTNT stock opened at $157.54 on Thursday. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $172.09. The stock’s fifty day moving average price is $156.69 and its two-hundred day moving average price is $119.45. 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 $115.59 billion, a PE ratio of 55.47, a P/E/G ratio of 2.91 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last posted 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 company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the firm earned $0.64 EPS. Fortinet’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. Equities analysts predict that Fortinet, Inc. will post 3.05 EPS 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.