Revere Asset Management Inc Buys Shares of 64,888 Fortinet, Inc. $FTNT

Revere Asset Management Inc purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 64,888 shares of the software maker’s stock, valued at approximately $9,968,000. Fortinet makes up approximately 3.8% of Revere Asset Management Inc’s portfolio, making the stock its 3rd biggest position.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Elevation Wealth Partners LLC boosted its stake in shares of Fortinet by 53.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after purchasing an additional 75 shares during the last quarter. Sigma Planning Corp boosted its position in Fortinet by 1.0% during the second quarter. Sigma Planning Corp now owns 7,927 shares of the software maker’s stock worth $1,218,000 after acquiring an additional 80 shares during the last quarter. Cornerstone Financial Management LLC grew its stake in Fortinet by 102.5% in the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock worth $25,000 after acquiring an additional 83 shares during the period. Florida Financial Advisors LLC raised its holdings in Fortinet by 3.0% in the 1st quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker’s stock valued at $309,000 after acquiring an additional 109 shares during the last quarter. Finally, Optimist Retirement Group LLC raised its holdings in Fortinet by 2.5% in the 4th quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker’s stock valued at $398,000 after acquiring an additional 122 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 9.0%

NASDAQ:FTNT traded up $14.11 on Monday, hitting $170.18. 5,920,006 shares of the stock were exchanged, compared to its average volume of 6,095,185. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $173.89. The stock has a market cap of $124.86 billion, a PE ratio of 59.92, a PEG ratio of 2.94 and a beta of 1.06. The stock has a fifty day moving average of $158.99 and a 200-day moving average of $125.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm 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 posted $0.64 earnings per share. 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. As a group, equities analysts expect that Fortinet, Inc. will post 3.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $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 SEC, which is available 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 business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares in the company, valued at approximately $1,613,022,886.80. This 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. 17.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FTNT shares. UBS Group restated a “neutral” rating and set a $180.00 price objective on shares of Fortinet in a report on Thursday, July 30th. TD Cowen reiterated a “buy” rating and issued a $215.00 target price (up from $160.00) on shares of Fortinet in a research note on Monday, July 13th. Royal Bank Of Canada set a $185.00 target price on Fortinet and gave the stock a “sector perform” rating in a research report on Thursday, July 30th. HC Wainwright reissued a “buy” rating on shares of Fortinet in a research note on Thursday, July 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $160.00 price target on shares of Fortinet in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nineteen have assigned a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $150.91.

Fortinet Profile

Fortinet, Inc develops cybersecurity products and services designed to protect enterprise, small and midsize business, service provider, and government networks. Its portfolio covers network security, endpoint protection, cloud security, secure access service edge (SASE), security operations, and zero-trust access.

The company’s offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiManager and FortiAnalyzer management and analytics tools.