Pinnacle Associates Ltd. Makes New $472,000 Investment in Fortinet, Inc. $FTNT

Pinnacle Associates Ltd. bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,940 shares of the software maker’s stock, valued at approximately $472,000.

Several other hedge funds have also made changes to their positions in the company. Pinnacle Holdings LLC purchased a new position in shares of Fortinet during the third quarter valued at $25,000. Ameriflex Group Inc. purchased a new stake in Fortinet in the third quarter worth about $25,000. Wexford Capital LP purchased a new stake in Fortinet in the third quarter worth about $25,000. Palisade Asset Management LLC bought a new position in Fortinet during the 3rd quarter worth about $28,000. Finally, Ares Financial Consulting LLC bought a new position in Fortinet during the 4th quarter worth about $29,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

FTNT stock opened at $126.50 on Tuesday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $126.61. The firm has a market cap of $92.68 billion, a price-to-earnings ratio of 48.84, a PEG ratio of 3.38 and a beta of 0.92. 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 firm has a 50-day simple moving average of $88.36 and a two-hundred day simple moving average of $83.65.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.20. The firm had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.77 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction on Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the transaction, the vice president directly owned 9,927,517 shares of the company’s stock, valued at approximately $882,456,986.13. The trade was a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 5,355 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.90, for a total value of $476,059.50. Following the transaction, the chief executive officer directly owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. 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 insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FTNT. Mizuho boosted their price target on shares of Fortinet from $70.00 to $86.00 and gave the company an “underperform” rating in a report on Thursday, May 7th. Freedom Capital downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Royal Bank Of Canada reissued a “sector perform” rating and set a $107.00 price objective (up from $90.00) on shares of Fortinet in a report on Thursday, May 7th. Scotiabank boosted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Finally, Oppenheimer restated a “market perform” rating on shares of Fortinet in a report on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-three have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $100.45.

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.