Empowered Funds LLC Raises Position in Fortinet, Inc. $FTNT

Empowered Funds LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 108.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 157,306 shares of the software maker’s stock after purchasing an additional 81,778 shares during the quarter. Empowered Funds LLC’s holdings in Fortinet were worth $12,855,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Wexford Capital LP acquired a new position in shares of Fortinet during the 3rd quarter valued at about $25,000. Physician Wealth Advisors Inc. increased its position in 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 last quarter. Palisade Asset Management LLC purchased a new position in Fortinet during the third quarter worth approximately $28,000. Elyxium Wealth LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $27,000. Finally, Maseco LLP purchased a new stake in shares of Fortinet during the 1st quarter valued at $29,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q2 results surpassed estimates. Fortinet reported $2.05 billion in revenue, up 26% year over year and above the $1.89 billion consensus estimate. Adjusted EPS was $0.90 versus expectations of $0.75, while GAAP diluted EPS rose to $0.82 from $0.57 a year earlier. Fortinet Surpasses Q2 Earnings and Revenue Estimates
• Positive Sentiment: Product momentum accelerated. Product revenue jumped 52% to $773 million, billings increased 33% to $2.37 billion, and the company generated $1.04 billion in operating cash flow and $966 million in free cash flow. Management cited strong enterprise demand amid rising cybersecurity threats. Fortinet lifts annual revenue forecast on strong cybersecurity demand
• Positive Sentiment: Fortinet raised its 2026 outlook. Full-year revenue guidance increased to $8.02 billion-$8.18 billion, compared with the prior outlook of approximately $8.0 billion-$8.2 billion as reported in the company’s updated guidance, and the company projected adjusted EPS of $3.41-$3.47 versus the $3.08 analyst consensus. Third-quarter revenue guidance of $2.01 billion-$2.10 billion and EPS guidance of $0.83-$0.87 also exceeded consensus estimates. Fortinet Reports Strong Second Quarter 2026 Financial Results
• Neutral Sentiment: Fortinet also expanded its FortiGate G Series with the 1200G and FortiSASE Outpost, supporting its strategy of combining networking, firewall and cloud-delivered security services. Fortinet Expands FortiGate G Series
• Negative Sentiment: Valuation remains a risk after the strong rally: Fortinet trades at a high earnings multiple, and Wells Fargo maintained a Sell rating. In addition, reported insider activity showed executives selling shares without recorded purchases in the past six months, which may temper bullish sentiment.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares of the company’s stock, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the completion of the transaction, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. This trade represents a 60.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 318,387 shares of company stock valued at $43,403,063. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTNT. Scotiabank lifted their target price on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Morgan Stanley upgraded Fortinet from an “underweight” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $133.00 in a report on Tuesday, July 21st. Zacks Research raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Weiss Ratings upgraded shares of Fortinet from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 11th. Finally, Compass Point set a $100.00 price target on shares of Fortinet in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-four have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $123.61.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $153.22 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $170.35. The company has a market capitalization of $112.26 billion, a price-to-earnings ratio of 59.16, a PEG ratio of 4.08 and a beta of 1.09. The business has a 50-day moving average of $149.45 and a 200-day moving average of $108.19.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the company posted $0.64 EPS. Fortinet’s revenue for the quarter 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. On average, equities analysts anticipate that Fortinet, Inc. will post 2.8 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.