Korea Investment CORP Purchases New Position in Fortinet, Inc. $FTNT

Korea Investment CORP acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 391,940 shares of the software maker’s stock, valued at approximately $60,210,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Elevation Wealth Partners LLC grew its stake in shares of Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock valued at $33,000 after buying an additional 75 shares in the last quarter. Florida Financial Advisors LLC lifted its position in Fortinet by 3.0% during the 1st quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker’s stock worth $309,000 after acquiring an additional 109 shares in the last quarter. Optimist Retirement Group LLC boosted 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 worth $398,000 after acquiring an additional 122 shares during the period. GW&K Investment Management LLC grew its position in Fortinet by 31.4% in the fourth quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock valued at $41,000 after acquiring an additional 123 shares in the last quarter. Finally, Delta Investment Management LLC grew its position in Fortinet by 2.4% in the fourth quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock valued at $417,000 after acquiring an additional 125 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price objective on the stock. in a research note on Monday, June 29th. TD Cowen reaffirmed a “buy” rating and set a $215.00 price target (up from $160.00) on shares of Fortinet in a report on Monday, July 13th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $190.00 price objective on shares of Fortinet in a report on Thursday, July 30th. Finally, Wells Fargo & Company set a $135.00 target price on Fortinet and gave the company an “underweight” rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $150.91.

Fortinet Stock Up 1.8%

NASDAQ:FTNT opened at $153.51 on Friday. The company has a market capitalization of $112.63 billion, a price-to-earnings ratio of 54.05, a price-to-earnings-growth ratio of 2.86 and a beta of 1.07. Fortinet, Inc. has a one year low of $73.55 and a one year high of $172.09. The stock has a 50-day simple moving average of $156.24 and a 200 day simple moving average of $117.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm’s revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 earnings per share. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts predict that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 161,482 shares of the stock in a transaction dated 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 in the company, valued at $8,616,486,029.52. This represents a 0.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the completion of the sale, the vice president directly owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This represents a 0.03% 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 have sold 329,142 shares of company stock worth $50,731,178. Company insiders own 17.60% of the company’s stock.

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.