X Square Capital LLC Invests $1.39 Million in Fortinet, Inc. $FTNT

X Square Capital LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,035 shares of the software maker’s stock, valued at approximately $1,388,000.

A number of other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Fortinet in the 2nd quarter valued at $9,561,650,000. Norges Bank acquired a new position in Fortinet in the 4th quarter valued at $1,152,917,000. Bank of New York Mellon Corp bought a new position in Fortinet during the 2nd quarter worth $1,432,842,000. Arrowstreet Capital Limited Partnership increased its position in Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after buying an additional 4,500,194 shares during the period. Finally, Deutsche Bank AG bought a new stake in shares of Fortinet in the second quarter valued at about $581,102,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTNT. William Blair restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, July 21st. JPMorgan Chase & Co. lifted their price objective 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $185.00 price objective (up from $165.00) on shares of Fortinet in a report on Thursday, July 30th. Citigroup increased their target price on shares of Fortinet from $165.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Finally, Barclays set a $190.00 target price on shares of Fortinet and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $150.91.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,907 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the completion of the transaction, the vice president directly owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their position. The sale was disclosed in a 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, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This trade represents a 0.30% 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. Insiders sold a total of 329,142 shares of company stock valued at $50,731,178 over the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Fortinet Stock Up 1.8%

Shares of NASDAQ FTNT opened at $153.51 on Friday. 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, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09. The stock has a market capitalization of $112.63 billion, a P/E ratio of 54.05, a PEG ratio of 2.91 and a beta of 1.07. The stock’s fifty day moving average is $156.24 and its 200 day moving average is $117.61.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating 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 business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the previous year, the firm earned $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. Sell-side analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Fortinet Company 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.