Legal & General Group Plc Purchases Shares of 6,373,269 Fortinet, Inc. $FTNT

Legal & General Group Plc acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,373,269 shares of the software maker’s stock, valued at approximately $979,062,000. Legal & General Group Plc owned about 0.87% of Fortinet as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Elevation Wealth Partners LLC boosted its stake in Fortinet by 53.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after buying an additional 75 shares during the last quarter. Florida Financial Advisors LLC increased its stake in shares of Fortinet by 3.0% during 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. Optimist Retirement Group LLC lifted its holdings in shares of Fortinet by 2.5% during 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 lifted its holdings in shares of Fortinet by 31.4% during the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock worth $41,000 after acquiring an additional 123 shares during the period. Finally, Delta Investment Management LLC boosted its position in shares of Fortinet by 2.4% in the fourth quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock worth $417,000 after acquiring an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group restated a “buy” rating and issued a $190.00 target price on shares of Fortinet in a report on Thursday, July 30th. Zacks Research upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Morgan Stanley reissued a “positive” rating and set a $136.00 price objective (up from $133.00) on shares of Fortinet in a research note on Thursday, July 30th. Citigroup upped their price objective on Fortinet from $165.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Mizuho set a $125.00 target price on Fortinet and gave the stock an “underperform” rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $150.91.

Fortinet Trading Down 1.0%

Shares of FTNT stock opened at $151.99 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.28 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 $172.09. The firm’s 50 day moving average price is $156.29 and its two-hundred day moving average price is $118.38. The stock has a market cap of $111.52 billion, a price-to-earnings ratio of 53.52, a price-to-earnings-growth ratio of 2.91 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.15. The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the business 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. On average, analysts anticipate that Fortinet, Inc. will post 3.05 EPS for the current year.

Insider Activity

In related news, CEO Ken Xie sold 161,482 shares of the business’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 transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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, VP Michael Xie sold 3,907 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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 owned 9,923,610 shares of the company’s stock, valued at approximately $1,453,213,448.40. This represents a 0.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 329,142 shares of company stock worth $50,731,178 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

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.