The Manufacturers Life Insurance Company Invests $49.79 Million in Fortinet, Inc. $FTNT

The Manufacturers Life Insurance Company purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 324,095 shares of the software maker’s stock, valued at approximately $49,790,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Physician Wealth Advisors Inc. raised its holdings 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 in the last quarter. Dunhill Financial LLC acquired a new position in shares of Fortinet in the 2nd quarter valued at $25,000. Burk Holdings LLC purchased a new position in shares of Fortinet in the 2nd quarter valued at $25,000. Wexford Capital LP purchased a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Finally, Elyxium Wealth LLC acquired a new stake in Fortinet during the 4th quarter worth $27,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 2.5%

Shares of Fortinet stock opened at $157.54 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The company has a market capitalization of $115.59 billion, a P/E ratio of 55.47, a PEG ratio of 2.91 and a beta of 1.07. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $172.09. The company’s fifty day moving average is $156.69 and its two-hundred day moving average is $119.45.

Fortinet (NASDAQ:FTNT) last announced its 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 net margin of 28.17% and a return on equity of 191.54%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the company earned $0.64 earnings per share. The business’s revenue 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. Analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current year.

Insider Activity

In other Fortinet news, 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 completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $146.44, for a total value 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. This represents a 0.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 329,142 shares of company stock worth $50,731,178 in the last 90 days. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FTNT shares. William Blair reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, July 21st. Morgan Stanley reissued a “positive” rating and issued a $136.00 target price (up from $133.00) on shares of Fortinet in a report on Thursday, July 30th. Compass Point set a $100.00 target price on Fortinet in a research report on Monday, May 4th. Cantor Fitzgerald restated a “neutral” rating on shares of Fortinet in a research note on Monday. Finally, Stifel Nicolaus set a $175.00 price target on Fortinet and gave the stock a “hold” rating in a research report on Thursday, July 30th. 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 issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $150.91.

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.