Elo Mutual Pension Insurance Co Grows Stock Position in Fortinet, Inc. $FTNT

Elo Mutual Pension Insurance Co grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 40.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 121,011 shares of the software maker’s stock after acquiring an additional 35,110 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Fortinet were worth $10,175,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock valued at $6,354,874,000 after buying an additional 2,894,355 shares during the period. State Street Corp raised its holdings in shares of Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after purchasing an additional 862,468 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after purchasing an additional 828,569 shares in the last quarter. Norges Bank acquired a new position in shares of Fortinet in the 2nd quarter valued at about $1,640,900,000. Finally, Invesco Ltd. grew its holdings in shares of Fortinet by 7.9% during the 2nd quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock worth $977,718,000 after purchasing an additional 677,654 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Ken Xie sold 175,737 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the sale, the chief executive officer owned 51,396,385 shares of the company’s stock, valued at approximately $4,184,693,666.70. This trade represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 343,106 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $27,935,690.52. Following the transaction, the vice president owned 10,210,282 shares of the company’s stock, valued at $831,321,160.44. This represents a 3.25% decrease in their position. The SEC filing for this sale provides additional information. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research reports. BMO Capital Markets upped their price target on shares of Fortinet from $90.00 to $95.00 and gave the stock a “market perform” rating in a research report on Monday, February 9th. Citigroup restated a “neutral” rating and set a $90.00 price objective (up from $85.00) on shares of Fortinet in a report on Monday, February 9th. UBS Group reiterated a “neutral” rating and set a $90.00 target price on shares of Fortinet in a research note on Friday, February 6th. Truist Financial set a $88.00 price target on shares of Fortinet in a research report on Tuesday, January 20th. Finally, TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $89.42.

Fortinet Stock Down 0.2%

FTNT stock opened at $79.03 on Monday. The firm has a fifty day moving average price of $80.14 and a two-hundred day moving average price of $81.40. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $110.67. The firm has a market cap of $58.48 billion, a price-to-earnings ratio of 32.52, a PEG ratio of 2.73 and a beta of 1.05.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the firm earned $0.74 EPS. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.