Palmer Knight Co Invests $12.39 Million in Fortinet, Inc. $FTNT

Palmer Knight Co purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 80,657 shares of the software maker’s stock, valued at approximately $12,391,000. Fortinet makes up approximately 4.8% of Palmer Knight Co’s investment portfolio, making the stock its 3rd largest position.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Physician Wealth Advisors Inc. increased its position in Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after purchasing an additional 245 shares during the period. Dunhill Financial LLC purchased a new position in shares of Fortinet during the 2nd quarter worth approximately $25,000. Wexford Capital LP acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $25,000. Elyxium Wealth LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $27,000. Finally, Palisade Asset Management LLC purchased a new stake in shares of Fortinet in the third quarter valued at approximately $28,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTNT. Stephens set a $115.00 price objective on Fortinet and gave the stock an “equal weight” rating in a report on Thursday, May 7th. HSBC downgraded Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 target price for the company. in a report on Monday, June 29th. Weiss Ratings raised shares of Fortinet from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 31st. Royal Bank Of Canada set a $185.00 price target on shares of Fortinet and gave the company a “sector perform” rating in a report on Thursday, July 30th. Finally, Susquehanna increased their price target on shares of Fortinet from $115.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $150.91.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,907 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the sale, the vice president owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. 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. Also, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This represents a 0.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 475,157 shares of company stock valued at $69,480,964 over the last three months. 17.60% of the stock is currently owned by insiders.

Fortinet Stock Up 1.4%

FTNT stock opened at $158.01 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The company’s 50 day simple moving average is $155.70 and its 200-day simple moving average is $116.37. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $172.09. The firm has a market capitalization of $115.93 billion, a PE ratio of 55.64, a P/E/G ratio of 3.03 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last issued 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. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted $0.64 EPS. The company’s quarterly 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. Equities analysts expect that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Virtue AI acquisition strengthens AI security offering: Fortinet acquired Virtue AI to add continuous validation, monitoring and runtime protection for AI agents across their lifecycle. The technology is intended to expand Fortinet’s AI-Native Security Fabric as companies move enterprise AI applications into production. Fortinet Advances Continuous AI Protection with the Acquisition of Virtue AI
• Positive Sentiment: AI acquisitions support cloud-platform ambitions: Coverage highlights Fortinet’s broader push to build a cloud-based security platform through AI-related acquisitions. Investors may view the strategy as a way to accelerate growth in AI infrastructure, agent security and cloud security. Fortinet, IBD Stock of the Day, Steps Up AI Acquisitions to Build Cloud Platform
• Positive Sentiment: Analyst comparisons remain favorable: A Zacks analysis gives Fortinet an edge over CrowdStrike, citing SASE momentum, steadier execution and a relatively lower valuation. Other commentary points to projected revenue growth of roughly 19% this year and continued earnings growth, while Fortinet was also identified as a potential earnings-beat candidate. CRWD vs. FTNT: Which Cybersecurity Stock Should You Buy Right Now?
• Neutral Sentiment: Valuation and expectations are elevated: Fortinet has gained nearly 100% in 2026 and trades at a high earnings multiple, leaving the stock sensitive to any slowdown in growth or disappointment from future AI investments. Recent quarterly results exceeded estimates, providing support, but investors will need evidence that the acquisition strategy converts into sustainable revenue growth.

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.