Summit Global Investments Acquires New Holdings in Fortinet, Inc. $FTNT

Summit Global Investments bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 13,542 shares of the software maker’s stock, valued at approximately $2,080,000.

Several other hedge funds also recently bought and sold shares of the stock. Physician Wealth Advisors Inc. increased its position in shares of Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock valued at $25,000 after acquiring an additional 245 shares during the last quarter. Wexford Capital LP acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $25,000. Elyxium Wealth LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $27,000. Palisade Asset Management LLC purchased a new position in shares of Fortinet during the 3rd quarter worth approximately $28,000. Finally, Ares Financial Consulting LLC acquired a new stake in Fortinet in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,121 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the sale, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 475,157 shares of company stock valued at $69,480,964. Corporate insiders own 17.60% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $160.01 on Friday. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $172.09. 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 firm has a market capitalization of $117.40 billion, a PE ratio of 56.34, a price-to-earnings-growth ratio of 3.14 and a beta of 1.07. The business’s fifty day moving average price is $155.05 and its 200 day moving average price is $115.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.Fortinet’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.64 EPS. 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, sell-side analysts anticipate that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 target price on the stock. in a research report on Monday, June 29th. Rosenblatt Securities raised their price target on Fortinet from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Truist Financial set a $183.00 price objective on Fortinet and gave the company a “buy” rating in a research note on Tuesday, July 21st. HC Wainwright reiterated a “buy” rating on shares of Fortinet in a report on Thursday, July 30th. Finally, Susquehanna boosted their price objective on Fortinet from $115.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, Fortinet 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.