Varma Mutual Pension Insurance Co Invests $17.57 Million in Fortinet, Inc. $FTNT

Varma Mutual Pension Insurance Co purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 114,400 shares of the software maker’s stock, valued at approximately $17,574,000.

Several other large investors have also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC lifted its stake in Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock valued at $33,000 after buying an additional 75 shares during the last quarter. Florida Financial Advisors LLC boosted its holdings in shares of Fortinet by 3.0% during the first 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 period. Optimist Retirement Group LLC grew its position in shares of Fortinet by 2.5% during the fourth 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 last quarter. GW&K Investment Management LLC grew its position in shares of Fortinet by 31.4% during the fourth 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 last quarter. Finally, Delta Investment Management LLC increased its holdings in shares of Fortinet by 2.4% in the 4th 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 period. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president owned 9,923,610 shares of the company’s stock, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the business’s 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 in the company, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their position. 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. Insiders sold a total of 329,142 shares of company stock valued at $50,731,178 in the last quarter. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 1.8%

FTNT stock opened at $153.51 on Friday. The firm has a market cap of $112.63 billion, a PE ratio of 54.05, a P/E/G ratio of 2.91 and a beta of 1.07. 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 50 day simple moving average of $156.24 and a 200 day simple moving average of $117.61.

Fortinet (NASDAQ:FTNT) last issued its 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 business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm posted $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. Equities research analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. Truist Financial set a $183.00 price objective on Fortinet and gave the stock a “buy” rating in a report on Tuesday, July 21st. Royal Bank Of Canada set a $185.00 target price on Fortinet and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $185.00 target price (up from $165.00) on shares of Fortinet in a research note on Thursday, July 30th. Finally, William Blair reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $150.91.

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.