Jupiter Topco LLC Takes $11.47 Million Position in Fortinet, Inc. $FTNT

Jupiter Topco LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 74,705 shares of the software maker’s stock, valued at approximately $11,474,000.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. Brighton Jones LLC boosted its holdings in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares during the period. Bison Wealth LLC purchased a new stake in Fortinet during the fourth quarter worth about $585,000. HUB Investment Partners LLC lifted its position in shares of Fortinet by 29.1% during the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker’s stock worth $560,000 after purchasing an additional 1,193 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Fortinet during the second quarter worth about $1,136,000. Finally, Quantinno Capital Management LP boosted its stake in shares of Fortinet by 27.4% in the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker’s stock valued at $15,328,000 after purchasing an additional 31,202 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet Federal, a wholly owned subsidiary, earned CMMC Level 2 certification after validating 110 NIST SP 800-171 controls. The certification could improve Fortinet’s credibility with U.S. government agencies and defense contractors seeking compliant cybersecurity providers. Fortinet Federal’s New CMMC Level 2 Certification
• Positive Sentiment: Analysts continue to point to platform adoption, artificial-intelligence security products, product expansion and CMMC-related demand as potential growth drivers across enterprise and government markets. Fortinet Stock Surges on Security Platform Momentum
• Positive Sentiment: A new multi-year sponsorship agreement with Stanford Athletics supports Fortinet’s brand visibility, although the financial impact is likely modest compared with its core business. Stanford Athletics and Fortinet Sponsorship
• Neutral Sentiment: Fortinet recently moved above its 20-day moving average, signaling short-term technical momentum. However, technical support can also encourage profit-taking after a large advance. Fortinet Crosses Above Its 20-Day Moving Average
• Negative Sentiment: Valuation is a key overhang. With the stock near its annual high and trading at roughly 58 times earnings, investors may be demanding continued strong execution, leaving limited room for disappointment. Fortinet Valuation Leaves Limited Margin of Safety
• Negative Sentiment: Insider-trading data shows executives made no open-market purchases and reported multiple sales over the past six months. In addition, the reported median analyst price target of $115 is below recent trading levels, reinforcing concerns that expectations may have become excessive.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FTNT. Wolfe Research set a $175.00 price objective on shares of Fortinet in a report on Thursday, July 30th. Mizuho set a $125.00 price target on shares of Fortinet and gave the company an “underperform” rating in a research report on Wednesday, July 15th. Susquehanna boosted their price target on shares of Fortinet from $115.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. upped their price objective on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $150.91.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction on 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 directly owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 sale, the vice president directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 329,142 shares of company stock valued at $50,731,178. Insiders own 17.60% of the company’s stock.

Fortinet Stock Down 3.9%

Shares of NASDAQ:FTNT opened at $166.00 on Friday. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $173.89. The firm’s 50 day moving average price is $157.68 and its 200 day moving average price is $120.40. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The stock has a market cap of $121.80 billion, a price-to-earnings ratio of 58.45, a price-to-earnings-growth ratio of 3.15 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the business posted $0.64 EPS. The firm’s revenue was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, equities research analysts predict that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal 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.