Fortinet, Inc. $FTNT Stake Lessened by Crumly & Associates Inc.

Crumly & Associates Inc. lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 48.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,959 shares of the software maker’s stock after selling 2,819 shares during the quarter. Crumly & Associates Inc.’s holdings in Fortinet were worth $529,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth about $9,561,650,000. Bank of New York Mellon Corp acquired a new position in Fortinet during the second quarter worth about $1,432,842,000. Legal & General Group Plc acquired a new stake in Fortinet in the 2nd quarter valued at about $979,062,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after purchasing an additional 4,500,194 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Fortinet in the second quarter valued at approximately $656,852,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, COO John Whittle sold 2,835 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total value of $478,377.90. Following the completion of the sale, the chief operating officer owned 96,987 shares in the company, valued at $16,365,586.38. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the firm’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 sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 221,303 shares of company stock worth $36,164,034. Company insiders own 17.60% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock traded down $0.77 during trading hours on Wednesday, hitting $190.50. The stock had a trading volume of 1,147,653 shares, compared to its average volume of 5,902,992. The stock’s 50 day moving average is $165.19 and its 200 day moving average is $137.32. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $192.41. The firm has a market capitalization of $139.77 billion, a PE ratio of 67.08, a PEG ratio of 3.44 and a beta of 1.03. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.15. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The business’s revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 earnings per share. 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, research analysts forecast that Fortinet, Inc. will post 3.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $160.00 target price on shares of Fortinet in a report on Thursday, July 30th. DZ Bank lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. Citigroup boosted their target price on Fortinet from $165.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Mizuho set a $125.00 target price on Fortinet and gave the company an “underperform” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings upgraded Fortinet from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nineteen have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $152.79.

About Fortinet

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company’s portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.