Pallas Capital Advisors LLC Reduces Stock Holdings in Fortinet, Inc. $FTNT

Pallas Capital Advisors LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 65.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,506 shares of the software maker’s stock after selling 23,257 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Fortinet were worth $1,052,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. LSV Asset Management acquired a new stake in Fortinet in the 2nd quarter worth approximately $25,000. Financial Consulate Inc. acquired a new position in Fortinet during the 3rd quarter valued at approximately $25,000. Steigerwald Gordon & Koch Inc. acquired a new position in Fortinet during the 3rd quarter valued at approximately $25,000. SJS Investment Consulting Inc. raised its holdings in shares of Fortinet by 1,556.5% in the third quarter. SJS Investment Consulting Inc. now owns 381 shares of the software maker’s stock worth $32,000 after buying an additional 358 shares during the last quarter. Finally, Quaker Wealth Management LLC raised its holdings in shares of Fortinet by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after buying an additional 726 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CEO Ken Xie sold 175,737 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the transaction, the chief executive officer owned 51,396,385 shares in the company, valued at $4,184,693,666.70. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 343,106 shares of Fortinet stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the sale, the vice president directly owned 10,210,282 shares in the company, valued at $831,321,160.44. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research reports. Jefferies Financial Group set a $90.00 target price on Fortinet in a research report on Friday, February 6th. Rosenblatt Securities boosted their price target on Fortinet from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. raised their price objective on Fortinet from $72.00 to $73.00 and gave the stock an “underweight” rating in a research note on Friday, February 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $90.00 target price (up previously from $85.00) on shares of Fortinet in a report on Friday, February 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Fortinet in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-two have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $89.42.

Fortinet Stock Performance

Shares of FTNT stock opened at $81.69 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The business’s 50 day moving average is $80.56 and its two-hundred day moving average is $81.71. The company has a market capitalization of $60.75 billion, a P/E ratio of 33.62, a P/E/G ratio of 2.95 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the firm posted $0.74 earnings per share. The company’s revenue was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.