Elevation Point Wealth Partners LLC Takes Position in Fortinet, Inc. $FTNT

Elevation Point Wealth Partners LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 12,103 shares of the software maker’s stock, valued at approximately $989,000.

Several other large investors have also recently bought and sold shares of the stock. State Street Corp boosted its holdings in Fortinet by 1.6% in the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after purchasing an additional 477,397 shares during the period. Norges Bank bought a new position in shares of Fortinet during the 4th quarter worth about $1,152,917,000. Bank of New York Mellon Corp raised its position in shares of Fortinet by 6.6% during the fourth quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after buying an additional 893,190 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after buying an additional 1,568,337 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Fortinet by 4.4% in the fourth quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker’s stock valued at $627,949,000 after buying an additional 332,024 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Ken Xie sold 160,632 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This represents a 0.04% 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. In the last quarter, insiders have sold 318,387 shares of company stock worth $43,403,063. Corporate insiders own 17.60% of the company’s stock.

Fortinet Trading Up 3.9%

Shares of FTNT opened at $162.35 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The stock has a market cap of $118.95 billion, a PE ratio of 62.68, a PEG ratio of 4.28 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $163.57. The stock has a 50 day simple moving average of $131.84 and a 200-day simple moving average of $98.86.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the firm earned $0.58 EPS. Fortinet’s quarterly revenue was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, sell-side analysts predict that Fortinet, Inc. will post 2.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Stephens set a $115.00 price target on Fortinet and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Arete Research set a $104.00 price objective on Fortinet and gave the company a “buy” rating in a research report on Monday, April 27th. Truist Financial set a $120.00 target price on Fortinet and gave the stock a “buy” rating in a research report on Thursday, May 7th. Bank of America lifted their price target on shares of Fortinet from $130.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Finally, Rosenblatt Securities increased their price objective on shares of Fortinet from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $107.58.

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.