Allstate Corp Purchases 25,866 Shares of Fortinet, Inc. $FTNT

Allstate Corp grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 106.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 50,054 shares of the software maker’s stock after acquiring an additional 25,866 shares during the quarter. Allstate Corp’s holdings in Fortinet were worth $3,975,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of FTNT. Pinnacle Holdings LLC bought a new stake in Fortinet in the third quarter worth $25,000. Ameriflex Group Inc. bought a new stake in Fortinet during the third quarter valued at about $25,000. Wexford Capital LP bought a new stake in Fortinet during the third quarter valued at about $25,000. Elyxium Wealth LLC bought a new stake in Fortinet during the fourth quarter valued at about $27,000. Finally, Palisade Asset Management LLC bought a new stake in Fortinet during the third quarter valued at about $28,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on FTNT. Evercore set a $80.00 price objective on Fortinet in a research report on Friday, February 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $87.00 price objective on shares of Fortinet in a research report on Tuesday, April 21st. DZ Bank downgraded Fortinet from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a research report on Tuesday, May 19th. BTIG Research raised their price objective on Fortinet from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, TD Cowen reissued a “buy” rating and issued a $125.00 price target (up from $100.00) on shares of Fortinet in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $102.69.

Insider Activity

In other news, COO John Whittle sold 146,015 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the completion of the sale, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 2,478 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the completion of the sale, the vice president owned 9,927,517 shares of the company’s stock, valued at $882,456,986.13. This trade represents a 0.02% 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. Insiders sold 153,848 shares of company stock worth $19,446,115 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 4.5%

Shares of FTNT stock opened at $127.93 on Thursday. The stock has a 50 day moving average of $94.94 and a 200 day moving average of $85.92. 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 $93.73 billion, a P/E ratio of 49.39, a P/E/G ratio of 3.69 and a beta of 0.92. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $134.91.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.Fortinet’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the business earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.77 EPS for the current 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.