QRG Capital Management Inc. Raises Stock Holdings in Fortinet, Inc. $FTNT

QRG Capital Management Inc. raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 21.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,491 shares of the software maker’s stock after purchasing an additional 13,294 shares during the period. QRG Capital Management Inc.’s holdings in Fortinet were worth $6,169,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FTNT. Lafayette Investments Inc. grew its stake in shares of Fortinet by 6.9% during the 1st quarter. Lafayette Investments Inc. now owns 3,637 shares of the software maker’s stock valued at $297,000 after buying an additional 236 shares during the period. Oxbow Advisors LLC purchased a new position in shares of Fortinet in the 1st quarter worth $3,283,000. HB Wealth Management LLC boosted its holdings in Fortinet by 38.9% in the first quarter. HB Wealth Management LLC now owns 27,906 shares of the software maker’s stock valued at $2,281,000 after acquiring an additional 7,815 shares during the last quarter. Moran Wealth Management LLC boosted its holdings in Fortinet by 16.4% in the first quarter. Moran Wealth Management LLC now owns 130,886 shares of the software maker’s stock valued at $10,696,000 after acquiring an additional 18,447 shares during the last quarter. Finally, Leelyn Smith LLC grew its position in Fortinet by 4.0% during the first quarter. Leelyn Smith LLC now owns 20,389 shares of the software maker’s stock valued at $1,666,000 after acquiring an additional 789 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 318,387 shares of company stock valued at $43,403,063. Company insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FTNT. Zacks Research cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, June 12th. Susquehanna lifted their price target on shares of Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. BMO Capital Markets boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Monday, May 4th. Barclays set a $155.00 price objective on shares of Fortinet and gave the stock an “equal weight” rating in a research report on Friday, June 12th. Finally, Piper Sandler raised their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” 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 given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $107.58.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $156.25 on Monday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $159.80. The business has a 50 day moving average price of $130.25 and a two-hundred day moving average price of $98.30. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The firm has a market cap of $114.48 billion, a PE ratio of 60.33, a price-to-earnings-growth ratio of 4.28 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the company posted $0.58 earnings per share. The firm’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. Sell-side analysts expect that Fortinet, Inc. will post 2.78 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.