Fortinet, Inc. $FTNT is Nutshell Asset Management Ltd’s 2nd Largest Position

Nutshell Asset Management Ltd raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 82.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 237,877 shares of the software maker’s stock after acquiring an additional 107,623 shares during the period. Fortinet comprises approximately 9.5% of Nutshell Asset Management Ltd’s portfolio, making the stock its 2nd biggest holding. Nutshell Asset Management Ltd’s holdings in Fortinet were worth $20,001,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Allstate Corp bought a new position in shares of Fortinet during the third quarter valued at about $2,034,000. Asset Management One Co. Ltd. lifted its stake in shares of Fortinet by 4.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker’s stock valued at $33,824,000 after acquiring an additional 17,892 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Fortinet by 465.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 756,651 shares of the software maker’s stock valued at $64,255,000 after acquiring an additional 622,809 shares during the last quarter. Machina Capital S.A.S. purchased a new stake in Fortinet during the 3rd quarter valued at about $1,177,000. Finally, Penserra Capital Management LLC grew its position in Fortinet by 22.3% during the 3rd quarter. Penserra Capital Management LLC now owns 1,356,122 shares of the software maker’s stock worth $114,021,000 after acquiring an additional 246,844 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 343,106 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were 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 trade represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $14,308,506.54. Following the sale, the chief executive officer directly owned 51,396,385 shares in the company, valued at approximately $4,184,693,666.70. The trade was a 0.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent research reports. Freedom Capital downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Piper Sandler restated a “neutral” rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a report on Monday, January 5th. Truist Financial set a $88.00 target price on shares of Fortinet in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Fortinet in a report on Monday, December 29th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-two have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $88.62.

Fortinet Price Performance

Shares of FTNT stock opened at $83.67 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $109.33. The firm has a market cap of $61.91 billion, a P/E ratio of 34.43, a P/E/G ratio of 2.89 and a beta of 1.05. The business’s 50 day moving average price is $80.23 and its 200-day moving average price is $81.51.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the company earned $0.74 earnings per share. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.