Hennion & Walsh Asset Management Inc. Sells 6,889 Shares of Fortinet, Inc. $FTNT

Hennion & Walsh Asset Management Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 16.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 35,134 shares of the software maker’s stock after selling 6,889 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Fortinet were worth $5,397,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Physician Wealth Advisors Inc. grew its stake in shares of Fortinet by 408.3% in the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after acquiring an additional 245 shares during the period. Wexford Capital LP bought a new position in Fortinet during the third quarter valued at approximately $25,000. Elyxium Wealth LLC bought a new position in Fortinet during the fourth quarter valued at approximately $27,000. Palisade Asset Management LLC purchased a new stake in Fortinet in the third quarter worth approximately $28,000. Finally, Ares Financial Consulting LLC purchased a new stake in Fortinet in the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,121 shares of Fortinet stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares in the company, valued at approximately $1,613,022,886.80. The trade was a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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. Also, COO John Whittle sold 146,015 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer directly owned 94,724 shares of the company’s stock, valued at $12,163,508.84. This represents a 60.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 475,157 shares of company stock valued at $69,480,964 over the last three months. Corporate insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wolfe Research set a $175.00 target price on shares of Fortinet in a research note on Thursday, July 30th. Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. UBS Group reaffirmed a “neutral” rating and issued a $180.00 price objective on shares of Fortinet in a report on Thursday, July 30th. Wall Street Zen upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Monday, August 3rd. Finally, Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (up from $110.00) on shares of Fortinet in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $150.91.

Fortinet Price Performance

FTNT stock opened at $159.64 on Monday. The business’s 50-day moving average price is $153.54 and its 200-day moving average price is $112.36. The stock has a market cap of $117.13 billion, a P/E ratio of 56.21, a PEG ratio of 3.03 and a beta of 1.07. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a twelve month low of $72.83 and a twelve month high of $172.09.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the firm posted $0.64 EPS. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 3.05 EPS for the current year.

Fortinet 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.