L2 Asset Management LLC Buys New Shares in Fortinet, Inc. $FTNT

L2 Asset Management LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 3,531 shares of the software maker’s stock, valued at approximately $542,000.

A number of other institutional investors have also bought and sold shares of the business. Brighton Jones LLC raised its stake in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC purchased a new position in Fortinet in the 4th quarter worth approximately $585,000. HUB Investment Partners LLC boosted its stake in Fortinet by 29.1% in the 2nd quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker’s stock worth $560,000 after purchasing an additional 1,193 shares during the period. Diversify Advisory Services LLC purchased a new stake in Fortinet during the 2nd quarter valued at approximately $1,136,000. Finally, Quantinno Capital Management LP grew its holdings in Fortinet by 27.4% during the 2nd quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker’s stock valued at $15,328,000 after buying an additional 31,202 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 161,482 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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, VP Michael Xie sold 3,907 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the sale, the vice president owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 329,142 shares of company stock valued at $50,731,178 over the last three months. Corporate insiders own 17.60% of the company’s stock.

Fortinet Stock Up 1.1%

NASDAQ FTNT opened at $153.66 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The company has a market capitalization of $112.74 billion, a P/E ratio of 54.11, a P/E/G ratio of 2.88 and a beta of 1.07. Fortinet, Inc. has a one year low of $73.55 and a one year high of $172.09. The stock has a 50 day moving average price of $156.42 and a 200-day moving average price of $118.89.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Mizuho set a $125.00 target price on shares of Fortinet and gave the stock an “underperform” rating in a report on Wednesday, July 15th. TD Cowen reaffirmed a “buy” rating and set a $215.00 target price (up from $160.00) on shares of Fortinet in a research note on Monday, July 13th. HC Wainwright reiterated a “buy” rating on shares of Fortinet in a report on Thursday, July 30th. Rosenblatt Securities boosted their price target on shares of Fortinet from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Truist Financial set a $183.00 price objective on shares of Fortinet and gave the company a “buy” rating in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $150.91.

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.