Range Financial Group LLC Makes New Investment in Fortinet, Inc. $FTNT

Range Financial Group LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 29,024 shares of the software maker’s stock, valued at approximately $5,188,000. Fortinet makes up about 1.4% of Range Financial Group LLC’s portfolio, making the stock its 14th largest holding.

A number of other large investors have also recently made changes to their positions in FTNT. BlackRock Inc. bought a new stake in shares of Fortinet during the second quarter worth about $9,561,650,000. First Trust Advisors LP lifted its position in Fortinet by 45.5% in the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after acquiring an additional 3,598,487 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Fortinet by 87.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after acquiring an additional 4,500,194 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Fortinet in the 2nd quarter valued at about $1,432,842,000. Finally, Legal & General Group Plc acquired a new position in Fortinet during the 2nd quarter valued at about $979,062,000. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on FTNT. Citigroup boosted their price objective on Fortinet from $165.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Bank of America reissued a “buy” rating on shares of Fortinet in a research note on Monday, July 27th. BMO Capital Markets raised their target price on Fortinet from $170.00 to $185.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. HSBC lifted their target price on Fortinet from $102.00 to $107.00 in a research report on Friday, July 31st. Finally, Mizuho set a $160.00 price target on Fortinet and gave the stock an “underperform” rating in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-one have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $161.75.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 3,121 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the completion of the transaction, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. The trade was a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 have sold a total of 221,303 shares of company stock valued at $36,164,034 in the last 90 days. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $170.93 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The firm has a 50-day moving average of $169.65 and a 200-day moving average of $144.56. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13. The company has a market cap of $125.41 billion, a P/E ratio of 60.19, a P/E/G ratio of 3.20 and a beta of 1.03.

Fortinet (NASDAQ:FTNT) last released 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. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the company earned $0.64 earnings per share. The firm’s revenue for the quarter 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. Equities research analysts forecast that Fortinet, Inc. will post 3.10 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.