Axecap Investments LLC Sells 6,386 Shares of Fortinet, Inc. $FTNT

Axecap Investments LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 16.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,350 shares of the software maker’s stock after selling 6,386 shares during the quarter. Fortinet comprises approximately 3.4% of Axecap Investments LLC’s portfolio, making the stock its 5th largest holding. Axecap Investments LLC’s holdings in Fortinet were worth $5,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FTNT. Capstone Capital Management Ltd raised its position in shares of Fortinet by 6.6% in the third quarter. Capstone Capital Management Ltd now owns 6,809 shares of the software maker’s stock worth $1,217,000 after buying an additional 423 shares in the last quarter. Range Financial Group LLC purchased a new position in Fortinet during the third quarter worth about $5,188,000. Pinnacle Associates Ltd. grew its position in Fortinet by 13.1% during the third quarter. Pinnacle Associates Ltd. now owns 5,314 shares of the software maker’s stock worth $950,000 after buying an additional 614 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in Fortinet by 48.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,469,882 shares of the software maker’s stock worth $441,516,000 after buying an additional 801,943 shares in the last quarter. Finally, Diversify Advisory Services LLC increased its stake in Fortinet by 4.3% in the 3rd quarter. Diversify Advisory Services LLC now owns 112,704 shares of the software maker’s stock worth $20,502,000 after acquiring an additional 4,660 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT opened at $170.93 on Wednesday. The stock has a 50-day moving average price of $169.65 and a 200-day moving average price of $144.56. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $197.13. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $125.41 billion, a P/E ratio of 60.19, a PEG ratio of 3.20 and a beta of 1.03.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%. The company’s revenue was up 25.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.64 EPS. 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 analysts predict that Fortinet, Inc. will post 3.10 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,121 shares of the stock in a transaction that occurred 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 directly owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 sold a total of 221,303 shares of company stock valued at $36,164,034 over the last quarter. 17.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FTNT. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Fortinet in a report on Monday, August 24th. HC Wainwright reiterated a “buy” rating on shares of Fortinet in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $160.00 target price (up from $100.00) on shares of Fortinet in a research report on Thursday, July 30th. Robert W. Baird set a $165.00 price target on shares of Fortinet and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Finally, Mizuho set a $160.00 price target on shares of 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 assigned a Buy rating, twenty-one have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $161.75.

About Fortinet

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.