Bull Harbor Capital LLC Purchases Shares of 16,460 Fortinet, Inc. $FTNT

Bull Harbor Capital LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 16,460 shares of the software maker’s stock, valued at approximately $1,345,000.

A number of other hedge funds also recently modified their holdings of FTNT. Norges Bank bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $1,152,917,000. Arrowstreet Capital Limited Partnership increased its stake in Fortinet by 87.4% in the first 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 during the period. First Trust Advisors LP increased its stake in Fortinet by 45.5% in the first 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 during the period. Van ECK Associates Corp raised its position in Fortinet by 38.9% in the fourth quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker’s stock worth $613,915,000 after purchasing an additional 2,166,396 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Fortinet by 76.2% in the fourth quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker’s stock worth $326,297,000 after purchasing an additional 1,777,115 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FTNT. Mizuho set a $125.00 price objective on Fortinet and gave the company an “underperform” rating in a report on Wednesday, July 15th. Morgan Stanley upgraded Fortinet from an “underweight” rating to an “outperform” rating and raised their target price for the stock from $80.00 to $133.00 in a research report on Tuesday, July 21st. Zacks Research raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. UBS Group upped their price target on Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. increased their price objective on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-four have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $123.61.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the completion of the sale, the vice president owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 318,387 shares of company stock worth $43,403,063. Corporate insiders own 17.60% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $153.22 on Thursday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $170.35. The firm has a market cap of $112.26 billion, a PE ratio of 59.16, a price-to-earnings-growth ratio of 4.08 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The business has a fifty day moving average of $149.45 and a 200-day moving average of $108.19.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 27.49% and a return on equity of 160.08%. The company’s revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the firm 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. On average, equities research analysts predict that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q2 results surpassed estimates. Fortinet reported $2.05 billion in revenue, up 26% year over year and above the $1.89 billion consensus estimate. Adjusted EPS was $0.90 versus expectations of $0.75, while GAAP diluted EPS rose to $0.82 from $0.57 a year earlier. Fortinet Surpasses Q2 Earnings and Revenue Estimates
• Positive Sentiment: Product momentum accelerated. Product revenue jumped 52% to $773 million, billings increased 33% to $2.37 billion, and the company generated $1.04 billion in operating cash flow and $966 million in free cash flow. Management cited strong enterprise demand amid rising cybersecurity threats. Fortinet lifts annual revenue forecast on strong cybersecurity demand
• Positive Sentiment: Fortinet raised its 2026 outlook. Full-year revenue guidance increased to $8.02 billion-$8.18 billion, compared with the prior outlook of approximately $8.0 billion-$8.2 billion as reported in the company’s updated guidance, and the company projected adjusted EPS of $3.41-$3.47 versus the $3.08 analyst consensus. Third-quarter revenue guidance of $2.01 billion-$2.10 billion and EPS guidance of $0.83-$0.87 also exceeded consensus estimates. Fortinet Reports Strong Second Quarter 2026 Financial Results
• Neutral Sentiment: Fortinet also expanded its FortiGate G Series with the 1200G and FortiSASE Outpost, supporting its strategy of combining networking, firewall and cloud-delivered security services. Fortinet Expands FortiGate G Series
• Negative Sentiment: Valuation remains a risk after the strong rally: Fortinet trades at a high earnings multiple, and Wells Fargo maintained a Sell rating. In addition, reported insider activity showed executives selling shares without recorded purchases in the past six months, which may temper bullish sentiment.

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.