Bank of Nova Scotia Has $19.45 Million Stake in Fortinet, Inc. $FTNT

Bank of Nova Scotia lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 46.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,967 shares of the software maker’s stock after selling 204,214 shares during the period. Bank of Nova Scotia’s holdings in Fortinet were worth $19,447,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in FTNT. Sei Investments Co. raised its holdings in Fortinet by 61.2% in the 1st quarter. Sei Investments Co. now owns 433,321 shares of the software maker’s stock valued at $35,412,000 after acquiring an additional 164,517 shares in the last quarter. Alamar Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter worth $2,346,000. Lido Advisors LLC increased its position in shares of Fortinet by 13.2% in the first quarter. Lido Advisors LLC now owns 185,050 shares of the software maker’s stock worth $15,122,000 after purchasing an additional 21,528 shares during the period. State of Wyoming raised its stake in Fortinet by 6.3% in the first quarter. State of Wyoming now owns 7,853 shares of the software maker’s stock valued at $642,000 after purchasing an additional 462 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in Fortinet by 22.5% in the first quarter. Cetera Investment Advisers now owns 224,350 shares of the software maker’s stock valued at $18,334,000 after purchasing an additional 41,233 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value 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 represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction dated 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 transaction, the vice president owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This represents a 0.04% 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. Insiders sold a total of 318,387 shares of company stock valued at $43,403,063 in the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $152.37 on Friday. The stock has a market cap of $111.63 billion, a price-to-earnings ratio of 58.83, a P/E/G ratio of 4.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The company has a 50 day simple moving average of $148.02 and a 200 day simple moving average of $106.45. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $170.35.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business posted $0.58 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Research analysts anticipate that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Rosenblatt Securities increased their price objective on shares of Fortinet from $105.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Barclays boosted their target price on shares of Fortinet from $155.00 to $170.00 and gave the company an “equal weight” rating in a research report on Monday, July 13th. Scotiabank upped their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector perform” rating in a report on Thursday, May 7th. Zacks Research upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Finally, William Blair reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-four have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $123.61.

About Fortinet

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.