Congress Asset Management Co. Decreases Stock Position in Fortinet, Inc. $FTNT

Congress Asset Management Co. cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 79.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,683 shares of the software maker’s stock after selling 194,779 shares during the period. Congress Asset Management Co.’s holdings in Fortinet were worth $4,104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Fiduciary Trust Co lifted its holdings in Fortinet by 1.2% in the 3rd quarter. Fiduciary Trust Co now owns 10,823 shares of the software maker’s stock valued at $910,000 after purchasing an additional 130 shares in the last quarter. L2 Asset Management LLC lifted its holdings in Fortinet by 5.1% in the 2nd quarter. L2 Asset Management LLC now owns 2,847 shares of the software maker’s stock valued at $301,000 after purchasing an additional 137 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in Fortinet by 40.6% during the 3rd quarter. Meeder Asset Management Inc. now owns 481 shares of the software maker’s stock worth $40,000 after purchasing an additional 139 shares during the last quarter. Optimist Retirement Group LLC boosted its stake in Fortinet by 2.9% during the 3rd quarter. Optimist Retirement Group LLC now owns 4,888 shares of the software maker’s stock worth $411,000 after purchasing an additional 140 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in shares of Fortinet by 11.4% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 1,410 shares of the software maker’s stock worth $149,000 after buying an additional 144 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 343,106 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the completion of the sale, the vice president owned 10,210,282 shares in the company, valued at $831,321,160.44. This trade represents a 3.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the sale, the chief executive officer directly owned 51,396,385 shares in the company, valued at approximately $4,184,693,666.70. The trade was a 0.34% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 17.20% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent research reports. Piper Sandler reiterated a “neutral” rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a research report on Monday, January 5th. Barclays set a $88.00 price target on shares of Fortinet in a research report on Tuesday, February 3rd. Stifel Nicolaus set a $85.00 price objective on shares of Fortinet in a research note on Wednesday, March 11th. Rosenblatt Securities increased their price objective on shares of Fortinet from $100.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 6th. Finally, Jefferies Financial Group set a $90.00 target price on shares of Fortinet in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-two have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $88.62.

Fortinet Trading Down 0.6%

Shares of FTNT stock opened at $78.89 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $109.33. The company’s 50-day moving average price is $81.26 and its 200-day moving average price is $81.91. The stock has a market cap of $58.37 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 2.74 and a beta of 1.05.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the business earned $0.74 earnings per share. Fortinet’s revenue was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.