Ardmore Road Asset Management LP Purchases 49,452 Shares of Fortinet, Inc. $FTNT

Ardmore Road Asset Management LP raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 18.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 321,200 shares of the software maker’s stock after buying an additional 49,452 shares during the period. Fortinet comprises approximately 1.7% of Ardmore Road Asset Management LP’s investment portfolio, making the stock its 26th biggest position. Ardmore Road Asset Management LP’s holdings in Fortinet were worth $26,248,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. State Street Corp grew its stake in Fortinet by 1.6% in the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock worth $2,493,860,000 after acquiring an additional 477,397 shares in the last quarter. Norges Bank bought a new stake in shares of Fortinet in the fourth quarter valued at about $1,152,917,000. Bank of New York Mellon Corp raised its holdings in shares of Fortinet by 6.6% in the fourth quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after acquiring an additional 893,190 shares in the last quarter. First Trust Advisors LP lifted 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 worth $940,284,000 after acquiring an additional 3,598,487 shares during the period. Finally, Invesco Ltd. lifted its stake in Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock worth $909,453,000 after acquiring an additional 1,568,337 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, COO John Whittle sold 146,015 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president directly 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. 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. Insiders have sold a total of 318,387 shares of company stock worth $43,403,063 over the last quarter. Insiders own 17.60% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $152.37 on Monday. The company has a market cap of $111.63 billion, a price-to-earnings ratio of 58.83, a PEG 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 stock’s fifty day moving average price is $148.02 and its 200 day moving average price is $106.65. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $170.35.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Morgan Stanley raised shares of Fortinet from an “underweight” rating to an “outperform” rating and boosted their price objective for the stock from $80.00 to $133.00 in a research note on Tuesday, July 21st. Scotiabank increased their target price on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Zacks Research raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Weiss Ratings raised Fortinet from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 11th. Finally, Barclays upped their price objective on Fortinet from $155.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-four have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $123.61.

Fortinet Company 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.