Ravenstone Capital Management Inc. Grows Position in Fortinet, Inc. $FTNT

by · The Markets Daily

Ravenstone Capital Management Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 7.3% in the first quarter, Holdings Channel.com reports. The firm owned 100,366 shares of the software maker’s stock after buying an additional 6,843 shares during the period. Fortinet comprises about 4.1% of Ravenstone Capital Management Inc.’s investment portfolio, making the stock its 16th biggest position. Ravenstone Capital Management Inc.’s holdings in Fortinet were worth $8,202,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of FTNT. State Street Corp lifted its stake in shares of Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after buying an additional 477,397 shares in the last quarter. Norges Bank purchased a new position in Fortinet in the 4th quarter valued at approximately $1,152,917,000. Bank of New York Mellon Corp grew its stake in Fortinet by 6.6% in the 4th 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 buying an additional 893,190 shares in the last quarter. First Trust Advisors LP raised its holdings in Fortinet by 45.5% during the 1st 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. Finally, Invesco Ltd. raised its holdings in Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after acquiring an additional 1,568,337 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on FTNT. Arete Research set a $104.00 price target on Fortinet and gave the stock a “buy” rating in a report on Monday, April 27th. Royal Bank Of Canada set a $185.00 price objective on Fortinet and gave the company a “sector perform” rating in a research note on Thursday. Cantor Fitzgerald reissued an “overweight” rating and set a $185.00 price objective (up from $165.00) on shares of Fortinet in a report on Thursday. Barclays set a $190.00 target price on Fortinet and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Compass Point set a $100.00 target price on Fortinet in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twenty-one have given a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $150.91.

Check Out Our Latest Research Report on Fortinet

More Fortinet News

Here are the key news stories impacting Fortinet this week:

  • Positive Sentiment: Strong Q2 results: Fortinet reported earnings of $0.90 per share versus the $0.75 consensus estimate, while revenue rose 25.6% year over year to $2.05 billion, above the $1.89 billion forecast. Product revenue reportedly increased 52%, and billings climbed 33% to $2.37 billion. Fortinet lifts annual revenue forecast on strong cybersecurity demand
  • Positive Sentiment: Guidance raised: Management lifted its full-year 2026 revenue outlook, signaling confidence that enterprise spending on security will remain strong amid rising data-security incidents. Analysts also highlighted pricing strength and solid execution. Fortinet raises revenue outlook after strong Q2 and new AI product push
  • Positive Sentiment: AI and platform momentum: Demand for Fortinet’s AI-security offerings, SASE Firewall, security platforms and operational-technology products is providing additional growth catalysts as companies expand AI infrastructure. FTNT Q2 earnings call highlights SASE Firewall growth
  • Positive Sentiment: Analyst target increases: Rosenblatt raised its target to $195 and BTIG raised its target to $203, both with Buy ratings. Citigroup also increased its target to $185, reinforcing the favorable near-term reaction to the earnings report. Analysts boost forecasts following upbeat Q2 earnings
  • Neutral Sentiment: Susquehanna raised its target to $160 but retained a Neutral rating, while William Blair maintained a Hold rating, citing questions about how durable Fortinet’s pricing and growth advantages will be.
  • Negative Sentiment: Valuation remains a risk after the stock’s substantial multiyear gain. At roughly 57 times earnings, shares may already reflect considerable optimism, leaving less room for disappointment. Fortinet stock seems stretched following its five-year run

Insider Activity at Fortinet

In related news, COO John Whittle sold 146,015 shares of the stock in a transaction on Thursday, May 21st. The stock was 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 of the company’s stock, valued at $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 160,632 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total value of $23,384,806.56. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. The trade was a 0.30% decrease in their position. 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 310,554 shares of company stock valued at $42,706,734 over the last 90 days. 17.60% of the stock is owned by insiders.

Fortinet Price Performance

FTNT stock opened at $161.95 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. Fortinet, Inc. has a one year low of $70.12 and a one year high of $170.35. The stock has a market cap of $118.65 billion, a PE ratio of 57.02, a P/E/G ratio of 3.93 and a beta of 1.09. The firm has a 50 day simple moving average of $150.50 and a two-hundred day simple moving average of $109.31.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings results 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 28.17% and a return on equity of 191.54%. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. 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, analysts predict that Fortinet, Inc. will post 2.82 EPS for the current fiscal year.

Fortinet Profile

(Free Report)

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.

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