Procyon Advisors LLC Increases Position in Fortinet, Inc. $FTNT

by · The Markets Daily

Procyon Advisors LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 32.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,679 shares of the software maker’s stock after purchasing an additional 9,378 shares during the period. Procyon Advisors LLC’s holdings in Fortinet were worth $3,161,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Physician Wealth Advisors Inc. lifted its stake in Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after acquiring an additional 245 shares in the last quarter. Wexford Capital LP purchased a new position in Fortinet during the 3rd quarter valued at about $25,000. Elyxium Wealth LLC acquired a new position in Fortinet in the 4th quarter valued at about $27,000. Palisade Asset Management LLC acquired a new position in Fortinet in the 3rd quarter valued at about $28,000. Finally, Ares Financial Consulting LLC purchased a new stake in Fortinet during the fourth quarter worth about $29,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent research reports. UBS Group raised their price objective on shares of Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Morgan Stanley reissued an “underweight” rating and issued a $80.00 price target on shares of Fortinet in a research report on Thursday, May 7th. Zacks Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. Susquehanna increased their price objective on Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, Rosenblatt Securities lifted their target price on Fortinet from $105.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $111.00.

Read Our Latest Research Report on Fortinet

Insider Buying and Selling at Fortinet

In other Fortinet news, COO John Whittle sold 146,015 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares of the company’s stock, valued at approximately $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 160,632 shares of Fortinet 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 sale, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents 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 sold 318,387 shares of company stock worth $43,403,063 over the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Fortinet Stock Up 2.0%

FTNT stock opened at $160.62 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $165.28. The company’s 50 day moving average is $139.26 and its two-hundred day moving average is $101.64. The stock has a market cap of $117.68 billion, a P/E ratio of 62.02, a PEG ratio of 4.28 and a beta of 1.09.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.20. The business had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the business 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. Research analysts expect that Fortinet, Inc. will post 2.8 earnings per share 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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