ABN AMRO Bank N.V. Cuts Stake in Fortinet, Inc. $FTNT

Key Points

• ABN AMRO Bank N.V. cut its Fortinet stake by 9.5% in the fourth quarter, selling 29,143 shares and leaving it with 279,006 shares valued at about $22.3 million.
• Fortinet recently posted strong quarterly results, with EPS of $0.82 beating estimates and revenue of $1.85 billion also topping expectations, while revenue rose 20.1% year over year.
• The stock has drawn mixed Wall Street views, but analysts have generally turned more constructive with several raising price targets; however, the overall average rating remains “Hold.”

ABN AMRO Bank N.V. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 279,006 shares of the software maker's stock after selling 29,143 shares during the quarter. ABN AMRO Bank N.V.'s holdings in Fortinet were worth $22,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Allstate Corp purchased a new position in shares of Fortinet in the third quarter valued at $2,034,000. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 46.8% in the fourth quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock valued at $3,506,000 after purchasing an additional 14,076 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortinet by 465.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 756,651 shares of the software maker's stock valued at $64,255,000 after purchasing an additional 622,809 shares in the last quarter. Machina Capital S.A.S. purchased a new position in shares of Fortinet in the third quarter valued at $1,177,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Fortinet by 5.8% in the third quarter. Victory Capital Management Inc. now owns 1,651,683 shares of the software maker's stock valued at $138,874,000 after purchasing an additional 90,284 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ:FTNT opened at $114.07 on Monday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.66. The company has a market cap of $83.51 billion, a price-to-earnings ratio of 44.04, a price-to-earnings-growth ratio of 3.29 and a beta of 0.92. The stock has a fifty day simple moving average of $82.97 and a 200-day simple moving average of $81.98. 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 (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.20. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the company earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Analysts anticipate that Fortinet, Inc. will post 2.64 EPS for the current year.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet delivered a strong Q1 beat, with revenue up 20% year over year, EPS ahead of estimates, billings up sharply, and full-year guidance raised, signaling stronger demand across cybersecurity and AI-related security products.
• Positive Sentiment: Several analysts turned more constructive, including BTIG’s upgrade to Buy, Rosenblatt’s Buy rating with a higher target, and Citi/Susquehanna/UBS/Piper all raising price targets to around the current share price or above, supporting bullish sentiment.
• Positive Sentiment: Commentary around Fortinet’s gains suggests the results helped dispel “AI disruption” fears and highlighted growing demand tied to a more complex threat environment, which is improving investor confidence in the company’s growth runway.
• Neutral Sentiment: Citigroup and Susquehanna raised their price target to $115 while maintaining Neutral ratings, implying limited upside from current levels even after the rally.
• Neutral Sentiment: RBC Capital and Needham kept Hold-type views, indicating that not all analysts see the valuation as compelling despite the improved fundamentals.
• Negative Sentiment: There were also insider sales by the CEO and a VP, which may temper enthusiasm somewhat, though these trades appear small relative to the stock’s recent move.

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. Sanford C. Bernstein reissued a "market perform" rating and issued a $83.00 target price on shares of Fortinet in a report on Friday, February 6th. UBS Group raised their target price on shares of Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a report on Thursday. Weiss Ratings raised shares of Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Piper Sandler raised their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Freedom Capital lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average price target of $100.45.

Insider Activity

In related news, CEO Ken Xie sold 5,355 shares of Fortinet stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.90, for a total value of $476,059.50. Following the completion of the sale, the chief executive officer directly owned 52,978,004 shares in the company, valued at $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the completion of the sale, the vice president owned 9,927,517 shares of the company's stock, valued at $882,456,986.13. The trade was a 0.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 17.60% of the company's stock.

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.

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