Banque Cantonale Vaudoise Trims Stake in Fortinet, Inc. $FTNT

Key Points

• Banque Cantonale Vaudoise cut its Fortinet stake by 30% in the first quarter, leaving it with 66,248 shares worth about $5.4 million.
• Fortinet’s latest quarter beat expectations, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion, up 20.1% year over year.
• Despite strong results and bullish AI/cybersecurity coverage, Wall Street remains cautious overall: the consensus rating is Hold with an average price target of $107.77, while insiders have also been selling shares recently.

Banque Cantonale Vaudoise reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,248 shares of the software maker's stock after selling 28,367 shares during the quarter. Banque Cantonale Vaudoise's holdings in Fortinet were worth $5,414,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC increased its holdings in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after buying an additional 221 shares during the last quarter. Bison Wealth LLC bought a new stake in shares of Fortinet during the 4th quarter worth $585,000. HUB Investment Partners LLC grew its position in Fortinet by 29.1% in the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock worth $560,000 after acquiring an additional 1,193 shares in the last quarter. Diversify Advisory Services LLC purchased a new position in Fortinet in the second quarter worth $1,136,000. Finally, Quantinno Capital Management LP increased its stake in Fortinet by 27.4% in the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock valued at $15,328,000 after acquiring an additional 31,202 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Trending Headlines about Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Analysts and market commentary highlighted Fortinet’s AI push, including the FortiSOC launch, as a potential driver of sustained growth, supported by strong recent earnings and rising demand for cybersecurity products. Is Fortinet Stock Poised for Strong Growth With AI-Driven Security?
• Positive Sentiment: Fortinet was featured as an IBD Stock of the Day because AI data centers are boosting demand for network firewalls, since those systems secure traffic between server clusters. Fortinet, IBD Stock Of The Day, Gets Network Firewall Boost From AI Data Centers
• Positive Sentiment: Fortinet announced the appointment of Derek Kan to its board, adding public-sector, AI, and scaling expertise that could support strategy and governance. Fortinet Appoints Public Sector Leader and Tech Executive Derek Kan to Its Board of Directors
• Neutral Sentiment: Some coverage compared Fortinet favorably with Palo Alto Networks, citing stronger SASE adoption, steadier execution, and a lower valuation, which reinforces the bullish narrative but is not a direct catalyst. PANW vs. FTNT: Which Cybersecurity Stock Has an Edge Right Now?
• Neutral Sentiment: Brokerages currently rate Fortinet as a “Hold,” suggesting analysts see room for growth but are not yet overwhelmingly bullish. Fortinet, Inc. NASDAQ: FTNT Receives Consensus Recommendation of "Hold" from Brokerages
• Negative Sentiment: One recent opinion piece argued Fortinet’s growth story is real, but the stock’s price may already reflect much of that optimism, highlighting valuation risk. Fortinet: The Growth Story Is Real, But So Is The Price Tag

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,907 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the completion of the sale, the vice president owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. This represents a 0.30% 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 318,387 shares of company stock valued at $43,403,063 over the last ninety days. 17.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Citigroup upped their price objective on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Susquehanna boosted their target price on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Stifel Nicolaus set a $85.00 target price on Fortinet in a research report on Wednesday, March 11th. Rosenblatt Securities upped their target price on Fortinet from $105.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $87.00 price target on shares of Fortinet in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-five have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $107.77.

Fortinet Stock Down 1.8%

Shares of Fortinet stock opened at $145.28 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $150.07. The company's 50 day moving average price is $120.17 and its 200-day moving average price is $94.77. The stock has a market capitalization of $106.44 billion, a price-to-earnings ratio of 56.09, a P/E/G ratio of 4.05 and a beta of 1.11.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the business posted $0.58 EPS. The firm's revenue was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities research analysts forecast that Fortinet, Inc. will post 2.78 EPS 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.

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