BI Asset Management Fondsmaeglerselskab A S Sells 81,467 Shares of Fortinet, Inc. $FTNT

Key Points

• BI Asset Management cut its Fortinet stake by 24.4% in the first quarter, selling 81,467 shares and leaving it with 251,840 shares valued at about $20.6 million.
• Fortinet reported stronger-than-expected results, with quarterly EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion, up 20.1% year over year. The company also issued Q2 and full-year 2026 guidance.
• Insider selling continued, including CEO Ken Xie and COO John Whittle, while analysts remain cautious overall with a consensus Hold rating and average target price of $107.77.

BI Asset Management Fondsmaeglerselskab A S reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 24.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,840 shares of the software maker's stock after selling 81,467 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Fortinet were worth $20,580,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pinnacle Holdings LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at $25,000. Ameriflex Group Inc. acquired a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Wexford Capital LP acquired a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Palisade Asset Management LLC bought a new position in Fortinet during the 3rd quarter valued at about $28,000. Finally, Elyxium Wealth LLC acquired a new position in Fortinet in the fourth quarter valued at about $27,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $144.73 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The firm has a market cap of $106.04 billion, a P/E ratio of 55.88, a P/E/G ratio of 3.96 and a beta of 1.11. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $150.07. The company's 50-day moving average price is $116.11 and its two-hundred day moving average price is $93.37.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping 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 the consensus estimate of $1.73 billion. During the same period in the previous year, the firm posted $0.58 earnings per share. The company's revenue was up 20.1% on a year-over-year basis. 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, research analysts forecast that Fortinet, Inc. will post 2.78 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 160,632 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, 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. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the company's 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 directly owned 94,724 shares in the company, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 318,387 shares of company stock valued at $43,403,063 over the last quarter. Corporate insiders own 17.60% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FTNT. Truist Financial set a $120.00 price objective on shares of Fortinet and gave the stock a "buy" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on shares of Fortinet from $73.00 to $75.00 and gave the company an "underweight" rating in a research note on Thursday, May 7th. DZ Bank downgraded Fortinet from a "buy" rating to a "hold" rating and set a $125.00 target price on the stock. in a report on Tuesday, May 19th. BTIG Research increased their price target on Fortinet from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, May 26th. Finally, Compass Point set a $100.00 price target on Fortinet in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-five have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $107.77.

About Fortinet

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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