Caisse Des Depots ET Consignations Grows Stake in Fortinet, Inc. $FTNT

Key Points

• Caisse des Dépôts et Consignations increased its stake in Fortinet by 208.7% in Q4 to 33,548 shares worth about $2.66 million, and institutional investors now own roughly 83.71% of the stock.
• Large insider sales: CEO Ken Xie sold 175,737 shares (~$14.3M) and VP Michael Xie sold 343,106 shares (~$27.9M), lowering insider ownership to about 17.20%.
• Fortinet beat Q4 estimates (EPS $0.81 vs. $0.74; revenue $1.91B vs. $1.86B), provided Q1 and FY2026 guidance, and currently carries a MarketBeat consensus rating of “Hold” with a $87.72 target price.

Caisse Des Depots ET Consignations lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 208.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,548 shares of the software maker's stock after buying an additional 22,682 shares during the period. Caisse Des Depots ET Consignations' holdings in Fortinet were worth $2,664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Allstate Corp acquired a new position in Fortinet during the 3rd quarter valued at about $2,034,000. Asset Management One Co. Ltd. increased its position in Fortinet by 4.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker's stock valued at $33,824,000 after buying an additional 17,892 shares in the last quarter. Trilogy Capital Inc. increased its position in Fortinet by 46.8% during the 4th quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock valued at $3,506,000 after buying an additional 14,076 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Fortinet by 465.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 756,651 shares of the software maker's stock valued at $64,255,000 after buying an additional 622,809 shares in the last quarter. Finally, Machina Capital S.A.S. acquired a new position in Fortinet during the 3rd quarter valued at about $1,177,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Fortinet from $72.00 to $73.00 and gave the company an "underweight" rating in a research report on Friday, February 6th. Piper Sandler reaffirmed a "neutral" rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a research report on Monday, January 5th. Oppenheimer reaffirmed a "market perform" rating on shares of Fortinet in a research report on Friday, January 23rd. Weiss Ratings raised Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Finally, Barclays set a $88.00 target price on Fortinet in a research report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-one have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $87.72.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 175,737 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the transaction, the chief executive officer directly owned 51,396,385 shares of the company's stock, valued at approximately $4,184,693,666.70. This represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 343,106 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the transaction, the vice president directly owned 10,210,282 shares in the company, valued at $831,321,160.44. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by corporate insiders.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Market momentum — FTNT outperformed peers on a strong trading day, signaling fresh buyer interest and short-term rotation into the stock. Fortinet Inc. stock outperforms competitors on strong trading day
• Positive Sentiment: Product/market positioning — Fortinet released its 2026 Global Threat Landscape Report highlighting a large surge in AI-enabled cybercrime and a 389% rise in ransomware victims, which supports longer-term demand for Fortinet’s FortiGuard/AI security products and reinforces leadership in threat intelligence. The Fortinet 2026 Global Threat Landscape Report Reveals a Surge in AI-Enabled Cybercrime
• Neutral Sentiment: Earnings watch — preview pieces from Yahoo/Zacks outline Wall Street forecasts and key metric expectations ahead of Fortinet’s Q1 results; investors are focused on billings, product vs. services mix and any guide changes. Upcoming results/guidance will likely be the next major catalyst. Countdown to Fortinet (FTNT) Q1 Earnings: Wall Street Forecasts for Key Metrics (Yahoo) Countdown to Fortinet Q1 Earnings (Zacks)
• Neutral Sentiment: Peer/sector signals — Check Point’s mixed quarter (EPS beat but revenue & billings miss) sent CHKP lower; investor reaction to peers’ execution can shift relative flows into FTNT if Fortinet posts cleaner top-line or billings metrics. Check Point Earnings Beat, But Revenue, Billings Miss (Yahoo)
• Negative Sentiment: Recent price weakness and selling signals — FTNT had a pullback on April 30 and some data sources note heavy insider sales and sizable institutional reductions (e.g., large UBS trimming), which could pressure sentiment if sustained. Fortinet (FTNT) Stock Dips While Market Gains: Key Facts QuiverQuant summary with insider/institutional activity

Fortinet Stock Up 2.3%

Shares of FTNT stock opened at $86.29 on Friday. The stock's 50-day simple moving average is $81.83 and its 200-day simple moving average is $81.74. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17. The firm has a market capitalization of $63.17 billion, a PE ratio of 35.51, a P/E/G ratio of 2.89 and a beta of 0.92. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $109.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.07. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.86 billion. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The company's revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.74 earnings per share. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Equities analysts expect that Fortinet, Inc. will post 2.63 earnings per share for the current year.

Fortinet Company 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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