Crossmark Global Holdings Inc. Has $13.79 Million Holdings in Fortinet, Inc. $FTNT

Key Points

• Crossmark Global Holdings increased its Fortinet stake by 27.5% in the fourth quarter, ending with 173,688 shares worth about $13.79 million.
• Fortinet reported a strong quarterly beat, posting $0.82 EPS on $1.85 billion in revenue, both above estimates, and raised its full-year guidance.
• Despite the earnings strength, analysts remain mixed overall: the stock’s consensus rating is Hold, though several firms recently raised price targets and a few maintained cautious ratings.

Crossmark Global Holdings Inc. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 173,688 shares of the software maker's stock after acquiring an additional 37,507 shares during the period. Crossmark Global Holdings Inc.'s holdings in Fortinet were worth $13,793,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC increased its holdings in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC bought a new position in shares of Fortinet during the fourth quarter worth approximately $585,000. HUB Investment Partners LLC increased its holdings in shares of Fortinet by 29.1% during the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock worth $560,000 after purchasing an additional 1,193 shares during the period. Diversify Advisory Services LLC bought a new position in shares of Fortinet during the second quarter worth approximately $1,136,000. Finally, Quantinno Capital Management LP increased its holdings in shares of Fortinet by 27.4% during the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock worth $15,328,000 after purchasing an additional 31,202 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Ken Xie sold 5,355 shares of Fortinet stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.90, for a total value of $476,059.50. Following the transaction, the chief executive officer directly owned 52,978,004 shares of the company's stock, valued at $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the sale, the vice president owned 9,927,517 shares in the company, valued at $882,456,986.13. This represents a 0.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Company insiders own 17.20% of the company's stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $114.07 on Friday. The company's 50 day simple moving average is $82.97 and its 200 day simple moving average is $81.98. The stock has a market capitalization of $83.51 billion, a price-to-earnings ratio of 44.04, a price-to-earnings-growth ratio of 3.69 and a beta of 0.92. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.09. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.66.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. The business had revenue of $1.85 billion for 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 firm's quarterly revenue was up 20.1% compared to the same quarter last year. During the same period last year, the firm posted $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. As a group, research analysts predict that Fortinet, Inc. will post 2.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FTNT. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $73.00 to $75.00 and gave the stock an "underweight" rating in a report on Thursday. Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 target price on shares of Fortinet in a report on Thursday. UBS Group raised their target price on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $100.00 target price on shares of Fortinet in a report on Thursday. Finally, Mizuho raised their target price on shares of Fortinet from $70.00 to $86.00 and gave the stock an "underperform" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average target price of $100.45.

Trending Headlines about Fortinet

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.

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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