Crossmark Global Holdings Inc. Trims Stock Position in Fortinet, Inc. $FTNT

Key Points

• Crossmark Global Holdings cut its Fortinet stake by 40.9% in Q3, selling 94,164 shares and leaving 136,181 shares worth about $11.45 million.
• Fortinet beat quarterly estimates (EPS $0.81 vs. $0.74; revenue $1.91B vs. $1.86B) and set guidance of Q1 2026 EPS 0.590–0.630 and FY2026 EPS 2.940–3.000.
• Insiders sold significant stock on Feb 2: VP Michael Xie sold 343,106 shares and CEO Ken Xie sold 175,737 shares at an average of $81.42, with insiders now owning about 17.20% of the company.

Crossmark Global Holdings Inc. lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 40.9% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 136,181 shares of the software maker's stock after selling 94,164 shares during the period. Crossmark Global Holdings Inc.'s holdings in Fortinet were worth $11,450,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Fortinet by 4.0% during the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock valued at $6,354,874,000 after buying an additional 2,894,355 shares during the last quarter. State Street Corp grew its position in shares of Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker's stock valued at $3,085,244,000 after acquiring an additional 862,468 shares during the period. Geode Capital Management LLC grew its position in shares of Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker's stock valued at $1,783,091,000 after acquiring an additional 828,569 shares during the period. Norges Bank purchased a new stake in shares of Fortinet in the 2nd quarter worth $1,640,900,000. Finally, Invesco Ltd. raised its holdings in Fortinet by 7.9% in the 2nd quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker's stock worth $977,718,000 after purchasing an additional 677,654 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 2.0%

FTNT stock opened at $84.42 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $109.33. The business has a 50 day simple moving average of $80.19 and a two-hundred day simple moving average of $81.46. The company has a market capitalization of $62.46 billion, a price-to-earnings ratio of 34.74, a PEG ratio of 2.86 and a beta of 1.05.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, topping the consensus estimate of $0.74 by $0.07. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The company's quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm 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. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Robert W. Baird set a $90.00 price target on Fortinet in a report on Friday, February 6th. Oppenheimer reiterated a "market perform" rating on shares of Fortinet in a research note on Friday, January 23rd. Morgan Stanley reissued an "underweight" rating and issued a $70.00 target price (up from $66.00) on shares of Fortinet in a report on Thursday, December 18th. Piper Sandler restated a "neutral" rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a research note on Monday, January 5th. Finally, Citigroup reiterated a "neutral" rating and issued a $90.00 price target (up from $85.00) on shares of Fortinet in a research report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-two have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus target price of $88.62.

Insider Buying and Selling at Fortinet

In other Fortinet news, 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 transaction of $27,935,690.52. Following the completion of the transaction, the vice president owned 10,210,282 shares of the company's stock, valued at $831,321,160.44. This represents a 3.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 175,737 shares of Fortinet 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 completion of the sale, the chief executive officer directly owned 51,396,385 shares in the company, valued at $4,184,693,666.70. This trade represents a 0.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by insiders.

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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