Fortinet, Inc. $FTNT Holdings Increased by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. more than doubled its Fortinet stake in the first quarter, increasing holdings by 102.3% to 89,819 shares valued at about $7.34 million.
• Fortinet reported a strong quarter, posting $0.82 EPS on revenue of $1.85 billion, both ahead of expectations, with revenue up 20.1% year over year.
• Despite the upbeat results, the stock has seen mixed signals: insiders sold shares recently, while analysts remain cautious overall with a consensus rating of Hold and a consensus price target of $108.74.

LGT Fund Management Co Ltd. lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 102.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 89,819 shares of the software maker's stock after acquiring an additional 45,419 shares during the period. LGT Fund Management Co Ltd.'s holdings in Fortinet were worth $7,340,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in Fortinet in the fourth quarter worth approximately $1,152,917,000. Van ECK Associates Corp increased its position in shares of Fortinet by 38.9% during the 4th quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker's stock valued at $613,915,000 after purchasing an additional 2,166,396 shares during the period. AQR Capital Management LLC increased its position in shares of Fortinet by 76.2% during the 4th quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker's stock valued at $326,297,000 after purchasing an additional 1,777,115 shares during the period. Invesco Ltd. raised its stake in shares of Fortinet by 17.0% in the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock worth $909,453,000 after buying an additional 1,568,337 shares in the last quarter. Finally, Capital World Investors bought a new stake in shares of Fortinet in the 4th quarter worth $100,256,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT traded down $6.22 during mid-day trading on Friday, reaching $157.51. The company had a trading volume of 3,518,279 shares, compared to its average volume of 5,833,056. The company has a 50-day moving average price of $137.74 and a two-hundred day moving average price of $100.94. The stock has a market cap of $115.40 billion, a PE ratio of 60.81, a P/E/G ratio of 4.28 and a beta of 1.09. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $165.28.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.Fortinet's revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business 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. On average, equities analysts anticipate that Fortinet, Inc. will post 2.8 earnings per share for the current year.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research reports. Barclays set a $155.00 target price on Fortinet and gave the company an "equal weight" rating in a research note on Friday, June 12th. Bank of America boosted their price target on shares of Fortinet from $130.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Robert W. Baird set a $115.00 price target on shares of Fortinet in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 11th. Finally, Scotiabank lifted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have assigned a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $108.74.

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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