Fortinet, Inc. $FTNT Position Boosted by Fairtree Asset Management Pty Ltd

Key Points

• Fairtree Asset Management more than doubled its Fortinet stake in the fourth quarter, increasing holdings by 106.2% to 38,622 shares worth about $3.07 million.
• Fortinet’s latest quarter beat expectations, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion, up 20.1% year over year. The company also raised guidance for both Q2 2026 and FY 2026.
• Analyst views remain mixed but mostly cautious: several firms lifted price targets, while the overall consensus stays at “Hold” with a target price around $101.83. At the same time, Fortinet said AI-driven security demand is accelerating, though one recent downgrade cited valuation concerns.

Fairtree Asset Management Pty Ltd lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 106.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,622 shares of the software maker's stock after purchasing an additional 19,891 shares during the period. Fortinet comprises 1.4% of Fairtree Asset Management Pty Ltd's holdings, making the stock its 21st biggest holding. Fairtree Asset Management Pty Ltd's holdings in Fortinet were worth $3,067,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Vanguard Group Inc. lifted its stake in shares of Fortinet by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock valued at $6,354,874,000 after purchasing an additional 2,894,355 shares during the last quarter. Van ECK Associates Corp increased its position in Fortinet by 62.1% during the third quarter. Van ECK Associates Corp now owns 5,564,558 shares of the software maker's stock worth $467,868,000 after buying an additional 2,132,109 shares during the last quarter. First Trust Advisors LP increased its position in Fortinet by 30.9% during the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock worth $636,962,000 after buying an additional 1,790,033 shares during the last quarter. Invesco Ltd. raised its holdings in Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after buying an additional 1,568,337 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Fortinet by 23.1% during the third quarter. Ameriprise Financial Inc. now owns 5,160,348 shares of the software maker's stock valued at $430,082,000 after buying an additional 969,899 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Royal Bank Of Canada reiterated a "sector perform" rating and set a $107.00 price target (up from $90.00) on shares of Fortinet in a research note on Thursday, May 7th. Compass Point set a $100.00 price objective on Fortinet in a research note on Monday, May 4th. Piper Sandler boosted their target price on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Susquehanna upped their target price on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Finally, Oppenheimer reiterated a "market perform" rating on shares of Fortinet in a report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-four have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $101.83.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet said AI-related security demand is accelerating, which is supporting stronger sales momentum and leading management to lift guidance. Fortinet Rides AI-Led Surge to Lift Guidance
• Positive Sentiment: Analyst commentary continues to frame FTNT as a strong momentum name, citing billings growth, margin strength, and favorable estimate revisions tied to AI and SASE demand. Here's Why Fortinet (FTNT) is a Strong Momentum Stock
• Positive Sentiment: Another bullish note argues Fortinet looks like the better cybersecurity buy versus Zscaler because of AI and SASE tailwinds and ongoing demand strength. Zscaler vs. Fortinet: Which Cybersecurity Stock Is the Better Buy?
• Neutral Sentiment: Fortinet also presented at J.P. Morgan’s Global Technology, Media and Communications Conference, which may have helped reinforce its growth story but did not include a clearly new catalyst. Fortinet, Inc. (FTNT) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript
• Negative Sentiment: DZ Bank downgraded Fortinet from Buy to Hold and set a $125 price target, signaling some caution on valuation and contributing pressure on the shares. Finviz report

Fortinet Trading Up 0.9%

Fortinet stock opened at $127.64 on Wednesday. The stock has a market cap of $93.52 billion, a price-to-earnings ratio of 49.28, a price-to-earnings-growth ratio of 3.48 and a beta of 0.92. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $128.20. The business has a 50 day moving average price of $89.23 and a two-hundred day moving average price of $83.95. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the business earned $0.58 earnings per share. The company's quarterly 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, equities analysts forecast that Fortinet, Inc. will post 2.77 EPS for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 2,478 shares of the firm's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the transaction, the vice president owned 9,927,517 shares of the company's stock, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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, CEO Ken Xie sold 5,355 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the completion of the transaction, the chief executive officer directly owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. 17.60% of the stock is owned by corporate insiders.

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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