Fortinet, Inc. $FTNT Position Lessened by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank reduced its stake in Fortinet by 4.3% in Q4 to 1,150,161 shares, worth about $91.33 million at the end of the quarter.
• Insider sales: VP Michael Xie sold 343,106 shares and CEO Ken Xie sold 175,737 shares on Feb 2 (≈518,843 shares total), raising roughly $42.24 million while insiders still own about 18% of the company.
• Strong quarterly results but neutral consensus: Fortinet beat Q4 estimates with $0.81 EPS and $1.91B revenue (up 14.8% YoY), set Q1 2026 EPS guidance of $0.590–0.630 and FY2026 guidance of $2.940–3.000, while analysts maintain a consensus "Hold" rating and $87.68 target price.

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,150,161 shares of the software maker's stock after selling 51,764 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.15% of Fortinet worth $91,334,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its position 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 acquiring an additional 221 shares during the last quarter. Bison Wealth LLC bought a new stake in Fortinet in the 4th quarter valued at about $585,000. HUB Investment Partners LLC lifted its position in Fortinet by 29.1% in the 2nd quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock valued at $560,000 after purchasing an additional 1,193 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in Fortinet during the 2nd quarter valued at about $1,136,000. Finally, Quantinno Capital Management LP increased its stake in shares of Fortinet by 27.4% in the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock valued at $15,328,000 after purchasing an additional 31,202 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 343,106 shares of the business's stock in a transaction on 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 sale, the vice president directly owned 10,210,282 shares of the company's stock, valued at $831,321,160.44. The trade was a 3.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 175,737 shares of the stock in a transaction on Monday, February 2nd. The shares were 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 owned 51,396,385 shares of the company's stock, valued at $4,184,693,666.70. The trade was a 0.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FTNT. Oppenheimer reaffirmed a "market perform" rating on shares of Fortinet in a report on Friday, January 23rd. Citigroup restated a "neutral" rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a research report on Monday, February 9th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Fortinet in a research note on Thursday, March 12th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $90.00 price target (up from $85.00) on shares of Fortinet in a research report on Friday, February 6th. Finally, Sanford C. Bernstein reissued a "market perform" rating and set a $83.00 price target on shares of Fortinet in a report on Friday, February 6th. Five analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $87.68.

Fortinet Price Performance

FTNT stock opened at $81.84 on Monday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $109.33. The firm has a 50-day moving average of $81.73 and a two-hundred day moving average of $81.73. The firm has a market capitalization of $60.56 billion, a PE ratio of 33.68, a P/E/G ratio of 2.81 and a beta of 1.00. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the firm posted $0.74 earnings per share. The firm's quarterly revenue was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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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