Fortinet, Inc. $FTNT Shares Purchased by Gateway Investment Advisers LLC

Key Points

• Gateway Investment Advisers LLC boosted its stake in Fortinet by 82.5% in Q4 to 40,138 shares (worth about $3.19M), while institutional investors collectively own roughly 83.71% of the company.
• Fortinet reported a Q1 blowout—revenue up 20% YoY to $1.85B and EPS of $0.82 vs. $0.62 expected—raised Q2 and FY‑2026 guidance, triggering multiple analyst price‑target upgrades and a stock rally.
• Insiders including CEO Ken Xie and VP Michael Xie sold shares under pre‑arranged Rule 10b5‑1 plans to cover tax withholdings on vested awards, representing only minor decreases in their holdings; insiders still own about 17.20% of the stock.

Gateway Investment Advisers LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 82.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,138 shares of the software maker's stock after purchasing an additional 18,149 shares during the quarter. Gateway Investment Advisers LLC's holdings in Fortinet were worth $3,187,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in FTNT. Brighton Jones LLC increased its stake in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $585,000. HUB Investment Partners LLC boosted its holdings in shares of Fortinet by 29.1% in the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock valued at $560,000 after acquiring an additional 1,193 shares in the last quarter. Diversify Advisory Services LLC bought a new position in shares of Fortinet in the second quarter valued at approximately $1,136,000. Finally, Quantinno Capital Management LP boosted its holdings 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 acquiring an additional 31,202 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

FTNT has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $73.00 to $75.00 and gave the company an "underweight" rating in a report on Thursday. Compass Point set a $100.00 price objective on shares of Fortinet in a report on Monday. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $100.00 price objective on shares of Fortinet in a report on Thursday. Wells Fargo & Company reiterated an "underweight" rating and issued a $70.00 price objective (up from $64.00) on shares of Fortinet in a report on Thursday. Finally, Piper Sandler increased their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average price target of $99.04.

Insider Buying and Selling

In related news, 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 sale, the chief executive officer directly owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 stock was sold at an average price of $88.89, for a total transaction of $220,269.42. Following the sale, the vice president owned 9,927,517 shares of the company's stock, valued at $882,456,986.13. The trade was a 0.02% 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. Company insiders own 17.20% of the company's stock.

Fortinet Trading Up 20.0%

Shares of NASDAQ:FTNT opened at $107.97 on Friday. The stock has a market capitalization of $79.04 billion, a price-to-earnings ratio of 41.69, a PEG ratio of 3.08 and a beta of 0.92. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $112.39. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17. The company has a 50 day moving average price of $82.97 and a 200 day moving average price of $81.98.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. The firm had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 149.52%. The firm's revenue for the quarter 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. On average, research analysts anticipate that Fortinet, Inc. will post 2.63 EPS for the current fiscal year.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet reported a blowout Q1: revenue +20% YoY to $1.85B, billings +31%, product revenue +41%, strong margins and record cash flow; management raised Q2 and FY‑2026 guidance, which underpins the rally. Fortinet Reports Strong First Quarter 2026 Financial Results
• Positive Sentiment: Fortinet expanded its FortiGate G series (3500G/400G) targeting AI/data‑center security — a product push that supports the company’s positioning in AI-driven security demand. Fortinet Expands FortiGate G Series
• Positive Sentiment: Multiple sell‑side firms raised price targets and in some cases upgraded the stock (notable: Rosenblatt and BTIG raised targets to $125 with buy calls), reinforcing the upside narrative after the results. Analyst Notes & Price Target Moves
• Neutral Sentiment: UBS increased its price target to $115 but kept a “neutral” rating — the higher target supports valuation but UBS did not move to a buy stance. UBS Price Target Raise
• Neutral Sentiment: Insider sale disclosed: VP Michael Xie sold shares under a 10b5‑1 plan to cover taxes on vested awards — routine but may draw attention from some traders. Insider Sale Disclosure
• Negative Sentiment: Some banks raised targets while keeping conservative stances: JPMorgan lifted its target to $75 but kept an “underweight” call (large downside vs. current levels), and Mizuho moved its PT to $86 with an “underperform” rating — these notes could cap upside if optimism fades. JPMorgan / Mizuho Research Notes
• Negative Sentiment: Background analyst mix and some institutional trimming remain (several holds and sell ratings still on tape); if future quarters slow or AI tailwinds disappoint, valuation could be pressured. Institutional & Analyst Coverage Context

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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