Fortinet, Inc. $FTNT Shares Purchased by Vestcor Inc

Key Points

• Vestcor Inc boosted its Fortinet stake by 62.8% in the fourth quarter, ending with 45,409 shares valued at about $3.61 million.
• Fortinet insiders have been selling shares recently, including CEO Ken Xie and COO John Whittle, with total insider sales of 318,387 shares worth roughly $43.4 million over the past 90 days.
• Despite mixed Wall Street sentiment, Fortinet’s latest earnings beat expectations and the company raised full-year guidance; shares were trading near $144.68 after a recent decline, while analysts currently rate the stock a consensus "Hold".

Vestcor Inc increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 62.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,409 shares of the software maker's stock after purchasing an additional 17,511 shares during the quarter. Vestcor Inc's holdings in Fortinet were worth $3,606,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pinnacle Holdings LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $25,000. Ameriflex Group Inc. acquired a new position in Fortinet during the 3rd quarter worth approximately $25,000. Wexford Capital LP acquired a new position in Fortinet during the 3rd quarter worth approximately $25,000. Elyxium Wealth LLC acquired a new position in Fortinet during the 4th quarter worth approximately $27,000. Finally, Palisade Asset Management LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $28,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at approximately $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the sale, the chief operating officer directly owned 94,724 shares of the company's stock, valued at $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 318,387 shares of company stock worth $43,403,063 in the last 90 days. Company insiders own 17.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FTNT shares. Truist Financial set a $120.00 price target on shares of Fortinet and gave the stock a "buy" rating in a report on Thursday, May 7th. Compass Point set a $100.00 price objective on Fortinet in a research report on Monday, May 4th. UBS Group raised their target price on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $100.00 target price on shares of Fortinet in a research report on Thursday, May 7th. Finally, Weiss Ratings lowered Fortinet from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, May 19th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-four have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.69.

Fortinet Stock Down 3.3%

Shares of NASDAQ:FTNT opened at $144.68 on Friday. The stock has a market cap of $106.00 billion, a P/E ratio of 55.86, a P/E/G ratio of 3.96 and a beta of 1.11. The firm has a fifty day moving average price of $103.59 and a 200 day moving average price of $88.89. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $150.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly 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 160.08%. Fortinet's quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Sell-side analysts predict that Fortinet, Inc. will post 2.78 EPS for the current year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet’s latest quarterly results beat expectations, with EPS and revenue both coming in ahead of analyst forecasts, while management also raised full-year 2026 guidance.
• Positive Sentiment: Investors are rewarding Fortinet’s AI security push, including new AI-focused products and its positioning as a converged security and networking platform.
• Positive Sentiment: Momentum remains strong after the earnings report, with commentary noting the stock has surged substantially over the past month and is continuing to attract attention from traders and growth investors.
• Neutral Sentiment: Recent articles focused on whether the rally can continue, highlighting valuation questions and the need for future earnings estimates to keep improving.
• Negative Sentiment: There was a small insider sale by VP Michael Xie, though it was pre-arranged under a 10b5-1 plan and therefore appears more routine than concerning.

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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