Fortinet, Inc. $FTNT Shares Sold by DNB Asset Management AS

Key Points

• DNB Asset Management AS cut its Fortinet stake by 11.1% in the fourth quarter, selling 18,981 shares and leaving it with 152,382 shares valued at about $12.1 million.
• Fortinet reported a strong latest quarter, with EPS of $0.82 beating estimates and revenue of $1.85 billion topping expectations, while revenue rose 20.1% year over year.
• Despite mixed analyst sentiment, the stock has drawn attention from institutional investors and bullish commentary tied to cybersecurity demand and AI-related momentum; Fortinet also guided for Q2 2026 EPS of $0.72-$0.76 and FY 2026 EPS of $3.10-$3.16.

DNB Asset Management AS decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,382 shares of the software maker's stock after selling 18,981 shares during the quarter. DNB Asset Management AS's holdings in Fortinet were worth $12,101,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 4.0% during 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 acquiring an additional 2,894,355 shares in the last quarter. State Street Corp lifted its holdings in shares of Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock valued at $2,493,860,000 after acquiring an additional 477,397 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Fortinet by 30.9% during the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock valued at $636,962,000 after acquiring an additional 1,790,033 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Fortinet by 4.7% during the 3rd quarter. Legal & General Group Plc now owns 6,115,450 shares of the software maker's stock valued at $514,187,000 after acquiring an additional 273,428 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $122.78 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The firm has a 50-day simple moving average of $87.51 and a 200 day simple moving average of $83.36. The company has a market cap of $89.95 billion, a PE ratio of 47.41, a P/E/G ratio of 3.38 and a beta of 0.92. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $123.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. The firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. Fortinet's revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the business posted $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. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.77 EPS for the current year.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Zacks highlighted Fortinet as one of several security stocks benefiting from surging demand for cybersecurity solutions as companies accelerate digital transformation and cloud migration. 4 Security Stocks to Focus on From a Flourishing Industry
• Positive Sentiment: Scotiabank raised its FY2026 EPS estimate for Fortinet to $2.76 from $2.62, which can support investor confidence in earnings power even though the firm kept a Sector Perform rating and a $110 target.
• Positive Sentiment: Multiple market write-ups pointed to Fortinet’s strong Q1 beat, AI-driven demand, and institutional buying as reasons the stock has maintained strong momentum after earnings. Fortinet Stock's Momentum Score Skyrockets As AI-Driven Q1 Beat Ignites Rally
• Neutral Sentiment: Scotiabank also trimmed its FY2027 EPS estimate to $2.95 from $3.02, which is a mild headwind but not enough to offset the more upbeat near-term outlook.
• Neutral Sentiment: Fortinet was mentioned in broader cybersecurity and market commentary alongside peers such as CrowdStrike and Okta, reinforcing sector strength rather than providing company-specific news.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 2,478 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the transaction, the vice president directly 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 position. The transaction was disclosed in a document filed with the SEC, which is available at 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 business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the transaction, the chief executive officer directly owned 52,978,004 shares of the company's stock, valued at $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders own 17.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $100.00 target price on shares of Fortinet in a report on Thursday, May 7th. Scotiabank lifted their price target 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. Royal Bank Of Canada reaffirmed 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. Wedbush reaffirmed an "outperform" rating and set a $90.00 price target on shares of Fortinet in a research note on Friday, February 6th. Finally, Piper Sandler lifted their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $100.45.

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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