Fortinet, Inc. $FTNT Shares Sold by Horizon Investments LLC

Key Points

• Horizon Investments LLC cut its Fortinet stake by 40.1%, selling 11,854 shares and leaving 17,737 shares valued at about $1.408 million per its latest 13F filing.
• Fortinet posted a strong Q1 — $0.82 EPS vs. ~$0.62 estimate and $1.85 billion revenue (+20% YoY) — and raised Q2 and FY‑2026 guidance, backed by record cash flow and a FortiGate G series launch for AI workloads.
• Insiders (CEO and VP) sold shares under pre‑arranged 10b5‑1 plans to cover taxes, while institutional trimming and mixed analyst views leave a consensus rating of Hold with a $88.38 target.

Horizon Investments LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 40.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,737 shares of the software maker's stock after selling 11,854 shares during the quarter. Horizon Investments LLC's holdings in Fortinet were worth $1,408,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Fortinet during the third quarter worth $25,000. Pinnacle Holdings LLC acquired a new stake in Fortinet in the third quarter valued at $25,000. Ameriflex Group Inc. purchased a new stake in Fortinet during the 3rd quarter worth about $25,000. Wexford Capital LP acquired a new position in shares of Fortinet during the 3rd quarter worth about $25,000. Finally, Palisade Asset Management LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $28,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTNT. Barclays set a $88.00 target price on Fortinet in a research note on Tuesday, February 3rd. Weiss Ratings raised shares of Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, April 24th. TD Cowen upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Friday, January 23rd. Truist Financial set a $88.00 target price on shares of Fortinet in a report on Tuesday, January 20th. Finally, Mizuho cut their price target on shares of Fortinet from $74.00 to $70.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-one have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus target price of $88.38.

Fortinet Stock Performance

Shares of FTNT opened at $89.95 on Thursday. The company's 50 day simple moving average is $82.32 and its 200-day simple moving average is $81.81. The firm has a market cap of $65.85 billion, a PE ratio of 37.02, a price-to-earnings-growth ratio of 3.08 and a beta of 0.92. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $108.77. 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 quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. The firm had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. Fortinet's revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm 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. As a group, equities analysts predict that Fortinet, Inc. will post 2.63 EPS for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 2,478 shares of the business's stock in a transaction dated Monday, May 4th. The stock was 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 in the company, valued at $882,456,986.13. The trade was a 0.02% decrease in their position. The sale was disclosed in a legal 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, CEO Ken Xie sold 5,355 shares of the company'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 value of $476,059.50. Following the sale, the chief executive officer directly owned 52,978,004 shares of the company's stock, valued at approximately $4,709,744,555.60. This represents 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. Company insiders own 17.20% of the company's stock.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q1 beat and upgraded guidance — Fortinet reported $0.82 EPS vs. $0.61 expected and $1.85B revenue vs. $1.73B expected; management raised Q2 EPS and FY‑2026 EPS and revenue guidance, providing a clear catalyst for near‑term upside. Fortinet Reports Strong First Quarter 2026 Financial Results
• Positive Sentiment: Operational strength — Revenue +20% YoY, product revenue +41%, billings +31%, and record operating/free cash flow, which support margins and long‑term SaaS/recurring revenue durability. Q1 Press Release / Slide Deck
• Positive Sentiment: Analyst support — BMO lifted its price target to $100 (market‑perform), backing the stock’s upside narrative and may attract buy‑side flows. BMO Capital Markets Issues Positive Forecast for Fortinet NASDAQ: FTNT Stock Price
• Positive Sentiment: Product news: FortiGate G series launch — New ASIC‑accelerated appliances positioned to secure AI workloads, reinforcing Fortinet’s product leadership in a growing AI/security spending cycle. Fortinet Expands FortiGate G Series
• Neutral Sentiment: Insider sales disclosed — CEO and VP sold shares under pre‑arranged 10b5‑1 plans to cover taxes on vested awards; routine but can be perceived as liquidity. SEC Form 4 — Insider Sales
• Neutral Sentiment: Analyst mix — Several firms maintain neutral/hold ratings and divergent price targets, so further upside may depend on sustained execution vs. raised guidance. MarketBeat Analyst Notes
• Negative Sentiment: Institutional trimming and downgrade risk — Some large holders have trimmed positions and there remain sell/hold ratings that could limit momentum if upcoming quarters slow. QuiverQuant — Positioning & Institutional Moves

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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