Fortinet, Inc. $FTNT Shares Sold by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund reduced its Fortinet stake by 12.6% in the first quarter, selling 10,173 shares and ending with 70,528 shares valued at about $5.76 million.
• Fortinet reported strong quarterly results, with EPS of $0.82 and revenue of $1.85 billion, both ahead of analyst estimates, while revenue rose 20.1% year over year.
• Insider selling has also been notable, with COO John Whittle and CEO Ken Xie both selling shares recently; over the last three months, insiders sold 318,387 shares worth about $43.4 million.

Illinois Municipal Retirement Fund decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,528 shares of the software maker's stock after selling 10,173 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Fortinet were worth $5,764,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Physician Wealth Advisors Inc. boosted its holdings in shares of Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock valued at $25,000 after acquiring an additional 245 shares during the period. Wexford Capital LP acquired a new stake in shares of Fortinet in the 3rd quarter worth about $25,000. Elyxium Wealth LLC acquired a new stake in shares of Fortinet in the 4th quarter worth about $27,000. Palisade Asset Management LLC bought a new stake in Fortinet in the 3rd quarter valued at about $28,000. Finally, Ares Financial Consulting LLC bought a new stake in Fortinet in the 4th quarter valued at about $29,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ FTNT opened at $161.61 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The company's 50 day simple moving average is $144.30 and its 200 day simple moving average is $103.80. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $170.35. The firm has a market capitalization of $118.40 billion, a PE ratio of 62.40, a P/E/G ratio of 4.37 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company posted $0.58 EPS. The company's revenue was up 20.1% compared to the same quarter last year. 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 research analysts forecast that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on FTNT shares. UBS Group upped their target price on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $87.00 price target on shares of Fortinet in a report on Tuesday, April 21st. DZ Bank downgraded Fortinet from a "buy" rating to a "hold" rating and set a $125.00 price objective for the company. in a research report on Tuesday, May 19th. Mizuho set a $125.00 price objective on Fortinet and gave the stock an "underperform" rating in a report on Wednesday. Finally, Rosenblatt Securities raised their target price on Fortinet from $105.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have issued a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $113.97.

Insider Buying and Selling

In other Fortinet news, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the completion of the sale, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 160,632 shares of the stock in a transaction 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 transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is owned by company insiders.

Fortinet Company 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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