Fortinet, Inc. $FTNT Shares Sold by Swedbank AB

Key Points

• Swedbank AB cut its stake in Fortinet by 20.3%, selling 910,531 shares and leaving it with 3,564,910 shares (about 0.48%) valued at ~$283.09 million.
• Fortinet beat Q4 expectations with $0.81 EPS vs. $0.74 consensus and revenue of $1.91 billion vs. $1.86 billion, and provided Q1 2026 guidance of $0.590–$0.630 EPS and FY 2026 guidance of $2.940–$3.000 EPS.
• CEO Ken Xie and VP Michael Xie sold small amounts (5,355 and 2,478 shares) under pre‑arranged Rule 10b5‑1 plans to cover tax withholdings; institutional investors own ~83.7% of the stock while insiders hold ~18%.

Swedbank AB cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 20.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,564,910 shares of the software maker's stock after selling 910,531 shares during the period. Swedbank AB owned approximately 0.48% of Fortinet worth $283,090,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Steigerwald Gordon & Koch Inc. bought a new position in Fortinet during the 3rd quarter valued at $25,000. Pinnacle Holdings LLC acquired a new position in shares of Fortinet during the 3rd quarter valued at $25,000. Ameriflex Group Inc. bought a new stake in shares of Fortinet in the 3rd quarter worth $25,000. Wexford Capital LP acquired a new stake in shares of Fortinet in the third quarter valued at $25,000. Finally, Palisade Asset Management LLC acquired a new stake in shares of Fortinet in the third quarter valued at $28,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 0.8%

Shares of Fortinet stock opened at $89.92 on Wednesday. The company has a market cap of $65.83 billion, a P/E ratio of 37.00, a P/E/G ratio of 3.06 and a beta of 0.92. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year 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. The stock has a 50-day moving average price of $82.03 and a 200 day moving average price of $81.76.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, topping the consensus estimate of $0.74 by $0.07. The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.86 billion. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The firm's quarterly revenue was up 14.8% compared to the same quarter last year. During the same period last year, the company posted $0.74 earnings per share. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, analysts expect that Fortinet, Inc. will post 2.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 5,355 shares of the business's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.90, for a total value of $476,059.50. Following the transaction, the chief executive officer owned 52,978,004 shares in the company, valued at $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through 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 company'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 completion of the transaction, the vice president directly owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. The trade was a 0.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. 18.00% of the stock is currently owned by company insiders.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: BMO Capital Markets raised its price target to $100 and kept a market‑perform view, which supports near‑term upside expectations and may attract buy-side interest. BMO Capital Markets Issues Positive Forecast for Fortinet NASDAQ: FTNT Stock Price
• Positive Sentiment: Investors appear to be positioning ahead of Fortinet’s Q1 earnings and responding to recent company security updates (FortiGuard report, WEF participation), which has driven momentum and contributed to higher intraday flows. Fortinet jumps 3% as investors position for upcoming earnings and recent security-focused updates
• Positive Sentiment: Strength in the cyber security sector (e.g., CrowdStrike’s recent strong run tied to AI-driven demand) is a positive tailwind for Fortinet’s valuation and demand narrative. CrowdStrike Stock Rises 19% in 3 Months: Time to Hold or Book Profits?
• Neutral Sentiment: CEO Ken Xie sold 5,355 shares and VP Michael Xie sold 2,478 shares under pre‑arranged Rule 10b5‑1 plans to cover tax withholding on vested awards — these filings are expected and not an operational red flag, but may be interpreted by some as insider liquidity. SEC Form 4 — Ken Xie sale disclosure
• Neutral Sentiment: Several earnings previews and analyst notes frame Q1 as steady growth with strong SASE momentum but macro risks, so Q1 results/guidance will be the immediate catalyst. Fortinet Set to Report Q1 Earnings: What's in Store for the Stock?
• Negative Sentiment: Institutional portfolio moves show notable trimming by large holders (e.g., UBS, Morgan Stanley reductions) and a mix of analyst downgrades/low price targets remain in the background, which could limit upside if earnings disappoint. Fortinet jumps 3% as investors position for upcoming earnings and recent security-focused updates

Analysts Set New Price Targets

A number of research analysts recently issued reports on FTNT shares. Jefferies Financial Group set a $90.00 target price on Fortinet in a report on Friday, February 6th. UBS Group restated a "neutral" rating and set a $90.00 price objective on shares of Fortinet in a research report on Friday, February 6th. Wedbush reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Fortinet in a research note on Friday, February 6th. Freedom Capital downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 17th. Finally, Robert W. Baird set a $90.00 target price on shares of Fortinet in a research note on Friday, February 6th. One investment 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 given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $88.38.

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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