Handelsbanken Fonder AB Acquires 39,156 Shares of Fortinet, Inc. $FTNT

Key Points

• Handelsbanken Fonder AB increased its Fortinet stake by 18.4% in the fourth quarter, buying 39,156 additional shares and bringing its total holding to 251,718 shares worth about $20.0 million.
• Fortinet reported strong quarterly results, with EPS of $0.82 beating estimates and revenue of $1.85 billion also topping expectations; revenue rose 20.1% year over year.
• Analysts remain cautious overall despite some higher price targets, with Fortinet carrying a consensus "Hold" rating and an average price target of $101.83, while the stock recently traded near $130.

Handelsbanken Fonder AB grew its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 251,718 shares of the software maker's stock after acquiring an additional 39,156 shares during the quarter. Handelsbanken Fonder AB's holdings in Fortinet were worth $19,989,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Allstate Corp bought a new stake in shares of Fortinet in the third quarter worth about $2,034,000. Trilogy Capital Inc. increased its holdings in shares of Fortinet by 46.8% in the fourth quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock worth $3,506,000 after acquiring an additional 14,076 shares in the last quarter. Machina Capital S.A.S. bought a new stake in shares of Fortinet in the third quarter worth about $1,177,000. Victory Capital Management Inc. increased its holdings in shares of Fortinet by 5.8% in the third quarter. Victory Capital Management Inc. now owns 1,651,683 shares of the software maker's stock worth $138,874,000 after acquiring an additional 90,284 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Fortinet by 22.3% in the third quarter. Penserra Capital Management LLC now owns 1,356,122 shares of the software maker's stock worth $114,021,000 after acquiring an additional 246,844 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FTNT shares. Weiss Ratings downgraded Fortinet from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. BMO Capital Markets increased their price objective on Fortinet from $95.00 to $100.00 and gave the stock a "market perform" rating in a report on Monday, May 4th. Wedbush reiterated an "outperform" rating and set a $90.00 price objective on shares of Fortinet in a report on Friday, February 6th. JPMorgan Chase & Co. increased their price objective on Fortinet from $73.00 to $75.00 and gave the stock an "underweight" rating in a report on Thursday, May 7th. Finally, Robert W. Baird set a $115.00 price objective on Fortinet in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-four have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus price target of $101.83.

Fortinet Stock Up 1.8%

FTNT stock opened at $130.00 on Thursday. The company has a market cap of $95.24 billion, a price-to-earnings ratio of 50.19, a P/E/G ratio of 3.51 and a beta of 0.92. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $130.36. The business has a 50 day moving average price of $90.16 and a two-hundred day moving average price of $84.27. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion for the quarter, compared to analysts' expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business's revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior 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. Analysts anticipate that Fortinet, Inc. will post 2.77 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 2,478 shares of the stock in a transaction that occurred on 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 sale, the vice president owned 9,927,517 shares of the company's stock, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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, CEO Ken Xie sold 5,355 shares of the 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 completion of 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. The trade was a 0.01% decrease in their position. The SEC filing for this sale provides additional information. 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. Corporate insiders own 17.60% of the company's stock.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet’s latest earnings call was described as upbeat, with AI-led demand helping lift the company’s guidance and reinforcing the view that security spending remains strong. Fortinet Rides AI-Led Surge to Lift Guidance
• Positive Sentiment: Analysts and market commentary highlighted Fortinet as a strong momentum name, with AI and SASE demand supporting billings, margins, and estimate revisions. Here's Why Fortinet (FTNT) is a Strong Momentum Stock
• Positive Sentiment: Additional coverage argued Fortinet looks like the better cybersecurity buy versus peers, citing accelerating AI-driven security demand and improving fundamentals. Zscaler vs. Fortinet: Which Cybersecurity Stock Is the Better Buy?
• Neutral Sentiment: Fortinet also presented at J.P. Morgan’s Technology, Media and Communications Conference, which kept investor attention on management’s outlook but did not introduce a clearly new catalyst. Fortinet, Inc. (FTNT) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript
• Negative Sentiment: DZ Bank downgraded Fortinet from Buy to Hold and set a $125 price target, suggesting some upside may be limited after the recent run-up in the stock. Fortinet downgrade news

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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