Harel Insurance Investments & Financial Services Ltd. Decreases Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Harel Insurance reduced its Fortinet stake by 60.1% in Q4, selling 12,745 shares and retaining 8,476 shares valued at about $671,000.
• Fortinet beat Q1 expectations (EPS $0.82 vs. ~$0.62 expected; revenue $1.85B vs. $1.73B), raised Q2 and FY‑2026 guidance, reported strong product and billings growth, and launched FortiGate G appliances targeting AI workloads.
• Market context is mixed: analysts have a consensus “Hold” with an average target of $88.38, institutional ownership is high (83.71%), and insiders executed small sales under Rule 10b5‑1 plans.

Harel Insurance Investments & Financial Services Ltd. decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 60.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,476 shares of the software maker's stock after selling 12,745 shares during the period. Harel Insurance Investments & Financial Services Ltd.'s holdings in Fortinet were worth $671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. McIlrath & Eck LLC lifted its position in shares of Fortinet by 22.4% during the 4th quarter. McIlrath & Eck LLC now owns 982 shares of the software maker's stock valued at $78,000 after buying an additional 180 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Fortinet by 0.5% during the 4th quarter. Principal Financial Group Inc. now owns 787,234 shares of the software maker's stock valued at $62,514,000 after buying an additional 3,739 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Fortinet by 14.4% during the 4th quarter. QRG Capital Management Inc. now owns 62,197 shares of the software maker's stock valued at $4,939,000 after buying an additional 7,839 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of Fortinet during the 4th quarter valued at approximately $415,000. Finally, Varma Mutual Pension Insurance Co lifted its position in shares of Fortinet by 22.9% during the 4th quarter. Varma Mutual Pension Insurance Co now owns 140,650 shares of the software maker's stock valued at $11,169,000 after buying an additional 26,250 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on FTNT shares. Barclays set a $88.00 price objective on Fortinet in a report on Tuesday, February 3rd. Mizuho decreased their price objective on Fortinet from $74.00 to $70.00 and set an "underperform" rating on the stock in a report on Tuesday, April 14th. Citigroup restated a "neutral" rating and issued a $90.00 price objective (up from $85.00) on shares of Fortinet in a report on Monday, February 9th. Robert W. Baird set a $90.00 price objective on Fortinet in a report on Friday, February 6th. Finally, Stifel Nicolaus set a $85.00 price objective on Fortinet in a report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-one have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $88.38.

Fortinet Stock Up 0.0%

Shares of FTNT opened at $89.95 on Thursday. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $108.77. The company has a market capitalization 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. The stock has a fifty day simple moving average of $82.32 and a two-hundred day simple moving average of $81.81. The company has a quick ratio of 1.09, a current ratio of 1.17 and a debt-to-equity ratio of 0.40.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results 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. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the company earned $0.58 EPS. The company's revenue for the quarter was up 20.1% on a year-over-year basis. 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 forecast that Fortinet, Inc. will post 2.63 EPS for the current year.

Key Stories Impacting Fortinet

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

Insiders Place Their Bets

In related news, VP Michael Xie sold 2,478 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the sale, the vice president directly owned 9,927,517 shares of the company's stock, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 firm'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 sale, 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. 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. 17.20% of the stock is owned by company insiders.

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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