ING Groep NV Boosts Stock Position in Fortinet, Inc. $FTNT

Key Points

• ING Groep NV nearly doubled its Fortinet stake in the fourth quarter, increasing holdings by 91.6% to 245,559 shares valued at about $19.5 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 83.71% of Fortinet’s stock, while several other firms also added to or started positions.
• Fortinet posted a strong quarter, beating earnings and revenue estimates and raising full-year 2026 guidance, even as analysts remain mixed with an overall Hold rating and an average target price of $102.69.

ING Groep NV increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 91.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 245,559 shares of the software maker's stock after purchasing an additional 117,412 shares during the quarter. ING Groep NV's holdings in Fortinet were worth $19,500,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Expressive Wealth LLC acquired a new position in Fortinet in the fourth quarter valued at $646,000. Trilogy Capital Inc. boosted its holdings in Fortinet by 46.8% in the fourth quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock valued at $3,506,000 after acquiring an additional 14,076 shares during the last quarter. Leonteq Securities AG acquired a new position in Fortinet in the fourth quarter valued at $10,422,000. Victory Capital Management Inc. boosted its holdings in Fortinet by 5.8% in the third quarter. Victory Capital Management Inc. now owns 1,651,683 shares of the software maker's stock valued at $138,874,000 after acquiring an additional 90,284 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Fortinet in the fourth quarter valued at $14,638,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the business's stock in a transaction dated 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 $7,711,717,915.76. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This represents a 0.04% decrease in their position. 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. Insiders have sold a total of 318,387 shares of company stock worth $43,403,063 over the last quarter. 17.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Morgan Stanley reiterated an "underweight" rating and issued a $80.00 target price on shares of Fortinet in a report on Thursday, May 7th. Freedom Capital cut Fortinet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 17th. Wells Fargo & Company reiterated an "underweight" rating and issued a $70.00 target price (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. Truist Financial set a $120.00 target price on Fortinet and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, Piper Sandler lifted their target price on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $102.69.

Fortinet Stock Performance

Shares of FTNT opened at $144.68 on Monday. The stock's 50-day moving average is $103.59 and its two-hundred day moving average is $88.94. The stock has a market cap of $106.00 billion, a PE ratio of 55.86, a P/E/G ratio of 3.96 and a beta of 1.11. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $150.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 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 firm's quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts forecast that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet’s latest quarterly results beat expectations, with EPS and revenue both coming in ahead of analyst forecasts, while management also raised full-year 2026 guidance.
• Positive Sentiment: Investors are rewarding Fortinet’s AI security push, including new AI-focused products and its positioning as a converged security and networking platform.
• Positive Sentiment: Momentum remains strong after the earnings report, with commentary noting the stock has surged substantially over the past month and is continuing to attract attention from traders and growth investors.
• Neutral Sentiment: Recent articles focused on whether the rally can continue, highlighting valuation questions and the need for future earnings estimates to keep improving.
• Negative Sentiment: There was a small insider sale by VP Michael Xie, though it was pre-arranged under a 10b5-1 plan and therefore appears more routine than concerning.

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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