Intech Investment Management LLC Sells 583,389 Shares of Fortinet, Inc. $FTNT

Key Points

• Intech Investment Management cut its Fortinet stake sharply in the fourth quarter, selling 583,389 shares and reducing its position by 86.4% to 91,686 shares worth about $7.28 million.
• Fortinet reported strong quarterly results, with EPS of $0.82 versus the $0.62 estimate and revenue of $1.85 billion, up 20.1% year over year. The company also issued Q2 2026 and FY 2026 guidance above many expectations.
• Despite the strong performance, analyst sentiment remains cautious: the stock’s average rating is “Hold” with an average price target of $102.69, while the shares recently traded near their 52-week high.

Intech Investment Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 86.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 91,686 shares of the software maker's stock after selling 583,389 shares during the quarter. Intech Investment Management LLC's holdings in Fortinet were worth $7,281,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Pinnacle Holdings LLC bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ameriflex Group Inc. bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Wexford Capital LP bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Palisade Asset Management LLC bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $28,000. Finally, Elyxium Wealth LLC bought a new position in Fortinet in the 4th quarter valued at $27,000. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Shares of FTNT stock opened at $137.97 on Friday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $138.11. The stock has a market capitalization of $101.08 billion, a price-to-earnings ratio of 53.27, a P/E/G ratio of 3.80 and a beta of 0.92. The stock has a fifty day simple moving average of $96.96 and a two-hundred day simple moving average of $86.62. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results 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 analysts' expectations of $1.73 billion. During the same period in the prior year, the business earned $0.58 EPS. The business's revenue for the quarter 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. On average, analysts predict that Fortinet, Inc. will post 2.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. Compass Point set a $100.00 price objective on Fortinet in a research report on Monday, May 4th. Morgan Stanley reaffirmed an "underweight" rating and issued a $80.00 price objective on shares of Fortinet in a research report on Thursday, May 7th. Arete Research set a $104.00 price objective on Fortinet and gave the company a "buy" rating in a research report on Monday, April 27th. Freedom Capital downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Finally, Susquehanna upped their price objective on Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have issued a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $102.69.

Insiders Place Their Bets

In other Fortinet news, COO John Whittle sold 146,015 shares of the company's stock in a transaction on Thursday, May 21st. The stock was 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 approximately $12,163,508.84. This represents a 60.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 2,478 shares of the company's stock in a transaction 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 $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 153,848 shares of company stock worth $19,446,115. 17.60% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.