Mediolanum International Funds Ltd Cuts Stock Position in Fortinet, Inc. $FTNT

Key Points

• Mediolanum International Funds Ltd cut its Fortinet stake by 10.4% in the first quarter, selling 33,906 shares and leaving it with 290,964 shares worth about $23.0 million.
• Fortinet’s recent earnings were strong: the company reported $0.82 EPS on $1.85 billion in revenue, both above expectations, with revenue up 20.1% year over year.
• Analyst sentiment remains mixed despite several price-target increases; the stock’s consensus rating is still “Hold,” even as some firms, including TD Cowen and BTIG, turned more bullish.

Mediolanum International Funds Ltd decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 290,964 shares of the software maker's stock after selling 33,906 shares during the quarter. Mediolanum International Funds Ltd's holdings in Fortinet were worth $23,001,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Physician Wealth Advisors Inc. raised its position in Fortinet by 408.3% in the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock valued at $25,000 after purchasing an additional 245 shares during the period. Wexford Capital LP acquired a new position in shares of Fortinet during the third quarter worth about $25,000. Elyxium Wealth LLC purchased a new stake in shares of Fortinet in the fourth quarter worth about $27,000. Palisade Asset Management LLC purchased a new stake in shares of Fortinet in the third quarter worth about $28,000. Finally, Ares Financial Consulting LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at about $29,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.5%

FTNT opened at $161.61 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $170.35. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The stock has a market capitalization of $118.40 billion, a PE ratio of 62.40, a P/E/G ratio of 4.39 and a beta of 1.09. The firm's fifty day moving average price is $144.30 and its 200 day moving average price is $103.80.

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 for the quarter, topping the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the business earned $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. As a group, research analysts expect that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. TD Cowen restated a "buy" rating and issued a $215.00 price target (up from $160.00) on shares of Fortinet in a report on Monday, July 13th. BTIG Research lifted their price objective on shares of Fortinet from $150.00 to $186.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Wells Fargo & Company reissued an "underweight" rating and set a $70.00 target price (up from $64.00) on shares of Fortinet in a research report on Thursday, May 7th. Barclays upped their target price on shares of Fortinet from $155.00 to $170.00 and gave the company an "equal weight" rating in a research note on Monday, July 13th. Finally, Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $113.97.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the sale, the chief operating officer owned 94,724 shares in the company, valued at $12,163,508.84. The trade was a 60.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 318,387 shares of company stock valued at $43,403,063. 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: TD SYNNEX was named an approved global distributor for Fortinet, expanding Fortinet’s channel reach and potentially helping sales growth. Fortinet also unveiled planned FortiEndpoint upgrades featuring AI governance, native data loss prevention, and FortiAI-assisted operations, which could strengthen its competitive position in enterprise security. Should Fortinet’s New TD SYNNEX Partnership and AI Endpoint Upgrades Require Action From Fortinet (FTNT) Investors?
• Positive Sentiment: Analysts and market commentary continue to frame Fortinet as a beneficiary of rising agentic AI adoption, which is boosting demand for AI security, identity protection, and threat detection across the cybersecurity sector. 3 Cybersecurity Stocks to Buy Amid Rising Adoption of Agentic AI
• Positive Sentiment: Coverage ahead of earnings points to expectations for double-digit bottom-line growth, suggesting investors are looking for another solid quarter from Fortinet. What to Expect From Fortinet's Q2 2026 Earnings Report
• Neutral Sentiment: Fortinet remains a closely watched cybersecurity name as investors position for its Q2 2026 results, but the immediate news flow is mostly about expectations rather than a confirmed earnings surprise. What to Expect From Fortinet's Q2 2026 Earnings Report
• Neutral Sentiment: Brokerage sentiment is mixed, with one update showing a consensus “Hold” rating even as Wall Street Zen upgraded the stock to “Buy,” indicating analysts are not fully aligned on near-term upside. Fortinet, Inc. NASDAQ: FTNT Receives Consensus Recommendation of "Hold" from Brokerages Fortinet NASDAQ: FTNT Upgraded by Wall Street Zen to "Buy" Rating
• Negative Sentiment: MarketWatch noted that Fortinet underperformed peers on Thursday, which may reflect some profit-taking or caution ahead of earnings despite the broader positive theme. Fortinet Inc. stock underperforms Thursday when compared to competitors

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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