OLD National Bancorp IN Raises Position in Fortinet, Inc. $FTNT

Key Points

• OLD National Bancorp IN increased its Fortinet stake by 5.6% in the first quarter, buying 12,077 more shares and bringing its total holdings to 229,509 shares worth about $18.8 million.
• Insiders sold shares recently, including VP Michael Xie and CEO Ken Xie, with total insider sales of 318,387 shares valued at roughly $43.4 million over the last quarter.
• Fortinet reported strong quarterly results and upbeat AI/security demand trends, beating earnings and revenue estimates, while analysts remain mixed overall with a consensus Hold rating and an average target price of $107.77.

OLD National Bancorp IN grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 229,509 shares of the software maker's stock after purchasing an additional 12,077 shares during the period. OLD National Bancorp IN's holdings in Fortinet were worth $18,755,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Louisiana State Employees Retirement System bought a new stake in Fortinet in the first quarter worth $6,603,000. Silver Oak Securities Incorporated increased its position in Fortinet by 27.5% during the first quarter. Silver Oak Securities Incorporated now owns 6,124 shares of the software maker's stock valued at $500,000 after acquiring an additional 1,319 shares during the last quarter. Kestra Private Wealth Services LLC increased its position in Fortinet by 43.2% during the first quarter. Kestra Private Wealth Services LLC now owns 15,655 shares of the software maker's stock valued at $1,279,000 after acquiring an additional 4,726 shares during the last quarter. Global Financial Private Client LLC raised its stake in shares of Fortinet by 18.5% in the first quarter. Global Financial Private Client LLC now owns 15,173 shares of the software maker's stock valued at $1,240,000 after acquiring an additional 2,373 shares during the period. Finally, Hilton Head Capital Partners LLC lifted its holdings in shares of Fortinet by 1,320.3% in the 1st quarter. Hilton Head Capital Partners LLC now owns 9,090 shares of the software maker's stock worth $743,000 after acquiring an additional 8,450 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the sale, the vice president directly owned 9,923,610 shares of the company's stock, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the sale, the chief executive officer owned 52,972,372 shares of the company's stock, valued at $7,711,717,915.76. This represents a 0.30% 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. Insiders have sold a total of 318,387 shares of company stock valued at $43,403,063 over the last quarter. 17.60% of the stock is owned by corporate insiders.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Analysts and media highlighted Fortinet’s AI-driven security push, including the FortiSOC launch, with demand trends and recent strong earnings fueling expectations for continued growth momentum. Is Fortinet Stock Poised for Strong Growth With AI-Driven Security?
• Positive Sentiment: Fortinet was also featured as an IBD Stock of the Day after investors focused on its network firewall products benefiting from AI data center buildouts, where more server traffic creates greater demand for security tools. Fortinet, IBD Stock Of The Day, Gets Network Firewall Boost From AI Data Centers
• Positive Sentiment: The company announced Derek Kan will join its board of directors, adding public-sector, AI, and technology operating experience that could be viewed as a strategic governance positive. Fortinet Appoints Public Sector Leader and Tech Executive Derek Kan to Its Board of Directors
• Neutral Sentiment: Several additional articles repeated the same growth and AI-security themes, reinforcing the bullish narrative rather than adding new catalysts. Is Fortinet Stock Poised for Strong Growth With AI-Driven Security?
• Neutral Sentiment: One market commentary noted broader tech stocks rebounding, which may have provided a supportive backdrop for FTNT, but was not specific to Fortinet. Dow Jones Futures: Nasdaq Set To Regain Key Level As Korea's Kospi Rebounds, Micron Due; FedEx, Cerebras Tumble
• Negative Sentiment: Seeking Alpha warned that while Fortinet’s growth story is real, the valuation may also be stretched, which could temper upside if investors become more price-sensitive. Fortinet: The Growth Story Is Real, But So Is The Price Tag

Analyst Ratings Changes

A number of research firms recently commented on FTNT. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $100.00 price target on shares of Fortinet in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their price objective on shares of Fortinet from $73.00 to $75.00 and gave the stock an "underweight" rating in a research note on Thursday, May 7th. DZ Bank lowered Fortinet from a "buy" rating to a "hold" rating and set a $125.00 target price for the company. in a research report on Tuesday, May 19th. BTIG Research upped their target price on Fortinet from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Finally, Susquehanna increased their price target on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-five have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average target price of $107.77.

Fortinet Trading Up 3.2%

FTNT stock opened at $149.93 on Friday. The company has a market capitalization of $109.85 billion, a PE ratio of 57.89, a P/E/G ratio of 3.98 and a beta of 1.11. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $151.97. The firm's 50-day moving average is $121.59 and its 200 day moving average is $95.22. 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 released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm's quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the company 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. On average, research analysts anticipate that Fortinet, Inc. will post 2.78 EPS for the current year.

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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