PNC Financial Services Group Inc. Has $35.51 Million Stock Position in Fortinet, Inc. $FTNT

Key Points

• PNC Financial Services trimmed its Fortinet stake by 8.9% in the fourth quarter, selling 43,429 shares and leaving it with 447,217 shares valued at about $35.5 million.
• Fortinet reported better-than-expected Q1 results, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion versus $1.73 billion estimated. Revenue rose 20.1% year over year, and the company issued upbeat Q2 and FY 2026 guidance.
• Despite the earnings beat, analysts remain cautious overall: Fortinet’s consensus rating is Hold with a target price of $101.83, while the stock recently traded near its 52-week high after rising sharply.

PNC Financial Services Group Inc. decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 447,217 shares of the software maker's stock after selling 43,429 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.06% of Fortinet worth $35,514,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FTNT. Brighton Jones LLC increased its stake in shares of Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares during the last quarter. Bison Wealth LLC acquired a new position in shares of Fortinet during the 4th quarter worth $585,000. HUB Investment Partners LLC increased its stake in shares of Fortinet by 29.1% during the 2nd quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock worth $560,000 after purchasing an additional 1,193 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in Fortinet in the 2nd quarter valued at $1,136,000. Finally, Quantinno Capital Management LP grew its stake in Fortinet by 27.4% in the 2nd quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock valued at $15,328,000 after buying an additional 31,202 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $129.46 on Friday. 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 firm has a market capitalization of $94.85 billion, a price-to-earnings ratio of 49.98, a P/E/G ratio of 3.58 and a beta of 0.92. The company's fifty day moving average is $91.06 and its two-hundred day moving average is $84.58. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $130.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion for 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 business's quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the business posted $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. Equities research analysts forecast that Fortinet, Inc. will post 2.77 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTNT. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $107.00 target price (up from $90.00) on shares of Fortinet in a research note on Thursday, May 7th. Stephens set a $115.00 target price on shares of Fortinet and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Arete Research set a $104.00 target price on shares of Fortinet and gave the company a "buy" rating in a research note on Monday, April 27th. Sanford C. Bernstein reiterated a "market perform" rating and issued a $83.00 target price on shares of Fortinet in a research note on Friday, February 6th. Finally, Mizuho raised their target price on shares of Fortinet from $70.00 to $86.00 and gave the company an "underperform" rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $101.83.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 5,355 shares of the firm's stock in a transaction on Monday, May 4th. The shares were 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 in the company, valued at $4,709,744,555.60. This trade represents a 0.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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, VP Michael Xie sold 2,478 shares of the firm's stock in a transaction on 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 owned 9,927,517 shares in the company, valued at $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Company insiders own 17.60% of the company's stock.

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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