ProShare Advisors LLC Has $104.10 Million Position in Fortinet, Inc. $FTNT

Key Points

• ProShare Advisors LLC cut its Fortinet stake by 33.6% in the fourth quarter, but still held 1.31 million shares valued at about $104.1 million as of its latest filing.
• Fortinet reported better-than-expected quarterly results, with EPS of $0.82 on revenue of $1.85 billion, and raised guidance for both Q2 2026 and FY 2026. Management said AI-related security demand is accelerating and helping drive stronger sales momentum.
• Despite bullish commentary and strong growth signals, some caution remains: DZ Bank downgraded Fortinet to Hold with a $125 target, and Wall Street’s consensus rating is still Hold with an average price target of $101.83.

ProShare Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 33.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,310,922 shares of the software maker's stock after selling 663,520 shares during the quarter. ProShare Advisors LLC owned about 0.18% of Fortinet worth $104,100,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of FTNT. Brighton Jones LLC boosted its stake in Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC acquired a new position in Fortinet in the fourth quarter worth $585,000. HUB Investment Partners LLC boosted its stake in Fortinet by 29.1% in the second 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 in the last quarter. Diversify Advisory Services LLC acquired a new position in Fortinet in the second quarter worth $1,136,000. Finally, Quantinno Capital Management LP boosted its stake in Fortinet by 27.4% in the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock worth $15,328,000 after purchasing an additional 31,202 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 5,355 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.90, for a total value of $476,059.50. Following the transaction, the chief executive officer owned 52,978,004 shares of the company's stock, valued at approximately $4,709,744,555.60. This represents a 0.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the completion of the transaction, the vice president directly owned 9,927,517 shares in the company, valued at $882,456,986.13. The trade was a 0.02% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 17.60% of the company's stock.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet said AI-related security demand is accelerating, which is supporting stronger sales momentum and leading management to lift guidance. Fortinet Rides AI-Led Surge to Lift Guidance
• Positive Sentiment: Analyst commentary continues to frame FTNT as a strong momentum name, citing billings growth, margin strength, and favorable estimate revisions tied to AI and SASE demand. Here's Why Fortinet (FTNT) is a Strong Momentum Stock
• Positive Sentiment: Another bullish note argues Fortinet looks like the better cybersecurity buy versus Zscaler because of AI and SASE tailwinds and ongoing demand strength. Zscaler vs. Fortinet: Which Cybersecurity Stock Is the Better Buy?
• Neutral Sentiment: Fortinet also presented at J.P. Morgan’s Global Technology, Media and Communications Conference, which may have helped reinforce its growth story but did not include a clearly new catalyst. Fortinet, Inc. (FTNT) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript
• Negative Sentiment: DZ Bank downgraded Fortinet from Buy to Hold and set a $125 price target, signaling some caution on valuation and contributing pressure on the shares. Finviz report

Fortinet Price Performance

Fortinet stock opened at $127.64 on Wednesday. The business's 50-day simple moving average is $89.23 and its 200 day simple moving average is $83.95. The stock has a market cap of $93.52 billion, a price-to-earnings ratio of 49.28, a P/E/G ratio of 3.48 and a beta of 0.92. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $128.20. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50.

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, beating the consensus estimate of $0.62 by $0.20. The business 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% compared to the same quarter last year. During the same quarter last year, the business earned $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. As a group, research analysts anticipate that Fortinet, Inc. will post 2.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Robert W. Baird set a $115.00 price objective on Fortinet in a research note on Thursday, May 7th. Compass Point set a $100.00 price objective on Fortinet in a research note on Monday, May 4th. Freedom Capital lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 17th. BTIG Research raised Fortinet from a "neutral" rating to a "buy" rating and set a $125.00 price target on the stock in a research note on Thursday, May 7th. Finally, BMO Capital Markets raised their price target on Fortinet from $95.00 to $100.00 and gave the company a "market perform" rating in a report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $101.83.

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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