Russell Investments Group Ltd. Sells 247,971 Shares of Fortinet, Inc. $FTNT

Key Points

• Russell Investments cut its stake in Fortinet by 22.1%, selling 247,971 shares and retaining 875,253 shares valued at about $73.64 million after the quarter.
• Fortinet beat the latest quarter with $0.81 EPS and $1.91B revenue (revenue +14.8% YoY), issued Q1 2026 guidance of $0.590–0.630 and FY2026 guidance of $2.940–3.000, and carries a consensus analyst rating of "Hold" with a $88.62 price target.
• Insider sales: VP Michael Xie sold 343,106 shares (~$27.94M) and CEO Ken Xie sold 175,737 shares (~$14.31M) at about $81.42 per share, slightly reducing their ownership stakes.

Russell Investments Group Ltd. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 22.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 875,253 shares of the software maker's stock after selling 247,971 shares during the quarter. Russell Investments Group Ltd. owned about 0.12% of Fortinet worth $73,644,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Fortinet in the 2nd quarter valued at $1,640,900,000. Vanguard Group Inc. boosted its position in shares of Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock valued at $6,354,874,000 after acquiring an additional 2,894,355 shares in the last quarter. First Trust Advisors LP increased its stake in Fortinet by 30.9% in the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock valued at $636,962,000 after acquiring an additional 1,790,033 shares during the period. State Street Corp increased its stake in Fortinet by 3.0% in the second quarter. State Street Corp now owns 29,183,161 shares of the software maker's stock valued at $3,085,244,000 after acquiring an additional 862,468 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Fortinet by 28.7% in the third quarter. Dimensional Fund Advisors LP now owns 3,846,164 shares of the software maker's stock worth $323,386,000 after purchasing an additional 858,723 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

NASDAQ FTNT opened at $84.20 on Wednesday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $109.33. The company has a 50 day moving average of $80.37 and a 200-day moving average of $81.58. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The firm has a market cap of $62.30 billion, a price-to-earnings ratio of 34.65, a PEG ratio of 2.90 and a beta of 1.05.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, topping the consensus estimate of $0.74 by $0.07. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.Fortinet's revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.74 EPS. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FTNT shares. Cantor Fitzgerald restated a "neutral" rating and set a $87.00 price target on shares of Fortinet in a research note on Monday, November 24th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a report on Friday, February 6th. Oppenheimer restated a "market perform" rating on shares of Fortinet in a research report on Friday, January 23rd. Mizuho boosted their price target on Fortinet from $72.00 to $74.00 and gave the company an "underperform" rating in a research note on Friday, February 6th. Finally, Daiwa Securities Group cut Fortinet from an "outperform" rating to a "neutral" rating and set a $86.00 price target on the stock. in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-two have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $88.62.

Insiders Place Their Bets

In related news, VP Michael Xie sold 343,106 shares of Fortinet stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the transaction, the vice president directly owned 10,210,282 shares of the company's stock, valued at $831,321,160.44. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $14,308,506.54. Following the completion of the transaction, the chief executive officer directly owned 51,396,385 shares of the company's stock, valued at $4,184,693,666.70. This represents a 0.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 18.00% of the stock is currently owned by insiders.

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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