Securian Asset Management Inc. Sells 14,266 Shares of Fortinet, Inc. $FTNT

Key Points

• Securian Asset Management cut its Fortinet stake by 45.4% in the fourth quarter, selling 14,266 shares and leaving it with 17,188 shares worth about $1.37 million.
• Fortinet reported better-than-expected quarterly results, posting EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion versus $1.73 billion expected, with revenue up 20.1% year over year.
• Recent news and analyst activity remain mixed but generally constructive: Fortinet deepened its AI security integration with NVIDIA, while brokerages showed a range of ratings and a consensus Hold with an average price target of $100.45.

Securian Asset Management Inc. lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 45.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,188 shares of the software maker's stock after selling 14,266 shares during the period. Securian Asset Management Inc.'s holdings in Fortinet were worth $1,365,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. PDS Planning Inc increased its holdings in Fortinet by 3.1% during the 4th quarter. PDS Planning Inc now owns 4,110 shares of the software maker's stock worth $326,000 after purchasing an additional 123 shares in the last quarter. Delta Investment Management LLC increased its holdings in Fortinet by 2.4% during the 4th quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker's stock worth $417,000 after purchasing an additional 125 shares in the last quarter. Fiduciary Trust Co increased its holdings in Fortinet by 1.2% during the 3rd quarter. Fiduciary Trust Co now owns 10,823 shares of the software maker's stock worth $910,000 after purchasing an additional 130 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in Fortinet by 40.6% during the 3rd quarter. Meeder Asset Management Inc. now owns 481 shares of the software maker's stock worth $40,000 after purchasing an additional 139 shares in the last quarter. Finally, Optimist Retirement Group LLC increased its holdings in Fortinet by 2.9% during the 3rd quarter. Optimist Retirement Group LLC now owns 4,888 shares of the software maker's stock worth $411,000 after purchasing an additional 140 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 1.4%

Shares of Fortinet stock opened at $113.87 on Wednesday. The firm has a 50-day moving average of $85.13 and a 200-day moving average of $82.61. The stock has a market cap of $83.43 billion, a PE ratio of 43.97, a PEG ratio of 3.33 and a beta of 0.92. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $116.46. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 during 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 revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company posted $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, sell-side analysts forecast that Fortinet, Inc. will post 2.64 EPS for the current year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 2,478 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the transaction, the vice president directly owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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, CEO Ken Xie sold 5,355 shares of the company's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.90, for a total transaction of $476,059.50. Following the transaction, the chief executive officer owned 52,978,004 shares of the company's stock, valued at $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. 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. 17.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on FTNT. Jefferies Financial Group set a $90.00 price objective on Fortinet in a report on Friday, February 6th. Evercore set a $80.00 price objective on Fortinet in a report on Friday, February 6th. Arete Research set a $104.00 price objective on Fortinet and gave the company a "buy" rating in a report on Monday, April 27th. BTIG Research upgraded Fortinet from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a report on Thursday, May 7th. Finally, Wells Fargo & Company restated an "underweight" rating and issued a $70.00 price objective (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-three have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $100.45.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet announced a deeper integration of its FortiAIGate solution with NVIDIA’s AI platforms, aimed at securing enterprise AI workloads with zero-trust protection, runtime guardrails, and defenses against prompt injection and data leakage. The partnership highlights Fortinet’s positioning in a fast-growing niche and could support future revenue growth. Article Title
• Positive Sentiment: Multiple articles framed Fortinet as a beneficiary of rising AI spending and post-quantum cybersecurity demand, with analysts and commentators suggesting the company could be an important “AI security” winner. That narrative can attract momentum buyers looking for companies tied to AI infrastructure, not just AI software. Article Title
• Neutral Sentiment: Several market commentary pieces described Fortinet as a high-quality growth or “Cyber-GARP” stock and noted its fresh 52-week high. These articles reinforce positive sentiment, but they do not add new fundamental catalysts beyond the NVIDIA news and broader AI-security theme. Article Title

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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