Strs Ohio Sells 12,144 Shares of Fortinet, Inc. $FTNT

Key Points

• Strs Ohio trimmed its Fortinet stake by 8.4% in the first quarter, selling 12,144 shares and ending with 132,044 shares valued at about $10.79 million.
• Fortinet’s shares have drawn mixed analyst views, with a consensus rating of “Hold” and an average price target of $107.58, even as several firms recently raised targets; HSBC recently downgraded the stock to “reduce.”
• Insiders continued to sell stock, including CEO Ken Xie and VP Michael Xie, while Fortinet’s latest earnings beat expectations with stronger-than-expected revenue and EPS growth.

Strs Ohio reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 132,044 shares of the software maker's stock after selling 12,144 shares during the period. Strs Ohio's holdings in Fortinet were worth $10,791,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Fortinet during the fourth quarter worth about $1,152,917,000. Van ECK Associates Corp grew its stake in shares of Fortinet by 38.9% in the 4th quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker's stock valued at $613,915,000 after purchasing an additional 2,166,396 shares during the period. AQR Capital Management LLC raised its holdings in shares of Fortinet by 76.2% in the 4th quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker's stock worth $326,297,000 after buying an additional 1,777,115 shares in the last quarter. Invesco Ltd. lifted its position in shares of Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock worth $909,453,000 after buying an additional 1,568,337 shares during the period. Finally, Capital World Investors bought a new position in shares of Fortinet during the 4th quarter worth approximately $100,256,000. Institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of analyst reports. Scotiabank upped their price target on Fortinet from $85.00 to $110.00 and gave the company a "sector perform" rating in a research report on Thursday, May 7th. Piper Sandler lifted their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $100.00 target price on shares of Fortinet in a research note on Thursday, May 7th. Bank of America increased their target price on shares of Fortinet from $130.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Finally, HSBC downgraded shares of Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 price target for the company. in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $107.58.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,907 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares of the company's stock, valued at $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at approximately $7,711,717,915.76. This represents a 0.30% 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. In the last 90 days, insiders sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Fortinet stock opened at $156.25 on Monday. The business's fifty day moving average is $130.25 and its two-hundred day moving average is $98.30. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The firm has a market cap of $114.48 billion, a P/E ratio of 60.33, a P/E/G ratio of 4.28 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $159.80.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company posted $0.58 earnings per share. The firm's quarterly revenue was up 20.1% compared to the same quarter last year. 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 2.78 earnings per share for the current fiscal year.

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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