Teacher Retirement System of Texas Boosts Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Teacher Retirement System of Texas raised its Fortinet stake by 69.0% in Q4, acquiring 108,284 shares to hold 265,311 shares worth about $21.07 million.
• Fortinet beat Q4 expectations with $0.81 EPS (vs. $0.74 est.) and $1.91B revenue (up 14.8% year‑over‑year) and provided Q1 2026 guidance of $0.590–0.630 EPS and FY2026 guidance of $2.94–3.00 EPS.
• Analysts are mixed: the consensus rating is "Hold" with an average price target of $87.04 (5 Buys, 21 Holds, 4 Sells).

Teacher Retirement System of Texas boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 69.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 265,311 shares of the software maker's stock after acquiring an additional 108,284 shares during the period. Teacher Retirement System of Texas' holdings in Fortinet were worth $21,068,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Financial Consulate Inc. purchased a new position in Fortinet during the third quarter valued at $25,000. Steigerwald Gordon & Koch Inc. purchased a new position in Fortinet during the third quarter valued at $25,000. Pinnacle Holdings LLC purchased a new position in Fortinet during the third quarter valued at $25,000. Ameriflex Group Inc. purchased a new position in Fortinet during the third quarter valued at $25,000. Finally, Wexford Capital LP purchased a new position in Fortinet during the third quarter valued at $25,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FTNT shares. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Fortinet in a research note on Friday, February 6th. Jefferies Financial Group set a $90.00 target price on shares of Fortinet in a research note on Friday, February 6th. Mizuho cut their target price on shares of Fortinet from $74.00 to $70.00 and set an "underperform" rating for the company in a research note on Tuesday, April 14th. Citigroup reaffirmed a "neutral" rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a research note on Monday, February 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $72.00 to $73.00 and gave the company an "underweight" rating in a research report on Friday, February 6th. Five investment analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $87.04.

Fortinet Price Performance

FTNT stock opened at $84.37 on Friday. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $109.33. The company has a quick ratio of 1.09, a current ratio of 1.17 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $81.59 and a two-hundred day simple moving average of $81.74. The firm has a market capitalization of $62.43 billion, a P/E ratio of 34.72, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, beating the consensus estimate of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last year, the business earned $0.74 earnings per share. Fortinet's quarterly revenue was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Analysts anticipate that Fortinet, Inc. will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 343,106 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the completion of the transaction, the vice president owned 10,210,282 shares in the company, valued at $831,321,160.44. This trade represents a 3.25% 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. Also, CEO Ken Xie sold 175,737 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the transaction, the chief executive officer owned 51,396,385 shares of the company's stock, valued at $4,184,693,666.70. This trade represents a 0.34% decrease in their position. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by company insiders.

About Fortinet

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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