Thrivent Financial for Lutherans Has $31.01 Million Stake in Fortinet, Inc. $FTNT

Key Points

• Thrivent Financial for Lutherans boosted its Fortinet stake by 156.6% in the fourth quarter, ending with 390,492 shares valued at about $31.0 million.
• Fortinet reported a strong quarter, with EPS of $0.82 and revenue of $1.85 billion, both ahead of analyst expectations, while revenue rose 20.1% year over year.
• Despite the earnings beat, Wall Street remains cautious overall: the stock carries a consensus Hold rating, even though analysts’ average price target is around $100.45.

Thrivent Financial for Lutherans increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 156.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 390,492 shares of the software maker's stock after purchasing an additional 238,299 shares during the period. Thrivent Financial for Lutherans owned about 0.05% of Fortinet worth $31,009,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Holdings LLC acquired a new position in Fortinet in the 3rd quarter worth approximately $25,000. Ameriflex Group Inc. acquired a new position in Fortinet in the 3rd quarter worth approximately $25,000. Wexford Capital LP acquired a new position in Fortinet in the 3rd quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new position in Fortinet in the 3rd quarter worth approximately $28,000. Finally, Ares Financial Consulting LLC acquired a new position in Fortinet in the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FTNT. Jefferies Financial Group set a $90.00 price objective on shares of Fortinet in a research note on Friday, February 6th. Sanford C. Bernstein reiterated a "market perform" rating and issued a $83.00 target price on shares of Fortinet in a research report on Friday, February 6th. UBS Group increased their target price on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Evercore set a $80.00 target price on shares of Fortinet in a research report on Friday, February 6th. Finally, Freedom Capital downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have issued a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $100.45.

Insiders Place Their Bets

In other news, VP Michael Xie sold 2,478 shares of the firm'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 transaction, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 firm's stock in a transaction on Monday, May 4th. The shares were 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 in the company, valued at $4,709,744,555.60. This represents a 0.01% decrease in their position. The SEC filing for this sale provides additional information. 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 currently owned by company insiders.

Fortinet Price Performance

Fortinet stock opened at $122.78 on Monday. The company has a market capitalization of $89.95 billion, a P/E ratio of 47.41, a P/E/G ratio of 3.38 and a beta of 0.92. The firm's fifty day simple moving average is $87.51 and its 200-day simple moving average is $83.36. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $123.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly 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. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. Fortinet's revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.77 earnings per share for the current fiscal year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Zacks highlighted Fortinet as one of several security stocks benefiting from surging demand for cybersecurity solutions as companies accelerate digital transformation and cloud migration. 4 Security Stocks to Focus on From a Flourishing Industry
• Positive Sentiment: Scotiabank raised its FY2026 EPS estimate for Fortinet to $2.76 from $2.62, which can support investor confidence in earnings power even though the firm kept a Sector Perform rating and a $110 target.
• Positive Sentiment: Multiple market write-ups pointed to Fortinet’s strong Q1 beat, AI-driven demand, and institutional buying as reasons the stock has maintained strong momentum after earnings. Fortinet Stock's Momentum Score Skyrockets As AI-Driven Q1 Beat Ignites Rally
• Neutral Sentiment: Scotiabank also trimmed its FY2027 EPS estimate to $2.95 from $3.02, which is a mild headwind but not enough to offset the more upbeat near-term outlook.
• Neutral Sentiment: Fortinet was mentioned in broader cybersecurity and market commentary alongside peers such as CrowdStrike and Okta, reinforcing sector strength rather than providing company-specific news.

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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