WD Rutherford LLC Has $498,000 Stake in Fortinet, Inc. $FTNT

Key Points

• WD Rutherford LLC cut its Fortinet stake sharply in the first quarter, selling 11,059 shares and reducing its position by 64.5% to 6,092 shares worth about $498,000.
• Insiders also sold shares, including CEO Ken Xie and VP Michael Xie, with total insider selling over the past three months reaching 318,387 shares valued at roughly $43.4 million.
• Analysts remain mixed on FTNT: the stock’s average rating is "Hold" with a consensus price target of $107.58, even though some firms have recently raised targets and highlighted the company’s momentum and cybersecurity growth prospects.

WD Rutherford LLC trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 64.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,092 shares of the software maker's stock after selling 11,059 shares during the period. WD Rutherford LLC's holdings in Fortinet were worth $498,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Pinnacle Holdings LLC bought a new stake in Fortinet during the 3rd quarter valued at approximately $25,000. Ameriflex Group Inc. bought a new position in Fortinet in the 3rd quarter worth approximately $25,000. Wexford Capital LP bought a new position in Fortinet in the 3rd quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new position in shares of Fortinet during the third quarter worth approximately $28,000. Finally, Elyxium Wealth LLC acquired a new position in shares of Fortinet during the fourth quarter worth approximately $27,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 160,632 shares of the company's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total value of $23,384,806.56. Following the sale, the chief executive officer owned 52,972,372 shares of the company's stock, valued at $7,711,717,915.76. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at $1,453,213,448.40. This trade represents a 0.04% 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 three months, insiders sold 318,387 shares of company stock valued at $43,403,063. Company insiders own 17.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. Susquehanna raised their price objective on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. HSBC cut shares of Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 target price for the company. in a research note on Monday. Stifel Nicolaus set a $85.00 price target on shares of Fortinet in a report on Wednesday, March 11th. Arete Research set a $104.00 price target on shares of Fortinet and gave the stock a "buy" rating in a research report on Monday, April 27th. Finally, Robert W. Baird set a $115.00 price objective on shares of Fortinet in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $107.58.

Trending Headlines about Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet was highlighted as a strong momentum stock by Zacks, reinforcing the idea that the shares are technically strong and attracting investor interest. Here's Why Fortinet (FTNT) is a Strong Momentum Stock
• Positive Sentiment: Liquid Networx expanded Fortinet security offerings through AWS and Azure Marketplace, a sign of broader channel reach and potential incremental demand for Fortinet licensing and services. Liquid Networx Expands Fortinet Security Offerings via AWS and Azure Marketplace
• Positive Sentiment: Several recent articles pointed to Fortinet as a potentially top-performing AI/cybersecurity stock, with one noting Barclays raised its price target to $155, which can boost investor confidence. Fortinet (FTNT) Stock Could Be A Top Performer This Year Amid Cautious Guidance
• Neutral Sentiment: Fortinet was included in a list of the most profitable software stocks, which supports the company’s fundamental profile but is not a direct catalyst. 5 Most Profitable Software Stocks to Buy Right Now
• Neutral Sentiment: Bernstein’s Hold rating suggests mixed expectations, while a separate sell recommendation adds caution and may limit enthusiasm around the stock’s near-term upside. Fortinet (FTNT) Gets a Hold from Bernstein Fortinet (FTNT): New Sell Recommendation for This Technology Giant
• Negative Sentiment: Wall Street coverage remains somewhat divided, with cautious guidance still a theme in some commentary, which could temper gains if investors focus on valuation and growth concerns. Here are Tuesday’s Best Wall Street Analyst Research Calls

Fortinet Stock Performance

FTNT opened at $158.98 on Thursday. The stock's 50 day simple moving average is $127.45 and its 200-day simple moving average is $97.25. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The stock has a market cap of $116.48 billion, a PE ratio of 61.38, a P/E/G ratio of 4.21 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $159.80.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, topping the consensus estimate of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the business earned $0.58 earnings per share. Fortinet'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. Sell-side analysts forecast that Fortinet, Inc. will post 2.78 EPS for the current 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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