Wealth Enhancement Advisory Services LLC Reduces Stock Position in Fortinet, Inc. $FTNT

Key Points

• Wealth Enhancement Advisory Services LLC cut its Fortinet stake by 77.5% in Q4, selling 586,685 shares and leaving 169,966 shares valued at about $13.37 million.
• Fortinet beat Q4 expectations with $0.81 EPS (vs. $0.74 est.) and $1.91 billion revenue (up 14.8% YoY), and provided Q1 2026 guidance of $0.590–0.630 and FY2026 guidance of $2.940–3.000 EPS.
• Large insider sales occurred (Michael Xie sold 343,106 shares; Ken Xie sold 175,737 shares), institutional ownership stands near 83.7%, and analysts carry an average "Hold" rating with a consensus target of $88.62.

Wealth Enhancement Advisory Services LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 77.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 169,966 shares of the software maker's stock after selling 586,685 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Fortinet were worth $13,366,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Allstate Corp bought a new position in shares of Fortinet in the third quarter valued at approximately $2,034,000. Asset Management One Co. Ltd. lifted its stake in Fortinet by 4.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker's stock worth $33,824,000 after purchasing an additional 17,892 shares in the last quarter. Machina Capital S.A.S. bought a new position in Fortinet in the 3rd quarter valued at $1,177,000. Victory Capital Management Inc. grew its position in shares of Fortinet by 5.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,651,683 shares of the software maker's stock valued at $138,874,000 after purchasing an additional 90,284 shares in the last quarter. Finally, Penserra Capital Management LLC raised its position in shares of Fortinet by 22.3% in the third quarter. Penserra Capital Management LLC now owns 1,356,122 shares of the software maker's stock worth $114,021,000 after buying an additional 246,844 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 2.7%

Shares of NASDAQ:FTNT opened at $81.03 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $109.33. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The stock's 50-day moving average price is $81.35 and its 200-day moving average price is $81.91. The stock has a market capitalization of $59.96 billion, a P/E ratio of 33.35, a price-to-earnings-growth ratio of 2.73 and a beta of 1.05.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the business posted $0.74 earnings per share. Fortinet's revenue for the quarter was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on FTNT. Cantor Fitzgerald restated a "neutral" rating on shares of Fortinet in a research report on Thursday, March 12th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $72.00 to $73.00 and gave the stock an "underweight" rating in a report on Friday, February 6th. Citigroup reaffirmed a "neutral" rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a research note on Monday, February 9th. Jefferies Financial Group set a $90.00 price target on shares of Fortinet in a research note on Friday, February 6th. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating and set a $83.00 price objective on shares of Fortinet in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-two have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $88.62.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 343,106 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $27,935,690.52. Following the transaction, the vice president directly owned 10,210,282 shares of the company's stock, valued at approximately $831,321,160.44. This represents a 3.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 175,737 shares of the business's stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the completion of the transaction, the chief executive officer owned 51,396,385 shares of the company's stock, valued at $4,184,693,666.70. This represents a 0.34% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 17.20% of the company's stock.

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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