King Luther Capital Management Corp Decreases Holdings in Fortinet, Inc. $FTNT

Posted by George Bondi on May 27th, 2026

King Luther Capital Management Corp cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 1.1% during the 4th quarter, HoldingsChannel reports. The fund owned 664,371 shares of the software maker’s stock after selling 7,273 shares during the quarter. King Luther Capital Management Corp’s holdings in Fortinet were worth $52,758,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Fortinet by 4.0% during the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock worth $6,354,874,000 after acquiring an additional 2,894,355 shares in the last quarter. State Street Corp raised its stake in shares of Fortinet by 1.6% during the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock worth $2,493,860,000 after acquiring an additional 477,397 shares in the last quarter. Invesco Ltd. raised its stake in shares of Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock worth $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Fortinet by 30.9% during the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock worth $636,962,000 after acquiring an additional 1,790,033 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Fortinet by 12.9% during the fourth quarter. Legal & General Group Plc now owns 6,905,567 shares of the software maker’s stock worth $548,371,000 after acquiring an additional 790,117 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research reports. Freedom Capital downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Truist Financial set a $120.00 price target on shares of Fortinet and gave the stock a “buy” rating in a research note on Thursday, May 7th. Stephens set a $115.00 price target on shares of Fortinet and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Jefferies Financial Group set a $90.00 target price on shares of Fortinet in a report on Friday, February 6th. Finally, TD Cowen restated a “buy” rating and issued a $125.00 target price (up from $100.00) on shares of Fortinet in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.69.

Get Our Latest Report on FTNT

Insider Transactions at Fortinet

In related news, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the sale, the chief operating officer owned 94,724 shares in the company, valued at $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 5,355 shares of Fortinet 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 completion of the sale, the chief executive officer owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. This trade represents a 0.01% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders have sold 153,848 shares of company stock worth $19,446,115. Insiders own 17.60% of the company’s stock.

Fortinet Stock Up 0.0%

Shares of Fortinet stock opened at $133.96 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $134.91. The stock has a market capitalization of $98.15 billion, a price-to-earnings ratio of 51.72, a P/E/G ratio of 3.68 and a beta of 0.92. The company’s 50 day moving average price is $94.07 and its 200-day moving average price is $85.58.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business earned $0.58 earnings per share. The business’s revenue was up 20.1% on a year-over-year basis. 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 2.77 EPS for the current year.

About Fortinet

(Free Report)

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.