State of Wyoming Increases Stake in Fortinet, Inc. $FTNT

Posted by Brian Himes on Jun 6th, 2026

State of Wyoming lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 250.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,391 shares of the software maker’s stock after acquiring an additional 5,284 shares during the period. State of Wyoming’s holdings in Fortinet were worth $587,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Cibc World Market Inc. lifted its holdings in shares of Fortinet by 13.2% during the 4th quarter. Cibc World Market Inc. now owns 76,301 shares of the software maker’s stock worth $6,059,000 after acquiring an additional 8,870 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Fortinet during the 4th quarter worth about $414,000. Lido Advisors LLC increased its position in Fortinet by 1.8% during the 4th quarter. Lido Advisors LLC now owns 163,522 shares of the software maker’s stock worth $13,613,000 after purchasing an additional 2,854 shares in the last quarter. WCG Wealth Advisors LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $3,257,000. Finally, CIBC Asset Management Inc increased its position in Fortinet by 29.6% during the 4th quarter. CIBC Asset Management Inc now owns 289,140 shares of the software maker’s stock worth $22,961,000 after purchasing an additional 65,980 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. DZ Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating and set a $125.00 target price for the company. in a research report on Tuesday, May 19th. Citigroup 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 Friday, May 8th. Zacks Research raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 14th. Morgan Stanley reissued an “underweight” rating and set a $80.00 target price on shares of Fortinet in a research report on Thursday, May 7th. Finally, TD Cowen reissued a “buy” rating and set a $125.00 target price (up from $100.00) on shares of Fortinet in a research report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-four have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $102.69.

Read Our Latest Analysis on Fortinet

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,907 shares of the firm’s 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 sale, the vice president directly owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the firm’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. This represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 318,387 shares of company stock valued at $43,403,063 over the last 90 days. 17.60% of the stock is owned by corporate insiders.

Fortinet Stock Down 3.3%

Shares of NASDAQ:FTNT opened at $144.68 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $150.07. The company has a 50 day moving average of $103.59 and a two-hundred day moving average of $88.89. The company has a market capitalization of $106.00 billion, a price-to-earnings ratio of 55.86, a price-to-earnings-growth ratio of 4.10 and a beta of 1.11.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the company earned $0.58 earnings per share. Fortinet’s revenue for the quarter 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. As a group, analysts forecast that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

Positive Sentiment: Fortinet’s latest quarterly results beat expectations, with EPS and revenue both coming in ahead of analyst forecasts, while management also raised full-year 2026 guidance.
Positive Sentiment: Investors are rewarding Fortinet’s AI security push, including new AI-focused products and its positioning as a converged security and networking platform.
Positive Sentiment: Momentum remains strong after the earnings report, with commentary noting the stock has surged substantially over the past month and is continuing to attract attention from traders and growth investors.
Neutral Sentiment: Recent articles focused on whether the rally can continue, highlighting valuation questions and the need for future earnings estimates to keep improving.
Negative Sentiment: There was a small insider sale by VP Michael Xie, though it was pre-arranged under a 10b5-1 plan and therefore appears more routine than concerning.

Fortinet Company Profile

(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.