PNC Financial Services Group Inc. Sells 43,429 Shares of Fortinet, Inc. $FTNT

Posted by Brenda Bartman on May 22nd, 2026

PNC Financial Services Group Inc. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 8.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 447,217 shares of the software maker’s stock after selling 43,429 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortinet were worth $35,514,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. PDS Planning Inc lifted its holdings in shares of Fortinet by 3.1% during the 4th quarter. PDS Planning Inc now owns 4,110 shares of the software maker’s stock worth $326,000 after acquiring an additional 123 shares during the period. Delta Investment Management LLC boosted its position in Fortinet by 2.4% in the fourth quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock valued at $417,000 after buying an additional 125 shares in the last quarter. Fiduciary Trust Co boosted its position in Fortinet by 1.2% in the third quarter. Fiduciary Trust Co now owns 10,823 shares of the software maker’s stock valued at $910,000 after buying an additional 130 shares in the last quarter. Optimist Retirement Group LLC boosted its position in Fortinet by 2.9% in the third quarter. Optimist Retirement Group LLC now owns 4,888 shares of the software maker’s stock valued at $411,000 after buying an additional 140 shares in the last quarter. Finally, L2 Asset Management LLC boosted its position in Fortinet by 5.1% in the third quarter. L2 Asset Management LLC now owns 2,992 shares of the software maker’s stock valued at $252,000 after buying an additional 145 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Down 0.4%

Shares of NASDAQ FTNT opened at $129.46 on Friday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $130.36. The company has a market cap of $94.85 billion, a PE ratio of 49.98, a P/E/G ratio of 3.58 and a beta of 0.92. 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 company has a 50-day moving average of $91.06 and a two-hundred day moving average of $84.58.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the firm posted $0.58 earnings per share. The company’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. As a group, equities analysts expect that Fortinet, Inc. will post 2.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on FTNT shares. Piper Sandler boosted their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Jefferies Financial Group set a $90.00 price target on shares of Fortinet in a research report on Friday, February 6th. Weiss Ratings lowered shares of Fortinet from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a research report on Tuesday, April 21st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $73.00 to $75.00 and gave the company an “underweight” rating in a research 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 issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $101.83.

Check Out Our Latest Stock Report on FTNT

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 5,355 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total value of $476,059.50. Following the completion of the transaction, the chief executive officer directly owned 52,978,004 shares of the company’s stock, valued at approximately $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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, VP Michael Xie sold 2,478 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the transaction, the vice president directly owned 9,927,517 shares of the company’s stock, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 17.60% of the company’s stock.

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.