Fortinet, Inc. $FTNT Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp grew its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 504.7% during the 1st quarter, HoldingsChannel reports. The firm owned 128,125 shares of the software maker’s stock after buying an additional 106,938 shares during the quarter. Fifth Third Bancorp’s holdings in Fortinet were worth $10,470,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Wexford Capital LP purchased a new position in Fortinet during the third quarter worth approximately $25,000. Physician Wealth Advisors Inc. lifted its holdings in Fortinet by 408.3% in the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock valued at $25,000 after purchasing an additional 245 shares in the last quarter. Palisade Asset Management LLC acquired a new position in Fortinet during the third quarter worth about $28,000. Elyxium Wealth LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $27,000. Finally, Maseco LLP acquired a new position in Fortinet during the first quarter worth $29,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

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Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet announced new capabilities for its FortiEndpoint platform aimed at helping organizations securely adopt AI, protect sensitive data, improve risk visibility, and simplify operations, which reinforces the company’s product momentum. Fortinet Expands FortiEndpoint with New Capabilities for the AI Era
• Positive Sentiment: Fortinet is benefiting from a sector-wide cybersecurity rally, with peers such as Palo Alto Networks and Check Point also moving higher as investors react to IBM’s cybersecurity-related spending warning. PANW, FTNT, CHKP: Palo Alto, Fortinet, Check Point Gain as IBM Stock Plunges — Here’s Why
• Positive Sentiment: Barclays recently raised its price target on Fortinet to $170, signaling continued analyst confidence even though the firm kept an equal-weight rating. Read More
• Neutral Sentiment: Fortinet also appeared in a new “buy recommendation” note, adding to investor attention but without clear details in the headline provided. Fortinet (FTNT): New Buy Recommendation for This Technology Giant
• Neutral Sentiment: Recent trading has also shown Fortinet outperforming the broader market, suggesting momentum was already positive before today’s news flow. Fortinet (FTNT) Gains As Market Dips: What You Should Know

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent analyst reports. BMO Capital Markets boosted their target price on shares of Fortinet from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Monday, May 4th. UBS Group lifted their price objective on Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Mizuho upped their target price on shares of Fortinet from $70.00 to $86.00 and gave the stock an “underperform” rating in a research note on Thursday, May 7th. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 price target on shares of Fortinet in a report on Tuesday, April 21st. Finally, TD Cowen reissued a “buy” rating and issued a $215.00 price objective (up from $160.00) on shares of Fortinet in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $111.00.

Check Out Our Latest Stock Report on FTNT

Insiders Place Their Bets

In other news, COO John Whittle sold 146,015 shares of the firm’s 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 completion of the sale, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. This trade represents a 60.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 160,632 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the transaction, the chief executive officer directly 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. 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 quarter, insiders sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is owned by insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $166.83 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The stock has a market capitalization of $122.23 billion, a price-to-earnings ratio of 64.41, a PEG ratio of 4.37 and a beta of 1.09. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $167.27. The firm’s fifty day simple moving average is $140.80 and its 200-day simple moving average is $102.24.

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 the consensus estimate of $0.62 by $0.20. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.58 earnings per share. 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 forecast that Fortinet, Inc. will post 2.8 earnings per share for the current year.

Fortinet 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.

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