PNC Financial Services Group Inc. Decreases Stock Position in Fortinet, Inc. $FTNT

Posted by Francis Steltz on Jul 24th, 2026

PNC Financial Services Group Inc. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 2.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 436,081 shares of the software maker’s stock after selling 11,136 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fortinet were worth $35,637,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp boosted its position in shares of Fortinet by 1.6% in the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock worth $2,493,860,000 after purchasing an additional 477,397 shares during the period. Norges Bank bought a new stake in shares of Fortinet during the 4th quarter valued at $1,152,917,000. Bank of New York Mellon Corp raised its position in shares of Fortinet by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after purchasing an additional 893,190 shares during the period. Invesco Ltd. lifted its stake in shares of Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after buying an additional 1,568,337 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Fortinet by 4.4% during the 4th quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker’s stock valued at $627,949,000 after buying an additional 332,024 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. Wells Fargo & Company reiterated an “underweight” rating and issued a $120.00 price target (up from $70.00) on shares of Fortinet in a research note on Monday. UBS Group boosted their price objective on Fortinet from $90.00 to $115.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Susquehanna upped their price objective on Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Citigroup reiterated a “neutral” rating and set a $165.00 target price (up from $115.00) on shares of Fortinet in a research report on Wednesday. Finally, Scotiabank boosted their price target on Fortinet from $85.00 to $110.00 and gave the stock a “sector perform” rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-four have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $123.61.

Read Our Latest Stock Analysis on FTNT

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction on 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 completion of 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 trade represents a 0.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the business’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 owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This trade represents a 0.04% 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 in the last three months. Corporate insiders own 17.60% of the company’s stock.

Fortinet Stock Down 2.3%

Shares of FTNT opened at $151.54 on Friday. 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 $111.03 billion, a price-to-earnings ratio of 58.51, a price-to-earnings-growth ratio of 4.22 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $170.35. The business’s 50 day simple moving average is $147.43 and its 200-day simple moving average is $106.13.

Fortinet (NASDAQ:FTNT – Get Free Report) last posted its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating 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 firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the firm posted $0.58 earnings per share. Fortinet’s revenue for the quarter was up 20.1% compared to the same quarter last year. 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 2.8 earnings per share for the current fiscal 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.