Glenmede Trust Co. NA Has $42.35 Million Holdings in Fortinet, Inc. $FTNT

Glenmede Trust Co. NA increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 518,217 shares of the software maker’s stock after acquiring an additional 49,669 shares during the quarter. Glenmede Trust Co. NA owned about 0.07% of Fortinet worth $42,349,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of FTNT. Norges Bank bought a new stake in Fortinet in the 4th quarter valued at about $1,152,917,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet by 87.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after purchasing an additional 4,500,194 shares during the period. First Trust Advisors LP increased its holdings in shares of Fortinet by 45.5% during the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after purchasing an additional 3,598,487 shares during the period. Van ECK Associates Corp raised its position in shares of Fortinet by 38.9% in the fourth quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker’s stock valued at $613,915,000 after buying an additional 2,166,396 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Fortinet by 76.2% in the fourth quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker’s stock valued at $326,297,000 after buying an additional 1,777,115 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FTNT shares. Citigroup increased their price target on Fortinet from $165.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price objective (up from $110.00) on shares of Fortinet in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and set a $185.00 target price (up from $165.00) on shares of Fortinet in a research report on Thursday. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 target price on the stock. in a report on Monday, June 29th. Finally, Wells Fargo & Company set a $135.00 price target on Fortinet and gave the stock an “underweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-three have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $150.91.

Insider Activity

In related news, CEO Ken Xie sold 160,632 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the company’s stock in a transaction that occurred 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 $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 318,387 shares of company stock valued at $43,403,063. Company insiders own 17.60% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $161.95 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $170.35. The stock has a market cap of $118.65 billion, a price-to-earnings ratio of 57.02, a P/E/G ratio of 4.17 and a beta of 1.09. The company’s fifty day moving average is $150.50 and its 200 day moving average is $109.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.15. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.Fortinet’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.82 EPS for the current year.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Strong Q2 results: Fortinet reported earnings of $0.90 per share versus the $0.75 consensus estimate, while revenue rose 25.6% year over year to $2.05 billion, above the $1.89 billion forecast. Product revenue reportedly increased 52%, and billings climbed 33% to $2.37 billion. Fortinet lifts annual revenue forecast on strong cybersecurity demand
• Positive Sentiment: Guidance raised: Management lifted its full-year 2026 revenue outlook, signaling confidence that enterprise spending on security will remain strong amid rising data-security incidents. Analysts also highlighted pricing strength and solid execution. Fortinet raises revenue outlook after strong Q2 and new AI product push
• Positive Sentiment: AI and platform momentum: Demand for Fortinet’s AI-security offerings, SASE Firewall, security platforms and operational-technology products is providing additional growth catalysts as companies expand AI infrastructure. FTNT Q2 earnings call highlights SASE Firewall growth
• Positive Sentiment: Analyst target increases: Rosenblatt raised its target to $195 and BTIG raised its target to $203, both with Buy ratings. Citigroup also increased its target to $185, reinforcing the favorable near-term reaction to the earnings report. Analysts boost forecasts following upbeat Q2 earnings
• Neutral Sentiment: Susquehanna raised its target to $160 but retained a Neutral rating, while William Blair maintained a Hold rating, citing questions about how durable Fortinet’s pricing and growth advantages will be.
• Negative Sentiment: Valuation remains a risk after the stock’s substantial multiyear gain. At roughly 57 times earnings, shares may already reflect considerable optimism, leaving less room for disappointment. Fortinet stock seems stretched following its five-year run

Fortinet Company Profile

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.