Convergence Financial LLC Trims Stock Position in Fortinet, Inc. $FTNT

Convergence Financial LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 78.6% in the 4th quarter, Holdings Channel reports. The fund owned 6,379 shares of the software maker’s stock after selling 23,415 shares during the quarter. Convergence Financial LLC’s holdings in Fortinet were worth $507,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock valued at $6,354,874,000 after acquiring an additional 2,894,355 shares during the last quarter. State Street Corp raised its stake in Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after acquiring an additional 477,397 shares during the last quarter. Norges Bank purchased a new stake in Fortinet during the 4th quarter valued at approximately $1,152,917,000. Bank of New York Mellon Corp raised its stake 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 worth $1,151,810,000 after buying an additional 893,190 shares in the last quarter. Finally, Invesco Ltd. raised 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 worth $909,453,000 after buying an additional 1,568,337 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

FTNT opened at $149.67 on Friday. The stock has a market cap of $109.66 billion, a P/E ratio of 57.79, a P/E/G ratio of 4.01 and a beta of 1.11. 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’s 50 day simple moving average is $102.28 and its 200 day simple moving average is $88.50. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $150.07.

Fortinet (NASDAQ:FTNT) last released its quarterly 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. The business had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 EPS. 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 anticipate that Fortinet, Inc. will post 2.78 EPS for the current fiscal year.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Articles highlighted Fortinet’s momentum profile and strong year-to-date performance, reinforcing the view that the stock is benefiting from sustained demand for cybersecurity and AI-driven security spending. Article Title
• Positive Sentiment: Coverage on rising AI-related cyberattacks pointed to higher global security spending, which supports the long-term growth outlook for Fortinet and peers in the cybersecurity space. Article Title
• Positive Sentiment: Fortinet’s latest earnings beat remains a key fundamental driver, with the company delivering stronger-than-expected EPS and revenue growth, helping sustain investor confidence in the stock. Article Title
• Neutral Sentiment: A transcript on quantum computing and quantum-safe cybersecurity suggests Fortinet is thinking about future threats and strategy, but it does not appear to be an immediate catalyst for the shares. Article Title
• Negative Sentiment: Recent insider sales by CEO Ken Xie and VP Michael Xie may create some caution, even though the trades were pre-arranged under 10b5-1 plans and involved small percentage reductions in ownership. Article Title

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on FTNT shares. BTIG Research increased their target price on Fortinet from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Robert W. Baird set a $115.00 target price on Fortinet in a research note on Thursday, May 7th. Wells Fargo & Company reissued an “underweight” rating and set a $70.00 target price (up from $64.00) on shares of Fortinet in a research note on Thursday, May 7th. Freedom Capital downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Morgan Stanley reissued an “underweight” rating and set a $80.00 target price on shares of Fortinet in a research note on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-four have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $102.69.

Insider Buying and Selling

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 owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This represents a 0.30% decrease in their position. The transaction 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 stock was 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 represents a 60.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 318,387 shares of company stock worth $43,403,063 in the last quarter. Company insiders own 17.60% of the company’s stock.

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.