OLD National Bancorp IN Increases Stock Position in Fortinet, Inc. $FTNT

OLD National Bancorp IN lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 217,432 shares of the software maker’s stock after purchasing an additional 8,008 shares during the period. OLD National Bancorp IN’s holdings in Fortinet were worth $17,266,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FTNT. Vanguard Group Inc. lifted its position in shares of Fortinet by 4.0% in the third 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 in the last quarter. Van ECK Associates Corp raised its stake in Fortinet by 62.1% in the 3rd quarter. Van ECK Associates Corp now owns 5,564,558 shares of the software maker’s stock valued at $467,868,000 after purchasing an additional 2,132,109 shares during the last quarter. First Trust Advisors LP raised its stake in Fortinet by 30.9% in the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock valued at $636,962,000 after purchasing an additional 1,790,033 shares during the last quarter. Invesco Ltd. lifted its holdings in Fortinet by 17.0% in the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after purchasing an additional 1,568,337 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Fortinet by 23.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,160,348 shares of the software maker’s stock valued at $430,082,000 after purchasing an additional 969,899 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. Wedbush reiterated an “outperform” rating and set a $90.00 price target on shares of Fortinet in a report on Friday, February 6th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Friday, January 23rd. Truist Financial set a $88.00 price objective on shares of Fortinet in a research note on Tuesday, January 20th. Piper Sandler restated a “neutral” rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a research report on Monday, January 5th. Finally, Barclays set a $88.00 target price on shares of Fortinet in a research note on Tuesday, February 3rd. Five equities research analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $87.04.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 343,106 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $27,935,690.52. Following the transaction, the vice president owned 10,210,282 shares of the company’s stock, valued at approximately $831,321,160.44. This trade represents a 3.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the transaction, the chief executive officer owned 51,396,385 shares in the company, valued at $4,184,693,666.70. The trade was a 0.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $83.30 on Thursday. The business has a 50-day moving average of $81.64 and a two-hundred day moving average of $81.74. The firm has a market capitalization of $61.63 billion, a PE ratio of 34.36, a P/E/G ratio of 2.93 and a beta of 1.00. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $109.33.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.07. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 EPS. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 2.63 earnings per share for the current year.

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.