Illinois Municipal Retirement Fund Sells 10,173 Shares of Fortinet, Inc. $FTNT

Illinois Municipal Retirement Fund lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.6% during the 1st quarter, HoldingsChannel reports. The firm owned 70,528 shares of the software maker’s stock after selling 10,173 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Fortinet were worth $5,764,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Wexford Capital LP acquired a new stake in shares of Fortinet in the third quarter worth $25,000. Physician Wealth Advisors Inc. grew its stake 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 buying an additional 245 shares during the last quarter. Palisade Asset Management LLC bought a new position in Fortinet in the 3rd quarter worth $28,000. Elyxium Wealth LLC bought a new position in Fortinet in the 4th quarter worth $27,000. Finally, Maseco LLP acquired a new position in Fortinet during the 1st quarter worth $29,000. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, COO John Whittle sold 146,015 shares of the firm’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 trade represents a 60.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 160,632 shares of Fortinet 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. The trade was a 0.30% decrease in their position. 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 currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. TD Cowen restated a “buy” rating and set a $215.00 price target (up from $160.00) on shares of Fortinet in a report on Monday. Wells Fargo & Company reissued an “underweight” rating and set a $70.00 price objective (up from $64.00) on shares of Fortinet in a research report on Thursday, May 7th. Truist Financial set a $120.00 target price on Fortinet and gave the company a “buy” rating in a research note on Thursday, May 7th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $160.00 target price on shares of Fortinet in a report on Thursday. Finally, Susquehanna lifted their price target on Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-three have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $113.97.

Fortinet Stock Performance

NASDAQ FTNT opened at $161.61 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 firm has a market capitalization of $118.40 billion, a price-to-earnings ratio of 62.40, a P/E/G ratio of 4.37 and a beta of 1.09. The company’s fifty day moving average is $144.30 and its two-hundred day moving average is $103.80. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $170.35.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS 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 business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the business earned $0.58 earnings per share. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities research analysts forecast that Fortinet, Inc. will post 2.8 EPS 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.