ProShare Advisors LLC Has $104.10 Million Stake in Fortinet, Inc. $FTNT

ProShare Advisors LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 33.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,310,922 shares of the software maker’s stock after selling 663,520 shares during the quarter. ProShare Advisors LLC’s holdings in Fortinet were worth $104,100,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Peak Asset Management LLC lifted its stake in Fortinet by 0.8% in the fourth quarter. Peak Asset Management LLC now owns 158,102 shares of the software maker’s stock valued at $12,555,000 after buying an additional 1,182 shares during the period. TD Private Client Wealth LLC increased its holdings in shares of Fortinet by 12.1% in the fourth quarter. TD Private Client Wealth LLC now owns 5,160 shares of the software maker’s stock worth $410,000 after acquiring an additional 557 shares in the last quarter. Mission Wealth Management LP increased its holdings in shares of Fortinet by 23.4% in the fourth quarter. Mission Wealth Management LP now owns 4,417 shares of the software maker’s stock worth $351,000 after acquiring an additional 838 shares in the last quarter. Gabelli Funds LLC increased its holdings in shares of Fortinet by 24.8% in the fourth quarter. Gabelli Funds LLC now owns 5,031 shares of the software maker’s stock worth $400,000 after acquiring an additional 1,000 shares in the last quarter. Finally, North Dakota State Investment Board bought a new stake in shares of Fortinet in the fourth quarter worth about $1,732,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 0.9%

Shares of Fortinet stock opened at $127.64 on Wednesday. The business’s 50 day simple moving average is $89.23 and its 200 day simple moving average is $83.95. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $128.20. The firm has a market cap of $93.52 billion, a PE ratio of 49.28, a P/E/G ratio of 3.48 and a beta of 0.92. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the firm earned $0.58 EPS. 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. On average, analysts predict that Fortinet, Inc. will post 2.77 earnings per share for the current fiscal year.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet said AI-related security demand is accelerating, which is supporting stronger sales momentum and leading management to lift guidance. Fortinet Rides AI-Led Surge to Lift Guidance
• Positive Sentiment: Analyst commentary continues to frame FTNT as a strong momentum name, citing billings growth, margin strength, and favorable estimate revisions tied to AI and SASE demand. Here’s Why Fortinet (FTNT) is a Strong Momentum Stock
• Positive Sentiment: Another bullish note argues Fortinet looks like the better cybersecurity buy versus Zscaler because of AI and SASE tailwinds and ongoing demand strength. Zscaler vs. Fortinet: Which Cybersecurity Stock Is the Better Buy?
• Neutral Sentiment: Fortinet also presented at J.P. Morgan’s Global Technology, Media and Communications Conference, which may have helped reinforce its growth story but did not include a clearly new catalyst. Fortinet, Inc. (FTNT) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript
• Negative Sentiment: DZ Bank downgraded Fortinet from Buy to Hold and set a $125 price target, signaling some caution on valuation and contributing pressure on the shares. Finviz report

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. BTIG Research upgraded Fortinet from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $100.00 price target on shares of Fortinet in a report on Thursday, May 7th. TD Cowen restated a “buy” rating and issued a $125.00 price target (up from $100.00) on shares of Fortinet in a report on Thursday, May 7th. Oppenheimer restated a “market perform” rating on shares of Fortinet in a report on Friday, January 23rd. Finally, Stephens set a $115.00 price target on Fortinet and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-four have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $101.83.

Insider Buying and Selling

In related news, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $88.89, for a total value of $220,269.42. Following the sale, the vice president owned 9,927,517 shares of the company’s stock, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 5,355 shares of Fortinet stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.90, for a total value of $476,059.50. Following the completion of the sale, the chief executive officer directly owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. This represents a 0.01% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is currently owned by company insiders.

About Fortinet

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.