Huntington National Bank Cuts Stake in Fortinet, Inc. $FTNT

Huntington National Bank reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 33.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,578 shares of the software maker’s stock after selling 5,325 shares during the period. Huntington National Bank’s holdings in Fortinet were worth $840,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. increased 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 worth $6,354,874,000 after buying an additional 2,894,355 shares during the period. Van ECK Associates Corp grew its holdings in Fortinet by 62.1% during the 3rd quarter. Van ECK Associates Corp now owns 5,564,558 shares of the software maker’s stock worth $467,868,000 after acquiring an additional 2,132,109 shares in the last quarter. First Trust Advisors LP grew its holdings in Fortinet by 30.9% during the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock worth $636,962,000 after acquiring an additional 1,790,033 shares in the last quarter. Invesco Ltd. grew its holdings in 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 acquiring an additional 1,568,337 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Fortinet by 23.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,160,348 shares of the software maker’s stock worth $430,082,000 after acquiring an additional 969,899 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on FTNT. Robert W. Baird set a $115.00 price target on shares of Fortinet in a report on Thursday, May 7th. Piper Sandler lifted their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. DZ Bank cut Fortinet from a “buy” rating to a “hold” rating and set a $125.00 price objective for the company. in a research report on Tuesday, May 19th. Weiss Ratings cut Fortinet from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, May 19th. Finally, BTIG Research upped their price objective on Fortinet from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-four have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.69.

Fortinet Trading Up 6.4%

Shares of Fortinet stock opened at $137.97 on Friday. The company has a fifty day simple moving average of $96.96 and a 200-day simple moving average of $86.62. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $138.11. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The stock has a market cap of $101.08 billion, a price-to-earnings ratio of 53.27, a PEG ratio of 3.57 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the business posted $0.58 EPS. The company’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. On average, equities analysts forecast that Fortinet, Inc. will post 2.77 EPS for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 2,478 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the completion of the transaction, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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, COO John Whittle sold 146,015 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer owned 94,724 shares of the company’s stock, valued at approximately $12,163,508.84. The trade was a 60.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 153,848 shares of company stock worth $19,446,115. Corporate insiders own 17.60% of the company’s stock.

Fortinet 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.