Shell Asset Management Co. Sells 47,725 Shares of Fortinet, Inc. $FTNT

Shell Asset Management Co. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 71.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,688 shares of the software maker’s stock after selling 47,725 shares during the period. Shell Asset Management Co.’s holdings in Fortinet were worth $1,571,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in FTNT. Norges Bank purchased a new stake in Fortinet during the second quarter valued at $1,640,900,000. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 1.4% in the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after buying an additional 1,024,516 shares during the last quarter. State Street Corp increased its holdings in Fortinet by 3.0% during the second quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after buying an additional 862,468 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after acquiring an additional 828,569 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in Fortinet by 213.0% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,158,646 shares of the software maker’s stock valued at $122,492,000 after purchasing an additional 788,436 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on FTNT. Truist Financial set a $88.00 target price on shares of Fortinet in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Fortinet in a research note on Monday, December 29th. TD Cowen raised Fortinet from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Friday, January 23rd. Jefferies Financial Group set a $90.00 price objective on Fortinet in a research note on Friday, February 6th. Finally, Scotiabank downgraded Fortinet from a “sector outperform” rating to a “sector perform” rating and set a $85.00 price target for the company. in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-two have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $89.07.

Fortinet Stock Up 1.5%

Shares of FTNT opened at $85.56 on Monday. The company has a market cap of $63.63 billion, a PE ratio of 35.21, a P/E/G ratio of 2.95 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The business has a fifty day moving average of $80.56 and a 200 day moving average of $81.92. The company has a quick ratio of 1.09, a current ratio of 1.17 and a debt-to-equity ratio of 0.40.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.07. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.74 earnings per share. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In related news, CEO Ken Xie sold 175,737 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the completion of the sale, the chief executive officer owned 51,396,385 shares in the company, valued at approximately $4,184,693,666.70. The trade was a 0.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 343,106 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the transaction, the vice president directly owned 10,210,282 shares in the company, valued at approximately $831,321,160.44. This trade represents a 3.25% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 18.00% 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.