Truist Financial Corp Sells 5,024 Shares of Fortinet, Inc. $FTNT

Truist Financial Corp lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 25,148 shares of the software maker’s stock after selling 5,024 shares during the period. Truist Financial Corp’s holdings in Fortinet were worth $1,997,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings 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 purchasing an additional 2,894,355 shares in the last quarter. State Street Corp increased its holdings in Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock worth $2,493,860,000 after purchasing an additional 477,397 shares in the last quarter. Invesco Ltd. increased 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 purchasing an additional 1,568,337 shares in the last quarter. First Trust Advisors LP increased 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 purchasing an additional 1,790,033 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Fortinet by 4.7% during the 3rd quarter. Legal & General Group Plc now owns 6,115,450 shares of the software maker’s stock worth $514,187,000 after purchasing an additional 273,428 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, VP Michael Xie sold 2,478 shares of the firm’s stock in a transaction dated 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 sale, the vice president directly owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the completion of the sale, the chief executive officer owned 52,978,004 shares of the company’s stock, valued at $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. 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. Company insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research reports. Scotiabank increased their target price on Fortinet from $85.00 to $110.00 and gave the stock a “sector perform” rating in a report on Thursday, May 7th. Sanford C. Bernstein restated a “market perform” rating and set a $83.00 price objective on shares of Fortinet in a research note on Friday, February 6th. BTIG Research upgraded shares of Fortinet from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Thursday, May 7th. UBS Group increased their price objective on shares of Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $100.00 price objective on shares of Fortinet in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $100.45.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet announced a deeper integration with NVIDIA to secure enterprise AI at scale, including zero-trust protection, runtime guardrails, and defenses against prompt injection and data leakage. Fortinet NVIDIA Alliance Puts AI Cybersecurity And Valuation Expectations In Focus
• Positive Sentiment: The NVIDIA partnership could strengthen Fortinet’s positioning in the fast-growing AI infrastructure market and support longer-term revenue opportunities from enterprise AI security. Fortinet Deepens Integration to Uniquely Secure Enterprise AI at Scale with NVIDIA
• Neutral Sentiment: Multiple articles highlighted Fortinet’s strong long-term stock performance, including a 10-year return that far outpaced the market, but this is mainly a retrospective look rather than a fresh business catalyst. $100 Invested In Fortinet 10 Years Ago Would Be Worth This Much Today
• Neutral Sentiment: Other commentary noted Fortinet as an AI-adjacent cybersecurity beneficiary, but also reflected broader debate about whether some AI-linked stocks have risen too far, which may temper enthusiasm. AI Rally May Have Gone Too Far With Some Stocks Up 70% in a Month

Fortinet Trading Up 3.4%

Fortinet stock opened at $117.69 on Thursday. The firm has a 50-day moving average of $85.90 and a 200-day moving average of $82.84. Fortinet, Inc. has a one year low of $70.12 and a one year high of $117.84. 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 company has a market cap of $86.23 billion, a price-to-earnings ratio of 45.44, a P/E/G ratio of 3.29 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, topping 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 company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the business posted $0.58 EPS. The company’s quarterly revenue 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 expect that Fortinet, Inc. will post 2.64 earnings per share for the current fiscal year.

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.