Rakuten Investment Management Inc. Raises Holdings in Fortinet, Inc. $FTNT

Rakuten Investment Management Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 901.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 124,808 shares of the software maker’s stock after purchasing an additional 112,350 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Fortinet were worth $10,087,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Fortinet by 4.0% during the third 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 position in shares of Fortinet by 1.6% during the third 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. Norges Bank purchased a new stake in shares of Fortinet during the fourth quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp increased its position in shares of Fortinet by 6.6% during the fourth quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock worth $1,151,810,000 after purchasing an additional 893,190 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Fortinet by 17.0% during the third 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. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Morgan Stanley reiterated an “underweight” rating and set a $80.00 price target on shares of Fortinet in a research report on Thursday, May 7th. Robert W. Baird set a $115.00 price target on Fortinet in a research report on Thursday, May 7th. Zacks Research cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. Barclays set a $155.00 price target on Fortinet and gave the stock an “equal weight” rating in a research report on Friday. Finally, Piper Sandler upped their target price on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-five have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $107.77.

Fortinet Stock Down 1.7%

Shares of NASDAQ:FTNT opened at $147.02 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The business has a fifty day moving average of $112.43 and a two-hundred day moving average of $92.11. The stock has a market cap of $107.71 billion, a P/E ratio of 56.76, a PEG ratio of 4.09 and a beta of 1.11. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $150.07.

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. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS. 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, research analysts expect that Fortinet, Inc. will post 2.78 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 160,632 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. This represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the stock in a transaction 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 transaction, the chief operating officer owned 94,724 shares of the company’s stock, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is currently owned by company insiders.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet launched FortiSOC, a unified, cloud-delivered SOC platform powered by agentic AI, which could strengthen its cybersecurity product lineup and support future revenue growth. Fortinet Launches FortiSOC, a Unified SOC Platform Powered by Agentic AI
• Positive Sentiment: TD Cowen and Cantor Fitzgerald raised their price targets on Fortinet, citing strong security and AI growth prospects, which reinforces a bullish outlook for the stock. TD Cowen and Cantor Fitzgerald Increase Fortinet Price Targets
• Positive Sentiment: At its annual meeting, shareholders backed the board, auditor, and executive pay, reducing governance uncertainty and signaling continued investor support. Fortinet Shareholders Back Board, Auditor and Executive Pay
• Neutral Sentiment: Coverage on FTNT noted the stock underperformed competitors on Tuesday, but the article did not point to a new fundamental problem. Fortinet Inc. stock underperforms Tuesday when compared to competitors
• Neutral Sentiment: Trading-focused articles suggested bullish technical setups and an options strategy targeting upside, but these were largely commentary rather than fresh business news. Fortinet Stock: Aim For A 28% Return With This Strategy On The Cybersecurity Firm

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.