OLD National Bancorp IN Raises Stock Position in Fortinet, Inc. $FTNT

OLD National Bancorp IN lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 217,432 shares of the software maker’s stock after buying an additional 8,008 shares during the period. OLD National Bancorp IN’s holdings in Fortinet were worth $17,266,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. PDS Planning Inc grew its holdings in shares of Fortinet by 3.1% during the fourth quarter. PDS Planning Inc now owns 4,110 shares of the software maker’s stock worth $326,000 after purchasing an additional 123 shares during the last quarter. Fiduciary Trust Co lifted its holdings in shares of Fortinet by 1.2% in the 3rd quarter. Fiduciary Trust Co now owns 10,823 shares of the software maker’s stock valued at $910,000 after purchasing an additional 130 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of Fortinet by 40.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 481 shares of the software maker’s stock valued at $40,000 after purchasing an additional 139 shares during the period. Optimist Retirement Group LLC grew its stake in Fortinet by 2.9% during the 3rd quarter. Optimist Retirement Group LLC now owns 4,888 shares of the software maker’s stock worth $411,000 after buying an additional 140 shares during the last quarter. Finally, L2 Asset Management LLC grew its stake in Fortinet by 5.1% during the 3rd quarter. L2 Asset Management LLC now owns 2,992 shares of the software maker’s stock worth $252,000 after buying an additional 145 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the subject of a number of research reports. Barclays set a $88.00 price objective on Fortinet in a research note on Tuesday, February 3rd. Jefferies Financial Group set a $90.00 target price on shares of Fortinet in a research report on Friday, February 6th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Fortinet in a report on Friday, February 6th. Mizuho reduced their price target on shares of Fortinet from $74.00 to $70.00 and set an “underperform” rating for the company in a research report on Tuesday, April 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortinet from $72.00 to $73.00 and gave the stock an “underweight” rating in a research note on Friday, February 6th. Five investment analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $87.04.

Insider Buying and Selling

In related news, CEO Ken Xie sold 175,737 shares of Fortinet 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 sale, the chief executive officer directly owned 51,396,385 shares in the company, valued at $4,184,693,666.70. The trade was a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 343,106 shares of the company’s stock in a transaction 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 transaction, the vice president directly owned 10,210,282 shares in the company, valued at $831,321,160.44. This represents a 3.25% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by insiders.

Fortinet Trading Down 4.4%

Shares of Fortinet stock opened at $83.30 on Thursday. The firm has a market cap of $61.63 billion, a price-to-earnings ratio of 34.36, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $109.33. The company’s 50-day simple moving average is $81.64 and its 200-day simple moving average is $81.74. 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 quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm earned $0.74 earnings per share. The firm’s revenue was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.63 earnings per share for the current year.

Fortinet Company 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.