Thrivent Financial for Lutherans Purchases 238,299 Shares of Fortinet, Inc. $FTNT

Thrivent Financial for Lutherans increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 156.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 390,492 shares of the software maker’s stock after acquiring an additional 238,299 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Fortinet were worth $31,009,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Pinnacle Holdings LLC bought a new position in Fortinet in the 3rd quarter worth $25,000. Ameriflex Group Inc. acquired a new stake in Fortinet in the 3rd quarter worth $25,000. Wexford Capital LP acquired a new stake in Fortinet in the 3rd quarter worth $25,000. Palisade Asset Management LLC acquired a new stake in Fortinet in the 3rd quarter worth $28,000. Finally, Ares Financial Consulting LLC acquired a new stake in Fortinet in the 4th quarter worth $29,000. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. TD Cowen restated a “buy” rating and issued a $125.00 price target (up from $100.00) on shares of Fortinet in a research report on Thursday, May 7th. Compass Point set a $100.00 price target on shares of Fortinet in a research report on Monday, May 4th. BMO Capital Markets raised their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock a “market perform” rating in a research report on Monday, May 4th. Sanford C. Bernstein restated a “market perform” rating and issued a $83.00 price target on shares of Fortinet in a research report on Friday, February 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $100.45.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 2,478 shares of the business’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 transaction, the vice president directly owned 9,927,517 shares in the company, valued at $882,456,986.13. The trade was a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 business’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 transaction, the chief executive officer owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. 17.60% of the stock is owned by insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $122.78 on Monday. The firm has a market cap of $89.95 billion, a P/E ratio of 47.41, a price-to-earnings-growth ratio of 3.38 and a beta of 0.92. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $123.33. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The firm’s 50-day simple moving average is $87.51 and its 200-day simple moving average is $83.36.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, research analysts expect that Fortinet, Inc. will post 2.77 EPS for the current fiscal year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Zacks highlighted Fortinet as one of several security stocks benefiting from surging demand for cybersecurity solutions as companies accelerate digital transformation and cloud migration. 4 Security Stocks to Focus on From a Flourishing Industry
• Positive Sentiment: Scotiabank raised its FY2026 EPS estimate for Fortinet to $2.76 from $2.62, which can support investor confidence in earnings power even though the firm kept a Sector Perform rating and a $110 target.
• Positive Sentiment: Multiple market write-ups pointed to Fortinet’s strong Q1 beat, AI-driven demand, and institutional buying as reasons the stock has maintained strong momentum after earnings. Fortinet Stock’s Momentum Score Skyrockets As AI-Driven Q1 Beat Ignites Rally
• Neutral Sentiment: Scotiabank also trimmed its FY2027 EPS estimate to $2.95 from $3.02, which is a mild headwind but not enough to offset the more upbeat near-term outlook.
• Neutral Sentiment: Fortinet was mentioned in broader cybersecurity and market commentary alongside peers such as CrowdStrike and Okta, reinforcing sector strength rather than providing company-specific news.

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.