National Pension Service Has $156.83 Million Stake in Fortinet, Inc. $FTNT

National Pension Service reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,020,902 shares of the software maker’s stock after selling 72,124 shares during the quarter. National Pension Service owned 0.14% of Fortinet worth $156,831,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. California State Teachers Retirement System raised its stake in shares of Fortinet by 15,545.1% in the 2nd quarter. California State Teachers Retirement System now owns 145,097,777 shares of the software maker’s stock valued at $22,289,921,000 after purchasing an additional 144,170,346 shares during the period. BlackRock Inc. acquired a new position in shares of Fortinet during the second quarter worth about $9,561,650,000. State Street Corp grew its holdings 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 buying an additional 477,397 shares in the last quarter. Norges Bank bought a new position in shares of Fortinet during the fourth quarter worth about $1,152,917,000. Finally, Bank of New York Mellon Corp raised its position in Fortinet by 6.6% in the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after buying an additional 893,190 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 1.0%

NASDAQ:FTNT opened at $158.85 on Friday. The firm has a market capitalization of $116.55 billion, a price-to-earnings ratio of 55.93, a price-to-earnings-growth ratio of 2.98 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $173.89. The stock’s 50 day moving average price is $158.99 and its two-hundred day moving average price is $125.41. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Equities research analysts expect that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Gartner recognition reinforces Fortinet’s competitive position. Fortinet was named a Leader in the 2026 Gartner Magic Quadrant for Hybrid Mesh Firewall and ranked highest for Ability to Execute for the second consecutive year. The recognition highlights adoption of its FortiGate and FortiOS platform across physical, cloud, virtual and as-a-service environments, as well as investments in AI, secure networking, multi-cloud orchestration and post-quantum cryptography. Fortinet Named a Leader in the 2026 Gartner Magic Quadrant Report
• Positive Sentiment: Growth and guidance support the bullish case. Recent results showed revenue rising approximately 26% year over year to about $2.05 billion, while earnings exceeded analyst expectations. Fortinet also raised its 2026 outlook, and ongoing demand for AI-related security products and expanding margins could help justify the stock’s elevated valuation. Is FTNT Stock Worth Buying at a Premium P/S or Should Investors Wait?
• Neutral Sentiment: Short-interest data provides little useful signal. Reported short interest was zero, with a zero-day short-interest ratio, but the accompanying percentage change was listed as “NaN,” suggesting a data-quality issue rather than a meaningful change in bearish positioning.
• Negative Sentiment: Valuation and analyst caution could limit further upside. Fortinet trades at a rich earnings and sales multiple after a substantial rally. Some analysts continue to question whether growth can remain strong enough to support the premium, with several ratings below Buy and a median reported price target well below the current trading level.
• Negative Sentiment: Insider selling is a potential overhang. Reported insider activity over the past six months included 36 sales and no purchases, including substantial sales by CEO Ken Xie. While such transactions may reflect compensation or portfolio diversification, the absence of insider buying can weigh on investor sentiment.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $190.00 price target on shares of Fortinet in a research report on Thursday, July 30th. Mizuho set a $125.00 price objective on shares of Fortinet and gave the company an “underperform” rating in a report on Wednesday, July 15th. Robert W. Baird set a $165.00 price objective on shares of Fortinet in a report on Thursday, July 30th. Scotiabank reissued a “sector perform” rating and issued a $163.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Finally, DZ Bank cut shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $150.91.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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, VP Michael Xie sold 3,121 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the sale, the vice president owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This trade represents a 0.03% 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.

About Fortinet

Fortinet, Inc develops cybersecurity products and services designed to protect enterprise, small and midsize business, service provider, and government networks. Its portfolio covers network security, endpoint protection, cloud security, secure access service edge (SASE), security operations, and zero-trust access.

The company’s offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiManager and FortiAnalyzer management and analytics tools.