Thrivent Financial for Lutherans Sells 1,308,463 Shares of Fortinet, Inc. $FTNT

Thrivent Financial for Lutherans decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 89.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 152,193 shares of the software maker’s stock after selling 1,308,463 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Fortinet were worth $12,796,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FTNT. LSV Asset Management acquired a new stake in Fortinet in the second quarter valued at approximately $25,000. Financial Consulate Inc. acquired a new stake in shares of Fortinet during the 3rd quarter valued at $25,000. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Fortinet during the 3rd quarter valued at $25,000. SJS Investment Consulting Inc. grew its position in Fortinet by 1,556.5% during the 3rd quarter. SJS Investment Consulting Inc. now owns 381 shares of the software maker’s stock worth $32,000 after acquiring an additional 358 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $81.12 on Thursday. The firm has a market cap of $60.32 billion, a PE ratio of 33.38, a price-to-earnings-growth ratio of 2.74 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The business’s 50 day moving average price is $80.37 and its two-hundred day moving average price is $83.08. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the firm posted $0.63 EPS. The company’s quarterly revenue was up 14.4% on a year-over-year basis. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 343,106 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the sale, the vice president directly owned 10,210,282 shares in the company, valued at approximately $831,321,160.44. This trade represents a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 175,737 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the transaction, the chief executive officer owned 51,396,385 shares in the company, valued at $4,184,693,666.70. This represents a 0.34% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by corporate insiders.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Analysts are broadly constructive ahead of Q4 — previews note potential upside vs. consensus driven by recurring revenue strength and AI/data‑center deal momentum, supporting hopes for an earnings beat. Fortinet Q4 2025 earnings preview
• Positive Sentiment: Jefferies expects a modest Q4 beat (which can lift sentiment near-term) even as it stays cautious on FY‑2026 — near-term beat expectations are a bullish catalyst into results. Jefferies Q4 preview
• Positive Sentiment: Rosenblatt and other coverage point to tax incentives and improved sales execution as possible Q4 upside drivers — any upside surprise could re‑rate the shares. Rosenblatt Q4 upside
• Neutral Sentiment: Zacks and Benzinga previews compile guidance/expectations (revenue guidance bands and EPS setup); useful positioning but not an immediate catalyst until Fortinet posts results and forward guidance. Zacks Q4 preview Benzinga preview
• Negative Sentiment: Insider selling: CEO Ken Xie sold 175,737 shares (~$14.3M) and VP Michael Xie sold 343,106 shares (~$27.9M) on Feb. 2 — large insider sales often weigh on sentiment even though insiders still hold sizable stakes. InsiderTrades: Ken Xie sale Michael Xie SEC filing
• Negative Sentiment: Analyst downgrades (including Scotiabank and some firms reassessing 2026 growth) have pressured the stock as investors mark down forward growth expectations. Analyst downgrades Scotiabank downgrade

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FTNT shares. Barclays set a $88.00 target price on shares of Fortinet in a research report on Tuesday. UBS Group dropped their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Oppenheimer reissued a “market perform” rating on shares of Fortinet in a research note on Friday, January 23rd. Piper Sandler reaffirmed a “neutral” rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a research report on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Fortinet in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $90.48.

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.