Calamos Advisors LLC Makes New Investment in Fortinet, Inc. $FTNT

Calamos Advisors LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 7,340 shares of the software maker’s stock, valued at approximately $600,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter worth about $1,152,917,000. Van ECK Associates Corp lifted its stake in Fortinet by 38.9% in the 4th quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker’s stock valued at $613,915,000 after purchasing an additional 2,166,396 shares during the last quarter. AQR Capital Management LLC grew its holdings in Fortinet by 76.2% during the fourth quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker’s stock worth $326,297,000 after purchasing an additional 1,777,115 shares during the period. Invesco Ltd. grew its holdings in 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 during the period. Finally, Capital World Investors acquired a new position in Fortinet during the fourth quarter worth approximately $100,256,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, COO John Whittle sold 146,015 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the transaction, the chief operating officer directly owned 94,724 shares in the company, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This represents a 0.04% 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. Over the last three months, insiders have sold 318,387 shares of company stock worth $43,403,063. Corporate insiders own 17.60% of the company’s stock.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet was upgraded by Zacks Research from hold to strong-buy, signaling stronger earnings optimism and a potentially more favorable near-term trading setup. Article Title
• Positive Sentiment: Several articles highlighted Fortinet as a beneficiary of rising cybersecurity demand, especially as AI infrastructure spending and global threat concerns keep security budgets elevated. Article Title
• Positive Sentiment: Coverage on Fortinet’s AI security initiatives, including the expansion of FortiEndpoint and broader AI cybersecurity positioning, is reinforcing the growth narrative around the stock. Article Title
• Positive Sentiment: Fortinet’s selection of TD SYNNEX as a global delivery/distribution partner adds another sign of expanding channel reach and customer access. Article Title
• Neutral Sentiment: MarketWatch noted that Fortinet has been outperforming peers despite weakness in the broader session, suggesting relative strength rather than a fresh fundamental catalyst. Article Title
• Neutral Sentiment: Some commentary compared Fortinet with peers like Palo Alto and Microsoft, but also raised valuation concerns after a strong multi-year run, which may cap upside if growth does not keep pace. Article Title

Analyst Upgrades and Downgrades

FTNT has been the topic of several research analyst reports. Robert W. Baird set a $115.00 price objective on Fortinet in a research note on Thursday, May 7th. Rosenblatt Securities lifted their target price on Fortinet from $105.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Arete Research set a $104.00 target price on Fortinet and gave the stock a “buy” rating in a report on Monday, April 27th. Stephens set a $115.00 price target on Fortinet and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Finally, Scotiabank raised their price target on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $113.97.

Fortinet Stock Performance

FTNT opened at $160.78 on Friday. The business has a fifty day simple moving average of $143.35 and a 200 day simple moving average of $103.39. The company has a market capitalization of $117.80 billion, a PE ratio of 62.08, a price-to-earnings-growth ratio of 4.47 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $170.35. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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 return on equity of 160.08% and a net margin of 27.49%.The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the prior year, the firm posted $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. Research analysts expect that Fortinet, Inc. will post 2.8 EPS for the current year.

Fortinet 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.