Evergreen Capital Management 13F: Exits Fortinet (FTNT) Stake

Evergreen Capital Management closed out its position in Fortinet, Inc. (FTNT) by selling all 15,865 shares in a filing on October 23, 2026. The fund completely exited the cybersecurity provider, selling out of the 15,865 shares it held previously. Fortinet shares closed at $179.99 on the filing date.

FTNT Fortinet, Inc.

$179.99 ▲ +131.11% year to date

1M 3M YTD

Daily close · Oct 23, 2026

Inside Evergreen Capital's Fortinet Trade

Evergreen Capital Management sold off its entire holding of Fortinet, Inc. (FTNT) shares, reducing its position from 15,865 shares down to zero. The complete exit wiped out the firm's entire investment in the software infrastructure provider.

Other Institutional Activity in Fortinet

Other large managers adjusted their positions in the cybersecurity firm around the same period. Fundsmith trimmed its holdings by 359,336 shares, ending with 6,156,675 shares valued at about $945.79 million. E. Ohman J:or Asset Management reduced its position by 84,980 shares, leaving it with 170,639 shares worth $30.50 million. Klingman & Associates grew its holdings by 2,814 shares, ending with 4,165 shares worth about $744,536. Kmg Fiduciary Partners trimmed 5,127 shares to finish with 59,423 shares valued at $10.62 million. First Trust Advisors LP lowered its stake by 690,371 shares, leaving it with 10,815,814 shares worth approximately $1.95 billion.

Fortinet, Inc. Stock Up 3.4%

Fortinet shares recently traded near $179.99 as of October 24, 2026, sitting below its 52-week high of $197.13 and well above its 52-week low of $73.55. The stock trades above its 50-day and 200-day moving averages.

Recent Earnings

Fortinet reported trailing-twelve-month revenue of $7.53 billion alongside earnings per share of $2.83. The company posted a net profit margin of 28.2% and a return on equity of 117.4% over the period, with annual revenue growing 25.6% year-over-year. The company's next earnings report is scheduled for October 28, 2026.

Insider Buying and Selling at Fortinet, Inc.

Company insiders executed several transactions prior to the filing. Chief Executive Officer Kenneth Qing Xie disposed of 161,482 shares worth roughly $26.27 million on August 3, 2026. Chief Technology Officer Michael Xie sold 3,121 shares valued at about $507,574 on the same day. Chief Financial Officer Christiane Margrit Ohlgart sold 387 shares at an average price of $164.59 for a total of $63,696 on August 4, 2026. Chief Operating Officer John Whittle disposed of 56,700 shares worth approximately $9.39 million on September 15, 2026.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock through October 2026. On October 13, 2026, TD Cowen maintained its Buy rating while raising its price target to $225.00 from $215.00. Mizuho maintained an Underperform rating with a $160.00 target on October 15, 2026. Wells Fargo kept an Underweight rating and a $160.00 target on October 15, 2026. Truist Securities kept a Buy rating and lifted its target to $200.00 on October 20, 2026. JP Morgan maintained an Underweight rating and raised its target to $140.00 on October 23, 2026. The stock carries a consensus hold rating from analysts.

About Fortinet

Headquartered in Sunnyvale, California, Fortinet, Inc. builds cybersecurity hardware and software that converge networking and security protections for enterprise networks worldwide. Its products help businesses secure remote workforces, data centers, and cloud infrastructure against modern digital threats.

Bottom Line

Investors are watching for Fortinet's upcoming earnings report on October 28, 2026, to gauge ongoing demand for enterprise security solutions. Institutional and insider transactions will continue to provide a window into how major market participants view the stock's valuation.