FORTINET, INC.
In the published model solve dated 2026-Q2, anchored at $165.90, FORTINET, INC. (FTNT) is priced for today's economics sustained for ~12.7 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 26, 2026 from SEC EDGAR filings.
• Security subscriptions are the largest revenue line at 39% of the total, ahead of hardware and software product sales at 33% and technical support at 29%, and customers have already paid for 7,351.5 million dollars of future delivery that has not yet been recognized as revenue. • The hardware share is the exposure nobody else in the cohort carries: a third of revenue ships in a box, and inventory purchase commitments jumped to 1.37 billion dollars at the end of March from 810.6 million dollars
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1,283 institutional managers reported holding FTNT in 13F filings for the quarter ended 2026-03-31. Together they hold about 55% of the company; the top 10 hold 24%. 127 opened new positions that quarter. Held by BlackRock, State Street, Geode Capital, among others. On the short side, 18.8M shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (2.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
FTNT has cut its share count 9.5% over the past five years, spending $7.26B on repurchases. It pays no dividend. Cash returned over the past three years: $4.61B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at FTNT over the trailing three years. Absence is a fact about the company, not a signal. 13 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
FTNT's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-08 | -23.6% | +1.4% |
| 2023-11-08 | -11.9% | +22.1% |
| 2024-02-27 | +1.0% | -9.7% |
| 2024-05-07 | -7.3% | +1.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
FTNT's latest 8-K filings: 2026-07-29 (items 2.02, 9.01); 2026-06-16 (items 5.07); 2026-05-06 (items 2.02, 9.01); 2026-02-05 (items 2.02, 9.01); 2025-11-05 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 26, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.