Fortinet (NASDAQ: FTNT) is a cybersecurity company that develops firewalls, cloud security, and enterprise protection software for businesses around the world. It has grown into one of the most important names in the sector, recently trading around $79 per share with a market value of nearly $60 billion.
Once known primarily for its FortiGate firewalls, the company has expanded into a broad security platform that protects networks, cloud workloads, and enterprise applications worldwide. With strong profitability, steady cash generation, and a reputation for innovation, Fortinet has become a core holding for many institutions looking for durable exposure to the cybersecurity market.
While still closely tied to co-founders Ken and Michael Xie, who together hold nearly 17% of the stock, Fortinet is now widely owned by some of the world’s largest asset managers and sovereign wealth funds. This mix of founder ownership and institutional support makes it a unique case: insiders remain deeply invested, but the stock’s pullback from highs above $110 has brought in new interest from long-term global investors.
Looking at Fortinet’s ownership breakdown helps show how major shareholders are positioning around the stock today.
Who Are Fortinet’s Top Shareholders?
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Fortinet develops cybersecurity solutions that protect networks, cloud workloads, and enterprise applications. Its shareholder base is a mix of founders, large asset managers, and sovereign wealth funds.
- Vanguard: 72.4M shares (9.5%), ~$5.7B. Added 1.0M (+1.4%).
- Michael Xie (Co-founder & CTO): 68.3M shares (8.9%), ~$5.3B. Trimmed 473K (-0.7%).
- Kenneth Xie (Co-founder & CEO): 60.2M shares (7.9%), ~$4.7B. No major changes.
- BlackRock: 41.5M shares (5.4%), ~$3.2B. Increased by 13.1%.
- State Street: 29.2M shares (3.8%), ~$2.3B. Slightly higher (+3.0%).
- Geode Capital: 16.9M shares (2.2%), ~$1.3B. Grew +5.1%.
- Norges Bank: 15.5M shares (2.0%), ~$1.2B. More than doubled (+102%).
One highlight from last quarter is Alec Litowitz’s Magnetar Financial, which lifted its Fortinet stake by 273%, now holding about 20K shares worth $2.1 million.
Another notable move came from Finny Kuruvilla’s Eventide Asset Management, which boosted its position by 113% to nearly 9K shares valued at $934K.
Meanwhile, Ray Dalio’s Bridgewater Associates raised its holdings by 60%, adding over 1.2M shares for a total position of 3.2M shares worth $336M.
Large passive funds provide stability, while Norges Bank’s sharp increase looks like confidence after the stock’s drop. Hedge funds led by Alec Litowitz, Finny Kuruvilla, and Ray Dalio also expanded positions, suggesting that some well-known managers are finding Fortinet attractive despite recent volatility.
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Fortinet’s Recent Insider Trades
Insider activity at Fortinet has mostly involved sales over the past few months. Most of these trades happened when the stock was near $98, well above today’s ~$79 level.
Here are some recent insider sales:
- Michael Xie (Co-founder & CTO): Sold 75K, 387K, and 14K shares in August at ~$98.
- Kenneth Xie (Co-founder & CEO): Sold 24K, 129K, and 4.9K shares in August. A separate 150K share transaction at $16.90 may have been linked to an option exercise.
- Christiane Ohlgart (CFO): Sold 110 shares near $98.
Insider sales were clustered near highs, which could look like profit-taking. The lack of insider buying after the pullback may signal hesitation, though it is not clear whether these moves reflect part of their investment strategy or personal diversification.
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What the Ownership & Insider Trade Data Tell Us
Fortinet’s ownership is still anchored by its co-founders, who hold about 17% combined. This keeps management strongly tied to the company’s long-term performance. At the same time, big funds like Vanguard and BlackRock provide steady support, while Norges Bank’s sharp increase shows that some large investors see value after the recent drop.
Insiders have been selling, mostly at higher prices, while major institutions and select hedge funds have been adding. For investors, this creates a mixed picture. Leadership looks cautious, but large funds appear more confident about Fortinet’s long-term outlook.
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