Fundsmith 13F: Cuts Fortinet (FTNT) Stake by $55M

Fundsmith Scales Back Fortinet Position

Fundsmith trimmed its investment in Fortinet, Inc. FTNT, NasdaqGS during the period ending May 15, 2026, according to a recent Form 13F filing with the SEC. The fund sold 359,336 shares, marking a 5.5% decrease from its prior holdings. That left the investor with 6,156,675 shares of the cybersecurity provider.

That remaining block of stock carried an estimated value of about $945.8 million at the time of the filing. Because 13F reports look backward at portfolio holdings from past months, this snapshot may not represent the investor's current position today. Other funds have also made adjustments to their stakes in the software company recently, with firms like Kmg Fiduciary Partners trimming smaller amounts during a similar timeframe.

Fortinet Stock Performance and Context

Fortinet shares trade on the NasdaqGS, sitting well above their 200-day moving average of $123.43. The cybersecurity firm has experienced notable price swings, trading inside a 52-week range from a low of $73.55 up to a high of $197.13. With a market capitalization in the billions, the software maker continues to draw heavy attention from institutional investors and market observers alike.

Recent Earnings Highlight Growth

The infrastructure software provider posted strong recent financials, featuring annual revenue of $7.53 billion alongside a revenue growth rate of 25.6%. Profitability remains a core feature for the business, shown by a net margin of 28.2% and a return on equity of 1.17%. Market participants will look toward the company's next earnings release on October 28, 2026, to gauge ongoing demand for its security fabric and cloud offerings.

Analysts Set New Price Targets

Research firms continue to update their views on the software maker. On October 15, 2026, Mizuho maintained an underperform rating on the stock while raising its price target to $160.00 from $138.00. On the same day, Wells Fargo maintained an underweight rating and bumped its target to $160.00 from $135.00. Earlier in the month, TD Cowen maintained a buy rating and lifted its target to $225.00, while Barclays kept an equal-weight rating on October 12, 2026, lifting its target to $210.00. RBC Capital maintained a sector perform rating on October 12, 2026, raising its target to $205.00. Amerx initiated coverage with an overweight rating and a $240.00 target on October 8, 2026. Bernstein maintained a market perform rating on September 17, 2026, with a target of $145.00, and Susquehanna kept a neutral rating on July 31, 2026, setting a target of $160.00. Overall, the stock carries a consensus hold rating and an average price target of $167.23 across 37 analyst opinions.

About Fortinet, Inc.

Fortinet, Inc. provides cybersecurity software, firewalls, and networking solutions to corporate and government clients around the world. Founded in 2000 and based in Sunnyvale, California, the company builds unified operating systems and security appliances designed to protect digital infrastructure against modern threats. Institutional filings like Fundsmith's latest update provide a window into how major portfolio managers allocate capital across the technology sector over time.