Fortinet

FTNT • NASDAQ

Fortinet is a software - infrastructure company in the technology sector on NASDAQ, led by Ken Xie, with a market cap of $61.1B. As of Q3 2025, 62% of shares are held by 1,222 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.86%.

Chairman and Chief Executive OfficerKen Xie

Market Cap$61.1B

Software - Infrastructure

Technology

Employees13.5K

Websitefortinet.com

Country

United States of America

Overview

Overview of institutional ownership in FTNT as of Q3 2025 with a market cap of $64.4B

All Institutions

Institutions: 1,222
Value Held: $40.0B
Shares Held: 475.5M
Avg Position: $32.7M
Median Position: $996.5K

Hedge Funds

Hedge Funds: 65
Value Held: $1.6B
Shares Held: 18.7M
Avg Position: $24.2M
Median Position: $1.5M

Ownership Breakdown

Institutional (non-HF)

59.62%

$38.4B

Hedge Funds

2.44%

$1.6B

Retail & Other

37.93%

$24.4B

Based on market cap of $64.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FTNT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$6.4B 0.10% of portfolio	9.86% 75.6M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$5.2B 0.09% of portfolio	8.11% 62.1M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$2.5B 0.09% of portfolio	3.87% 29.7M shares	Q4 2015 Held for 9y 11m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$1.4B 0.09% of portfolio	2.24% 17.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
Bank of New York Mellon Corp Institution	Robin Vince CEO	$1.1B 0.21% of portfolio	1.78% 13.6M shares	≤ Q2 2013 Held for 12y 5m+	$556.34B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$909.5M 0.14% of portfolio	1.41% 10.8M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$904.6M 0.05% of portfolio	1.40% 10.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Fundsmith LLP Long Only Manager	Terence Charles Smith CEO	$708.0M 3.58% of portfolio	1.10% 8.4M shares	Q3 2020 Held for 5y 2m	$19.8B
FIRST TRUST ADVISORS LP ETF Provider	James Allen Bowen CEO	$637.0M 0.47% of portfolio	0.99% 7.6M shares	Q2 2014 Held for 11y 5m	$134.11B
NORDEA INVESTMENT MANAGEMENT AB Institution	Paul Manning CEO	$586.8M 0.51% of portfolio	0.90% 6.9M shares	Q4 2015 Held for 9y 11m	$114.17B

Net Capital Flow

Institutional buying and selling activity for FTNT in Q3 2025

Traded: −$1.8B
Buyers: 571
Sellers: 718
Total Bought: +$2.8B
Total Sold: −$4.6B
Avg Position: $27.7M

Biggest Buyers

Institution	Net Bought	Current Position
VANGUARD GROUP INC Institution	+$243.4M +2.9M shares	$6.4B 75.6M shares
VAN ECK ASSOCIATES CORP ETF Provider	+$179.3M +2.1M shares	$467.9M 5.6M shares
FIRST TRUST ADVISORS LP ETF Provider	+$150.5M +1.8M shares	$637.0M 7.6M shares
Invesco Ltd. ETF Provider	+$131.9M +1.6M shares	$909.5M 10.8M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$127.0M +1.5M shares	$480.2M 5.7M shares
MORGAN STANLEY RIA/Wealth	+$116.7M +1.4M shares	$904.6M 10.8M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$85.7M +1.0M shares	$85.7M 1.0M shares
J JANE STREET GROUP, LLC Institution	+$82.5M +981.4K shares	$82.5M 981.4K shares
AMERIPRISE FINANCIAL INC Institution	+$80.8M +969.9K shares	$430.1M 5.2M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$77.5M +921.5K shares	$111.3M 1.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
FMR LLC Institution	−$352.2M −4.2M shares	$324.2M 3.9M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$312.9M −3.7M shares	$196.1M 2.3M shares
DSM CAPITAL PARTNERS LLC Long Only Manager	−$267.3M −2.5M shares	Sold Off 0 shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$215.1M −2.6M shares	$390.5M 4.6M shares
Bridgewater Associates, LP Hedge Fund•Global Macro	−$184.5M −2.2M shares	$82.4M 980.3K shares
Q Qube Research & Technologies Ltd Institution	−$179.9M −1.7M shares	Sold Off 0 shares
FEDERATED INVESTORS INC /PA/ Long Only Manager	−$163.4M −1.9M shares	$30.8M 366.2K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$158.7M −1.9M shares	$522.4M 6.2M shares
B BlackRock, Inc. Institution	−$146.1M −1.7M shares	$5.2B 62.1M shares
FRANKLIN RESOURCES INC Institution	−$131.8M −1.6M shares	$43.7M 520.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FTNT in Q3 2025

New Positions: 57
New Value: $96.4M
Exited Positions: 224
Exited Value: $1.0B

New Positions

Institution	Position Value
Glenmede Investment Management, LP Long Only Manager	$42.8M 508.5K shares
Ardmore Road Asset Management LP Hedge Fund•Long/Short	$21.0M 250.0K shares
W WILSON ASSET MANAGEMENT PTY LTD Institution	$8.0M 95.0K shares
DIVERSIFY WEALTH MANAGEMENT, LLC RIA/Wealth	$3.8M 43.8K shares
Tandem Investment Advisors, Inc. Long Only Manager	$2.8M 33.3K shares
S STEINBERGANNA WEALTH MANAGEMENT RIA/Wealth	$1.8M 21.4K shares
M MATAURO, LLC RIA/Wealth	$1.7M 20.1K shares
Greater Midwest Financial Group, LLC RIA/Wealth	$1.4M 16.9K shares
C Capital Planning Advisors, LLC RIA/Wealth	$1.4M 16.3K shares
KITZINGER LAUTMANN CAPITAL MANAGEMENT INC Long Only Manager	$1.4M 16.1K shares

Exited Positions

Institution	Previous Position
DSM CAPITAL PARTNERS LLC Long Only Manager	$267.3M 2.5M shares
Q Qube Research & Technologies Ltd Institution	$179.9M 1.7M shares
A AXA Institution	$66.0M 624.3K shares
WEDGE CAPITAL MANAGEMENT L L P/NC Long Only Manager	$63.6M 601.3K shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$58.8M 555.9K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$55.8M 528.1K shares
R Railway Pension Investments Ltd Institution	$51.2M 484.0K shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	$18.0M 170.5K shares
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$14.6M 138.5K shares
CapWealth Advisors, LLC RIA/Wealth	$12.9M 121.6K shares

Options Activity

Institutions with the largest Call and Put options positions in FTNT as of Q3 2025

Call Positions: 44
Call Value: $629.2M
Put Positions: 40
Put Value: $799.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$186.1M 22.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$153.6M 18.3K contracts
J JANE STREET GROUP, LLC Institution	$36.8M 4.4K contracts
W WOLVERINE TRADING, LLC Institution	$34.1M 4.0K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$23.6M 2.8K contracts
C Cubist Systematic Strategies, LLC Institution	$22.2M 2.6K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$21.8M 2.6K contracts
D D. E. Shaw & Co., Inc. Institution	$19.1M 2.3K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$17.7M 2.1K contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$16.0M 1.9K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$184.5M 21.9K contracts
J JANE STREET GROUP, LLC Institution	$151.7M 18.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$95.8M 11.4K contracts
Marshall Wace LLP Institution	$47.0M 5.6K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$46.9M 5.6K contracts
Walleye Trading LLC RIA/Wealth	$30.4M 3.6K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$29.3M 3.5K contracts
W WOLVERINE TRADING, LLC Institution	$24.1M 2.8K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$22.7M 2.7K contracts
B BNP PARIBAS ARBITRAGE, SA Institution	$14.4M 17.2 contracts

Most Committed Institutions

Institutions with FTNT as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
N Nutshell Asset Management Ltd Institution	-	9.54% $20.0M	0.03% 237.9K shares	Q4 2024 Held for 11 months	$209.6M
2 2Xideas AG Institution	-	8.96% $42.4M	0.07% 504.8K shares	Q4 2020 Held for 4y 11m	$473.6M
Aldebaran Financial Inc. RIA/Wealth	Peter William Raber CEO	5.93% $5.9M	0.01% 70.5K shares	Q1 2014 Held for 11y 8m	$100.0M
Warther Private Wealth, LLC RIA/Wealth	Robert Wayne Warther CEO	4.83% $20.4M	0.03% 242.8K shares	Q4 2023 Held for 1y 11m	$422.7M
O one8zero8, LLC Institution	-	3.92% $18.1M	0.03% 215.5K shares	Q4 2024 Held for 11 months	$462.7M
Fundsmith LLP Long Only Manager	Terence Charles Smith CEO	3.58% $708.0M	1.10% 8.4M shares	Q3 2020 Held for 5y 2m	$19.8B
P Palmer Knight Co Institution	-	3.38% $7.1M	0.01% 85.0K shares	Q4 2021 Held for 3y 11m	$211.1M
AMERICAN CAPITAL MANAGEMENT INC Long Only Manager	David Mark La Valle CEO	3.23% $81.0M	0.13% 963.4K shares	Q4 2013 Held for 11y 11m	$2.5B
A ACCOUNT MANAGEMENT LLC RIA/Wealth	Christopher Andrew De Roetth Member	3.10% $2.9M	0.00% 34.6K shares	Q4 2021 Held for 3y 11m	$93.8M
Spurstone Advisory Services, LLC RIA/Wealth	Timothy R Golas Managing Partner	3.01% $210.2K	0.00% 2.5K shares	Q4 2024 Held for 11 months	$7.0M

Hedge Fund Spotlight

Discover hedge funds investing in FTNT

LANDSCAPE CAPITAL MANAGEMENT, L.L.C.

Hedge Fund • Market Neutral

Portfolio ManagerGeorge Demetrios Papadopoulos

Portfolio Value: $1.6B
Positions: 605
Last Reported: Q3 2025

Sector Allocation

Position in Fortinet

Market Value: $2.7M
Shares Held: 31.6K
Portfolio Weight: 0.17%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 iShares 1-3 Year Treasury Bond SHY	ETF ETF	$48.4M	3.06%
2 Heico Corporation HEI.A	Aerospace & Defense Industrials	$27.5M	1.74%
3 Monster Beverage MNST	Beverages - Non-Alcoholic Consumer Defensive	$23.5M	1.48%