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FTNTFortinet · Insider ownership research

Fortinet insiders sold $136M in the past 12 months. How much of their stake is that?

About 20% of the shares they held or received (after tax withholding) during the period. The usual measure, against starting holdings alone, can't be used here because most of the shares sold arrived during the period.

Updated Oct 8, 2026 from SEC filings · covers Oct 9, 2025 to Oct 8, 2026
How this comparesMore of their stake sold than at 274 of the 311 other companies we can measure (#38 of 312)See ranking
0
buyers among officers and directors, past 12 months
100%
of sales were under disclosed trading plans, past 12 months
4 of 14
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 9, 2026 to Oct 8, 2026
Sep 24, 2026Christiane Ohlgart sold 48 shares ($9K) under a disclosed trading plan.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Christiane Ohlgart
Chief Financial Officer
48$180.00n/an/aSep 24, 2026Sep 25, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Sep 15, 2026John Whittle sold 2.8K shares ($478K) under a disclosed trading plan. That is 2.8% of the total stake held that day. 2.8K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
John Whittle
Chief Operating Officer
2,835$168.742.8%97KSep 15, 2026Sep 16, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Sep 14, 2026John Whittle sold 54K shares ($8.9M) under a disclosed trading plan. That is 36% of the total stake held that day. 54K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
John Whittle
Chief Operating Officer
53,865$165.4436%97KSep 14, 2026Sep 16, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? In line with the past 5 years. 4 insiders sold; the average is 5 a year. Year by year
Latest filing: Filed Oct 1 for a vesting on Sep 30. Judith Sim had 459 shares vest or be exercised. Filing
75 SEC ownership filings in the period · See the evidence

What stands out

Routine activity: 100% of sales were under disclosed plans, and no insider sold more than 1% of vested holdings.

Percentages cover 9 of 14 officers and directors. 5 are left out

i
Left out: Michael Xie, Ken Xie, Ming Hsieh and Christiane Ohlgart (holdings couldn't be fully reconciled); Derek Kan (held no vested shares at the start).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period
Ken Xie
President & CEO, Director
No bar: holdings couldn't be fully reconciled.
$78.1MDisclosed plan
Michael Xie
VP, Engineering & CTO, Director
No bar: holdings couldn't be fully reconciled.
$29.5MDisclosed plan
John Whittle
Chief Operating Officer
Sold 68% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.
$28.1MDisclosed plan
Christiane Ohlgart
Chief Financial Officer
No bar: holdings couldn't be fully reconciled.
$408KDisclosed plan
Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed
OctNov 2025: $14.0M under a disclosed planNovDecJanFeb 2026: $42.3M under a disclosed plan$42.3MFebMarAprMay 2026: $19.7M under a disclosed planMayJun 2026: $24.0M under a disclosed planJunJulAug 2026: $26.8M under a disclosed planAugSep 2026: $9.4M under a disclosed planSepOct

Common questions

Is the Fortinet CEO selling stock?

Yes. Ken Xie sold 662K shares ($78.1M) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Fortinet insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 100% of sales by value ran under 10b5-1 trading plans disclosed in the filings. A trading plan schedules sales in advance.

Are any Fortinet insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Fortinet insiders sell?

About 20% of the shares they held or received (after tax withholding) during the period. The usual measure, against starting holdings alone, can't be used here because most of the shares sold arrived during the period. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold4 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Ken Xie
President & CEO, Director
$78.1M
662K shares
i
No percentage: holdings couldn't be fully reconciled.
Disclosed plan
Michael Xie
VP, Engineering & CTO, Director
$29.5M
356K shares
i
No percentage: holdings couldn't be fully reconciled.
Disclosed plan
John Whittle
Chief Operating Officer
$28.1M
203K shares
68%†
i
† Most of the shares John Whittle sold arrived during the period, so this is shares sold as a share of the 74K held at the start plus the 246K received, less 20K withheld by the company for taxes.
Disclosed plan
Christiane Ohlgart
Chief Financial Officer
$408K
3.6K shares
i
No percentage: holdings couldn't be fully reconciled.
Disclosed plan
The full ownership picture10 of 14 insiders fully reconciled · 14 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 8, 2025SoldHeld Oct 8, 2026Still held
Michael Xie
!
Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +5,274,966 shares on Jun 4, 2026 (Spouse). See the filing Sales and other transactions for Michael Xie are complete.
VP, Engineering & CTO, Director
n/a−356Kn/an/a
Vesting, gifts, unvested awards and holding lines for Michael Xie
+385Kshares vested or exercised
−250Kgifted (net of own trusts)
−29Kwithheld by the company for taxes
64K → 51Kunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +5,274,966 shares on Jun 4, 2026 (Spouse). The balances below are as reported, not verified totals.

Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock9,695,5609,918,360
2010 K.A. Family Trust dated May 3, 2010Common Stock19,825,61425,680,202
K.A. Children's Trust dated February 9, 2011Common Stock17,041,07017,041,070
SpouseCommon Stock7,573,4384,646,144
a grantor retained annuity trust for the benefit of the Reporting PersonCommon Stock7,573,4384,646,144
KAXX Trust under the K.A. Children's Trust dated February 9, 2011Common Stock5,513,5055,513,505
KAJJ Trust under the K.A. Children's Trust dated February 9, 2011Common Stock5,513,5055,513,505

Additional holdings last reported Mar 8, 2012, not confirmed since: 26,705,275 shares. Not included in any total or percentage on this page.

Ken Xie
!
Holdings couldn't be fully reconciled. A footnote describes a transfer or distribution between related entities, but the amounts could not be matched to the balance change. Largest: -4,848,774 shares on Apr 17, 2026 (Spouse). See the filing Sales and other transactions for Ken Xie are complete.
President & CEO, Director
n/a−662Kn/an/a
Vesting, gifts, unvested awards and holding lines for Ken Xie
+726Kshares vested or exercised
−1.42Mgifted (net of own trusts)
−64Kwithheld by the company for taxes
240K → 202Kunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. A footnote describes a transfer or distribution between related entities, but the amounts could not be matched to the balance change. Largest: -4,848,774 shares on Apr 17, 2026 (Spouse). The balances below are as reported, not verified totals.

Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock51,391,87952,972,372
SpouseCommon Stock5,558,0674,848,774
a grantor retained annuity trust for the benefit of the Reporting PersonCommon Stock3,243,7990
a 2024 grantor retained annuity trust for the benefit of the Reporting PersonCommon Stock3,243,7993,243,799

Additional holdings last reported Oct 19, 2010, not confirmed since: 11,811,680 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
166,666$7.45Feb 16, 2024$28.8M
306,470$22.90Feb 21, 2027$48.1M

Estimate: options held × ($180.00 − strike price), using the most recent insider trade price on Form 4 (Sep 24, 2026), not a market close.

William Neukom
Director
451K0451Kno sales
Vesting, gifts, unvested awards and holding lines for William Neukom
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock302,601302,601
TrustCommon Stock148,303148,303
Judith Sim
Director
128K0130Kno sales
Vesting, gifts, unvested awards and holding lines for Judith Sim
+2.4Kshares vested or exercised
0gifted (net of own trusts)
1.9K → 1.4Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock127,594130,001
Ming Hsieh
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -53,082 shares on Mar 31, 2026 (Direct). See the filing Sales and other transactions for Ming Hsieh are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Ming Hsieh
+2.4Kshares vested or exercised
0gifted (net of own trusts)
1.9K → 1.4Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -53,082 shares on Mar 31, 2026 (Direct). The balances below are as reported, not verified totals.

Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock60,73610,056
Ming Hsieh TrustCommon Stock53,08253,082
Ming Hsieh Revocable Family TrustCommon Stock143143
Pauline Hsieh Irrevocable Trust dated 05/12/04Common Stock2525
Tiffany Hsieh Irrevocable Trust dated 05/12/04Common Stock2525
John Whittle
Chief Operating Officer
74K−203K97Knot meaningful
Vesting, gifts, unvested awards and holding lines for John Whittle
+246Kshares vested or exercised
0gifted (net of own trusts)
−20Kwithheld by the company for taxes
48K → 41Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock73,95596,987
Kenneth Goldman
i
New Form 3 filed 2020-10-19; earlier filings set aside.
Director
43K044Kno sales
Vesting, gifts, unvested awards and holding lines for Kenneth Goldman
+2.4Kshares vested or exercised
−1.5Kgifted (net of own trusts)
1.9K → 1.4Kunvested awards, start → end
  • New Form 3 filed 2020-10-19; earlier filings set aside.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock21,52123,928
Goldman-Valeriote Family Trust u/a/d 11/15/95Common Stock20,75019,250
GV Partners L.PCommon Stock1,0001,000
Jean Hu
Director
37K040Kno sales
Vesting, gifts, unvested awards and holding lines for Jean Hu
+2.4Kshares vested or exercised
0gifted (net of own trusts)
1.9K → 1.4Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock37,10139,508
James Stavridis
Director
15K018Kno sales
Vesting, gifts, unvested awards and holding lines for James Stavridis
+2.4Kshares vested or exercised
0gifted (net of own trusts)
1.9K → 1.4Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock15,24117,648
Keith Jensen
Chief Financial Officer
7.9K07.9Kno sales
Vesting, gifts, unvested awards and holding lines for Keith Jensen
0shares vested or exercised
0gifted (net of own trusts)
62K → 62Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock7,9057,905

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
12,735$22.90Feb 21, 2027$2.0M
59,915$34.39Feb 19, 2028$8.7M
22,685$62.11Feb 17, 2029$2.7M

Estimate: options held × ($180.00 − strike price), using the most recent insider trade price on Form 4 (Sep 24, 2026), not a market close.

Christiane Ohlgart
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +902 shares on Aug 1, 2026 (Direct). See the filing Sales and other transactions for Christiane Ohlgart are complete.
Chief Financial Officer
n/a−3.6Kn/an/a
Vesting, gifts, unvested awards and holding lines for Christiane Ohlgart
+11Kshares vested or exercised
0gifted (net of own trusts)
−3.8Kwithheld by the company for taxes
23K → 27Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +902 shares on Aug 1, 2026 (Direct). The balances below are as reported, not verified totals.

Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock6,39310,345
Mary Wilderotter
Director
5.1K05.1Kno sales
Vesting, gifts, unvested awards and holding lines for Mary Wilderotter
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock5,0695,069
Janet Napolitano
Director
2.3K04.7Kno sales
Vesting, gifts, unvested awards and holding lines for Janet Napolitano
+2.4Kshares vested or exercised
0gifted (net of own trusts)
1.9K → 1.4Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock2,3264,733
Derek Kan
Director
00459no sales
Vesting, gifts, unvested awards and holding lines for Derek Kan
+459shares vested or exercised
0gifted (net of own trusts)
0 → 1.4Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock0459

10 of 14 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (10 exactly, 0 with a minor or footnoted difference). For 4 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 9 of 14 officers and directors. Left out: Michael Xie, Ken Xie, Ming Hsieh and Christiane Ohlgart (holdings couldn't be fully reconciled); Derek Kan (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$136M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $136M across 1,224,200 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Taxes

116,769 shares ($10.7M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Ken Xie
President & CEO, Director
662K$78.1M100%57%Nov 3, 2025 to Aug 3, 2026
Michael Xie
VP, Engineering & CTO, Director
356K$29.5M100%22%Nov 3, 2025 to Aug 3, 2026
John Whittle
Chief Operating Officer
203K$28.1M100%21%May 21, 2026 to Sep 15, 2026
Christiane Ohlgart
Chief Financial Officer
3.6K$408K100%0.3%Nov 4, 2025 to Sep 24, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$14.0M$14.0M$0$0
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$42.3M$42.3M$0$0
Mar 2026$0$0$0$0
Apr 2026$0$0$0$0
May 2026$19.7M$19.7M$0$0
Jun 2026$24.0M$24.0M$0$0
Jul 2026$0$0$0$0
Aug 2026$26.8M$26.8M$0$0
Sep 2026$9.4M$9.4M$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

In line with the past 5 years. 4 insiders sold; the average is 5 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 8, 2026
Latest 12 months
1.22M4$136M
Oct 8, 2025
1 year earlier
1.75M6$171M
Oct 8, 2024
2 years earlier
1.01M6$65.4M
Oct 9, 2023
3 years earlier
1.08M4$63.4M
Oct 9, 2022
4 years earlier
390K4$23.5M
Oct 9, 2021
5 years earlier
1.87M4$79.1M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty4 insiders whose holdings couldn't be fully reconciled

Michael Xie: holdings couldn't be fully reconciled (difference of 473,050 shares). Balance changed with no matching transaction and no footnote: +5,274,966 shares on Jun 4, 2026 (Spouse). Filing, Jun 4, 2026

Ken Xie: holdings couldn't be fully reconciled (difference of -954,013 shares). A footnote describes a transfer or distribution between related entities, but the amounts could not be matched to the balance change. Largest: -4,848,774 shares on Apr 17, 2026 (Spouse). Filing, Apr 17, 2026

Footnote: "These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person's spouse."

Ming Hsieh: holdings couldn't be fully reconciled (difference of -53,087 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -53,082 shares on Mar 31, 2026 (Direct). Filing, Mar 31, 2026

Footnote: "Vesting of restricted stock units ("RSUs") granted to the Reporting Person on August 20, 2025."

Christiane Ohlgart: holdings couldn't be fully reconciled (difference of 903 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +902 shares on Aug 1, 2026 (Direct). Filing, Aug 1, 2026

Footnote: "Vesting of restricted stock units ("RSUs") previously granted to the Reporting Person."

Inferred rename: "Lee 2009 GRAT" is treated as the same holder as "Spouse", because the old name was never reported again and the new one opened with the same balance (12,015,720 shares). Old name, new name

Inferred rename: "Winnie Hiu-Yin Lee 2009 Grantor Retained Annuity Trust dated September 10, 2009" is treated as the same holder as "Lee GRAT", because the old name was never reported again and the new one opened with the same balance (12,015,720 shares). Old name, new name

Inferred rename: "Reporting Person which" is treated as the same holder as "Danke Wu Grantor Retained Annuity Trust dated February 9, 2011", because the old name was never reported again and the new one opened with the same balance (15,000,000 shares). Old name, new name

Inferred rename: "Family Trust" is treated as the same holder as "2010 K.A. Family Trust dated May 3, 2010", because the old name was never reported again and the new one opened with the same balance (6,589,450 shares). Old name, new name

Inferred rename: "Defta Archipelago, LLC" is treated as the same holder as "DA", because the old name was never reported again and the new one opened with the same balance (45,600 shares). Old name, new name

Inferred rename: "Redpoint Ventures II, LP" is treated as the same holder as "Redpoint Ventures II, L.P", because the old name was never reported again and the new one opened with the same balance (78,134,520 shares). Old name, new name

Inferred rename: "Trust" is treated as the same holder as "Walecka 1992 Living Trust udt dated December 31, 1992", because the old name was never reported again and the new one opened with the same balance (914,270 shares). Old name, new name

Inferred rename: "Partnership" is treated as the same holder as "Walecka Enterprises I, L.P", because the old name was never reported again and the new one opened with the same balance (276,020 shares). Old name, new name

Inferred rename: "Redpoint Ventures II, LP" is treated as the same holder as "Redpoint Ventures II, L.P", because the old name was never reported again and the new one opened with the same balance (78,134,520 shares). Old name, new name

Inferred rename: "Redpoint Associates II, LLC which" is treated as the same holder as "Redpoint Associates II, LLC", because the old name was never reported again and the new one opened with the same balance (1,806,670 shares). Old name, new name

Inferred rename: "Ming Hsieh Revocable Living Trust dated 11/01/2006" is treated as the same holder as "Ming Hsieh Trust", because the old name was never reported again and the new one opened with the same balance (53,082 shares). Old name, new name

Inferred typo: the share class "Comon Stock" is treated as the same class as "Common Stock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Michael Xie, 5,513,505 shares): old title, new title

Inferred typo: the share class "Common Stocck" is treated as the same class as "Common Stock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (John Walecka, 419,320 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,277 filings from SEC EDGAR, and how we read them

All 1,277 Forms 3, 4 and 5 filed for Fortinet (SEC CIK 1262039) from Nov 17, 2009 to Oct 1, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Probable 2-for-1 stock split on or before Jun 1, 2011 (split date stated in a footnote). Splits aren't reported as transactions; 3 holding lines changed by exactly this ratio, so earlier share counts are restated.

Probable 5-for-1 stock split on or before Jun 22, 2022 (split date stated in a footnote). Splits aren't reported as transactions; 14 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (18)No filing in 18 months; last reported balances, not in any total