Fortinet CEO Ken Xie Sells $20.9 Million of Stock Under Trading Plan
Fortinet President and CEO Ken Xie sold 161,483 Fortinet shares for $20.88 million on Nov. 2, 2026, under a prearranged trading plan, according to a Form 4 filing Tuesday.
The filing said the sales were made under a Rule 10b5-1 trading plan Xie adopted on March 3, 2026. The shares sold in eight batches at weighted average prices ranging from $126.17 to $133.83, for an overall average of $129.31 per share.
Options exercised first
The same day, Xie exercised fully vested options to buy 155,000 Fortinet shares at $22.896 each, the filing shows. Those options were set to expire on Feb. 21, 2027. He still holds 151,470 options from that grant.
RSUs vested, shares withheld for taxes
On Nov. 1, 13,094 restricted stock units vested from three earlier grants. Fortinet withheld 6,611 of the resulting shares, valued at $136.08 each, to cover Xie's tax obligations, according to the filing. Those withheld shares were not sold on the market.
A large stake remains
After the transactions, Xie directly owns 52,972,372 Fortinet shares, the filing said. He also reports 4,848,774 shares held by his spouse.
By the numbers
- Shares sold: 161,483
- Sale proceeds: $20,880,684
- Average sale price: $129.31
- Options exercised: 155,000 at $22.896
- 10b5-1 plan adopted: March 3, 2026
- Shares owned directly after: 52,972,372
Sources
- Form 4 filed by Fortinet President and CEO Ken Xie, filed Nov. 3, 2026 (accession 0001475587-26-000016)
This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.
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