Rakuten Investment Management Inc. Invests $1.05 Million in Fortinet, Inc. $FTNT

Rakuten Investment Management Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 12,458 shares of the software maker’s stock, valued at approximately $1,047,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares in the last quarter. Bison Wealth LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $585,000. Assenagon Asset Management S.A. lifted its position in shares of Fortinet by 0.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock worth $1,886,000 after buying an additional 102 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Fortinet by 2.8% in the 2nd quarter. Fifth Third Bancorp now owns 23,492 shares of the software maker’s stock valued at $2,484,000 after buying an additional 645 shares during the period. Finally, TD Private Client Wealth LLC bought a new stake in shares of Fortinet during the 2nd quarter valued at about $504,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: TD Cowen upgraded Fortinet to Buy and set a $100 price target, arguing AI risks are overstated and forecasting stronger billings into 2026 — this is the principal catalyst for today’s rally. Fortinet Is Top S&P 500 Stock After Upgrade. Don’t Worry About ‘AI Eating Software.
• Positive Sentiment: TD Cowen’s upgrade was backed by “solid checks” from the field, per reports, giving the call more credibility and suggesting demand/billings data corroborate the upbeat view. Fortinet in focus as TD Cowen upgrades on back of ‘solid checks’
• Positive Sentiment: Multiple outlets note a five‑star analyst upgrade to Buy (TipRanks/Benzinga coverage), lifting investor attention and trading volume — momentum and analyst conviction are reinforcing the move. Fortinet Stock (FTNT) Surges after Five-Star Analyst Upgrades to Buy Rating
• Positive Sentiment: Coverage summaries and quick news pieces (e.g., Benzinga/Yahoo) are amplifying the upgrade narrative, attracting short-term traders and contributing to above-average volume. Tesla removes Autopilot software, Fortinet upgraded to Buy
• Neutral Sentiment: Fortinet is appearing among intraday Nasdaq gainers and tech/AI rotation lists — helpful context for momentum but not a fundamental change. Live Nasdaq Composite: Market Mettle Tested in Whipsaw Week
• Neutral Sentiment: Industry/ETF commentary highlights Fortinet’s role in cloud and security ETFs — may attract passive inflows over time but is not an immediate catalyst. Fortinet (NASDAQ:FTNT) Nasdaq Composite ETF Cloud Security Reach

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent research reports. Robert W. Baird cut their target price on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Oppenheimer restated a “market perform” rating on shares of Fortinet in a research report on Friday. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a research report on Thursday, November 6th. Truist Financial set a $88.00 price target on shares of Fortinet in a report on Tuesday. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $75.00 price target (down previously from $85.00) on shares of Fortinet in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $90.04.

Fortinet Trading Up 5.2%

NASDAQ:FTNT opened at $81.64 on Friday. The stock has a market cap of $60.71 billion, a price-to-earnings ratio of 33.60, a PEG ratio of 2.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The business has a fifty day moving average of $80.14 and a 200-day moving average of $84.32.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Fortinet Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.