Fortinet, Inc. $FTNT Stock: Ninety One UK Ltd Increases Position

Ninety One UK Ltd raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 22.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 657,351 shares of the software maker’s stock after buying an additional 118,390 shares during the quarter. Ninety One UK Ltd’s holdings in Fortinet were worth $117,508,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FTNT. Burk Holdings LLC purchased a new position in shares of Fortinet in the 2nd quarter valued at approximately $25,000. Dunhill Financial LLC acquired a new stake in Fortinet in the 2nd quarter worth approximately $25,000. Cornerstone Financial Management LLC grew its position in Fortinet by 102.5% during the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock worth $25,000 after purchasing an additional 83 shares during the last quarter. Timbuktu Capital Management LLC purchased a new stake in Fortinet during the 2nd quarter worth approximately $31,000. Finally, Elevation Wealth Partners LLC grew its position in Fortinet by 53.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 2,835 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total transaction of $478,377.90. Following the completion of the sale, the chief operating officer owned 96,987 shares in the company, valued at $16,365,586.38. The trade was a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 221,303 shares of company stock worth $36,164,034. Company insiders own 17.60% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT traded down $4.06 during trading hours on Thursday, reaching $179.99. The stock had a trading volume of 1,471,251 shares, compared to its average volume of 5,824,570. The stock has a fifty day moving average of $168.70 and a 200 day moving average of $141.93. The stock has a market cap of $132.06 billion, a P/E ratio of 63.42, a price-to-earnings-growth ratio of 3.56 and a beta of 1.03. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $197.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the company earned $0.64 EPS. Fortinet’s quarterly revenue was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts predict that Fortinet, Inc. will post 3.10 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTNT. Bank of America restated a “buy” rating on shares of Fortinet in a research note on Monday, July 27th. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $100.00 to $118.00 and gave the company an “underweight” rating in a report on Thursday, July 30th. Scotiabank reissued a “sector perform” rating and issued a $163.00 target price (up from $110.00) on shares of Fortinet in a research report on Thursday, July 30th. Finally, Weiss Ratings raised Fortinet from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-one have assigned a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $159.09.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet shares have benefited from expectations for upcoming earnings, with the company scheduled to report results on October 28. The stock’s recent earnings history—including stronger-than-expected revenue and EPS—has supported investor optimism. Fortinet Shares Jump with Earnings on Horizon
• Positive Sentiment: Fortinet’s expanded global partnership with Atos is intended to provide unified cybersecurity across hybrid- and multi-cloud environments. The broader engagement could improve enterprise distribution and support future service revenue. Atos expands partnership with Fortinet
• Positive Sentiment: Analysts and financial commentators continue to highlight Fortinet’s SASE growth, rising service revenue, AI-enabled security products and comparatively lower valuation versus Cloudflare, reinforcing the long-term growth narrative. NET vs. FTNT
• Neutral Sentiment: Fortinet’s participation at GovWare 2026 is drawing attention to its AI security and next-generation network-protection offerings, though the event itself does not guarantee near-term revenue growth. Fortinet’s AI Security Push and GovWare 2026 Spotlight
• Negative Sentiment: Wells Fargo raised its Fortinet price target to $160 from $135 but maintained an “underweight” rating. The new target remains below the recent trading level, signaling that the analyst views the stock as overvalued despite improving expectations.
• Negative Sentiment: A report that OpenAI may acquire a cybersecurity startup has pressured cybersecurity-sector shares, including Fortinet, by raising fears of a well-funded new competitor and greater competition for security spending. OpenAI Cybersecurity Deal Impacts Sector
• Negative Sentiment: Valuation remains a risk: Fortinet trades at a high earnings multiple after a strong rally, leaving the stock vulnerable to profit-taking or disappointment if upcoming results and guidance do not exceed elevated expectations. Fortinet Could Be Overvalued

Fortinet Company Profile

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company’s portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.