3,423 Fortinet, Inc. $FTNT Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 117,842 shares of the software maker’s stock after selling 3,423 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Fortinet were worth $21,065,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Fortinet in the 2nd quarter worth approximately $9,561,650,000. Bank of New York Mellon Corp acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $1,432,842,000. Legal & General Group Plc acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $979,062,000. Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 87.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after purchasing an additional 4,500,194 shares during the period. Finally, Bank of America Corp DE bought a new stake in shares of Fortinet during the second quarter valued at approximately $656,852,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 1.8%

Shares of FTNT opened at $174.05 on Thursday. The stock has a market cap of $127.70 billion, a price-to-earnings ratio of 61.29, a P/E/G ratio of 3.19 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $197.13. The company has a 50-day moving average price of $169.92 and a two-hundred day moving average price of $145.20.

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

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: SASE growth supports the bullish case: Fortinet’s Unified SASE strategy is gaining traction, with improving billings and revenue reportedly exceeding expectations. The platform is also being positioned to secure AI applications and autonomous agents, potentially expanding the company’s addressable market. Can Fortinet’s SASE Momentum Propel the Stock to New Highs?
• Positive Sentiment: Technical recovery remains constructive: Fortinet regained key support after a bullish reversal, while its rising trend channel and weekly chart indicate potential upside toward the prior high near $197, according to a technical analysis. Fortinet Price Forecast: Support Holds as Recovery Gains Momentum
• Positive Sentiment: Managed-services partnership could broaden demand: CBTS launched a fully managed Fortinet secure-networking service for mid-market and multi-site organizations. The offering may help Fortinet reach customers seeking stronger security without adding internal networking staff. CBTS and Fortinet Launch Fully Managed Secure Networking Service
• Neutral Sentiment: Analyst support remains mixed: UBS maintained a $200 price target, implying further potential upside, but investors face heightened expectations ahead of Fortinet’s scheduled October 28 results. The stock’s elevated valuation makes the earnings report and forward guidance important catalysts. UBS Keeps Target for Fortinet Stock at $200
• Negative Sentiment: Arete issued a rare double downgrade: The firm cut Fortinet from “buy” to “sell” and set a $117 price target, arguing that favorable growth drivers may peak in 2026. The target represents substantial downside from the current share price and briefly pressured the stock in premarket trading. Fortinet Stock Falls as Arete Delivers Rare Double Downgrade to Sell

Insider Transactions at Fortinet

In related news, COO John Whittle sold 53,865 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $165.44, for a total value of $8,911,425.60. Following the sale, the chief operating officer owned 96,987 shares of the company’s stock, valued at $16,045,529.28. The trade was a 35.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the business’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 completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This represents a 0.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 221,303 shares of company stock valued at $36,164,034. Corporate insiders own 17.60% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. Cantor Fitzgerald restated a “neutral” rating on shares of Fortinet in a research note on Monday, August 24th. JPMorgan Chase & Co. raised their target price on Fortinet from $100.00 to $118.00 and gave the stock an “underweight” rating in a research report on Thursday, July 30th. BTIG Research lifted their price target on shares of Fortinet from $186.00 to $203.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Jefferies Financial Group lifted their price target on shares of Fortinet from $165.00 to $190.00 and gave the stock a “hold” rating in a research note on Thursday, July 30th. Finally, Arete Research lowered shares of Fortinet from a “buy” rating to a “sell” rating and set a $117.00 price target on the stock. in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twenty-one have assigned a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $161.75.

Fortinet Profile

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.