Summit Global Investments Buys 20,342 Shares of Fortinet, Inc. $FTNT

Summit Global Investments increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 150.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,884 shares of the software maker’s stock after purchasing an additional 20,342 shares during the quarter. Summit Global Investments’ holdings in Fortinet were worth $6,057,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Birinyi Associates Inc. acquired a new stake in Fortinet during the 3rd quarter valued at $4,338,000. Transamerica Financial Advisors LLC purchased a new stake in shares of Fortinet in the second quarter valued at $492,000. Wealth Enhancement Trust Services Inc. boosted its position in shares of Fortinet by 83.8% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 22,326 shares of the software maker’s stock worth $3,991,000 after buying an additional 10,180 shares during the period. QRG Capital Management Inc. boosted its position in shares of Fortinet by 21.4% in the first quarter. QRG Capital Management Inc. now owns 75,491 shares of the software maker’s stock worth $6,169,000 after buying an additional 13,294 shares during the period. Finally, Vista Investment Partners LLC grew its holdings in shares of Fortinet by 53.1% during the second quarter. Vista Investment Partners LLC now owns 49,058 shares of the software maker’s stock valued at $7,537,000 after buying an additional 17,018 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $136.08 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.19 and a debt-to-equity ratio of 0.22. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $197.13. The business has a fifty day simple moving average of $171.34 and a 200 day simple moving average of $128.28. The firm has a market cap of $99.84 billion, a price-to-earnings ratio of 44.18, a P/E/G ratio of 2.53 and a beta of 1.03.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the firm earned $0.74 earnings per share. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 3.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Roth Capital upped their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Sanford C. Bernstein restated a “market perform” rating and set a $145.00 price objective (up from $102.00) on shares of Fortinet in a research report on Thursday, September 17th. Arete Research cut Fortinet from a “buy” rating to a “sell” rating and set a $117.00 target price on the stock. in a research note on Wednesday, October 21st. Truist Financial set a $175.00 target price on Fortinet and gave the company a “buy” rating in a report on Thursday. Finally, Stephens upped their target price on Fortinet from $160.00 to $165.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-four have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $147.94.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet reported third-quarter revenue of approximately $2.08 billion, up 20.5% year over year, and adjusted EPS of $0.91, exceeding consensus estimates. Billings increased 29%, while operating margins reached a record. Fortinet Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Management raised full-year 2026 guidance to $8.1 billion-$8.2 billion in revenue and $3.54-$3.58 in EPS. Fourth-quarter EPS guidance of $0.93-$0.95 also exceeds the consensus estimate of $0.86. Fortinet Raises Guidance
• Positive Sentiment: The board authorized an additional $1.2 billion in share repurchases, and quarterly free cash flow was approximately $865 million. Analysts at TD Cowen, Rosenblatt and Truist retained bullish ratings despite lowering their price targets. Fortinet Adds to Buyback Program
• Neutral Sentiment: Fortinet is technically oversold after a sharp multi-week decline, while rising earnings estimates could support a rebound. However, the technical signal does not resolve concerns about the company’s growth mix. Fortinet May See a Trend Reversal
• Negative Sentiment: Service revenue grew only 13%, versus 37% growth in product revenue. Investors are concerned that hardware sales tied to AI infrastructure are not converting into recurring services quickly enough, reducing near-term revenue visibility. The Real Reason Fortinet Dropped
• Negative Sentiment: Management lowered its services outlook, while fourth-quarter revenue guidance implies growth deceleration from the third quarter. Normalizing pricing benefits, higher inventory costs and longer component lead times added to investor concerns.
• Negative Sentiment: Wells Fargo cut its price target to $115 and assigned an underweight rating; Susquehanna lowered its target to $145 and rated the shares neutral. Other firms, including Bank of America, Citi, Barclays and Scotiabank, also reduced targets or ratings. Analysts Cut Fortinet Forecasts
• Negative Sentiment: The broader technology and cybersecurity sell-off is amplifying the reaction, despite a major cryptocurrency hack highlighting demand for digital security. Investors are also questioning whether Fortinet’s premium valuation remains justified as growth slows.

Insider Transactions at Fortinet

In other news, COO John Whittle sold 2,835 shares of Fortinet stock in a transaction dated 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 directly owned 96,987 shares in the company, valued at $16,365,586.38. The trade was a 2.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the completion of the sale, the vice president directly owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. The trade was a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold 221,303 shares of company stock valued at $36,164,034 in the last three months. Corporate insiders own 17.60% of the company’s stock.

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.