Fortinet, Inc. $FTNT Shares Newly Bought by Providence First Trust Co

Providence First Trust Co bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,357 shares of the software maker’s stock, valued at approximately $958,000.

Other large investors also recently modified their holdings of the company. Allegiance Financial Group Advisory Services LLC grew its holdings in Fortinet by 23.0% during the third quarter. Allegiance Financial Group Advisory Services LLC now owns 6,689 shares of the software maker’s stock valued at $1,196,000 after purchasing an additional 1,250 shares during the period. Alta Advisers Ltd lifted its position in shares of Fortinet by 83.2% during the 3rd quarter. Alta Advisers Ltd now owns 4,418 shares of the software maker’s stock valued at $790,000 after buying an additional 2,006 shares during the last quarter. Ullmann Wealth Partners Group LLC bought a new position in shares of Fortinet during the 3rd quarter worth $206,000. Kestra Advisory Services LLC grew its stake in shares of Fortinet by 17.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 43,912 shares of the software maker’s stock worth $7,850,000 after acquiring an additional 6,563 shares during the period. Finally, Claro Advisors Inc. increased its holdings in Fortinet by 32.4% in the 3rd quarter. Claro Advisors Inc. now owns 3,338 shares of the software maker’s stock worth $597,000 after acquiring an additional 817 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Trending Headlines about Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Scotiabank raised its FY2026 and FY2027 earnings-per-share estimates to $3.21 and $3.50, respectively, while keeping its “Sector Perform” rating and $140 price target. The higher forecasts offer a modest positive signal, though the FY2026 estimate matches consensus. Scotiabank estimate update
• Positive Sentiment: Fortinet introduced FortiGuard Inline AI Security, which adds inspection and controls for enterprise generative-AI use, and FortiLink SASE, a cloud-delivered security service for distributed sites. The launches broaden its product portfolio and target evolving security needs. Fortinet unveiled two new security services
• Positive Sentiment: FortiAIGate is now available on Equinix’s Distributed AI Hub, giving customers a validated architecture to secure and govern AI across distributed environments. The partnership could support demand for Fortinet’s AI-security products. Fortinet and Equinix secure distributed AI at scale
• Negative Sentiment: A recent analysis highlighted a cut to the services outlook and questioned whether Fortinet’s valuation is supported by its future cash generation. The concern may keep investors focused on the pace of service-business growth. Fortinet stock valuation and service outlook analysis
• Negative Sentiment: ETFs were net sellers of Fortinet shares on Nov. 3, with $15.7 million in net sales, a possible near-term source of selling pressure. ETF trading activity
• Negative Sentiment: Insider Ken Xie reportedly sold 161,483 shares. Such sales can weigh on sentiment, although the report does not establish the reason for the transaction. Insider share sale report

Fortinet Stock Performance

Shares of Fortinet stock traded down $3.67 during trading hours on Friday, reaching $118.84. The company had a trading volume of 8,025,051 shares, compared to its average volume of 5,436,355. The firm has a market cap of $87.31 billion, a PE ratio of 38.58, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.28. The business has a fifty day simple moving average of $168.06 and a 200 day simple moving average of $129.50.

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. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 EPS. On average, analysts anticipate that Fortinet, Inc. will post 3.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FTNT. Roth Capital boosted their price objective on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. TD Cowen cut their target price on shares of Fortinet from $225.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $130.00 target price on shares of Fortinet in a research note on Thursday, October 29th. Cantor Fitzgerald reissued a “neutral” rating and issued a $145.00 price target (down from $185.00) on shares of Fortinet in a research report on Monday, October 26th. Finally, Truist Financial set a $175.00 price target on shares of Fortinet and gave the company a “buy” rating in a research report on Thursday, October 29th. Eleven equities research analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $150.44.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 161,483 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $129.31, for a total value of $20,881,366.73. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $6,849,857,423.32. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 53,865 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the completion of the transaction, the chief operating officer owned 96,987 shares of the company’s stock, valued at $16,045,529.28. This trade represents a 35.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 221,304 shares of company stock valued at $30,675,309 in the last quarter. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Company Profile

Fortinet, Inc is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions.

The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.