Fortinet, Inc. $FTNT Shares Purchased by Ninety One UK Ltd

Ninety One UK Ltd lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 22.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 657,351 shares of the software maker’s stock after purchasing an additional 118,390 shares during the period. Ninety One UK Ltd owned about 0.09% of Fortinet worth $117,508,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Physician Wealth Advisors Inc. increased its position in shares of Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after acquiring an additional 245 shares during the period. Dunhill Financial LLC purchased a new stake in shares of Fortinet in the second quarter valued at approximately $25,000. Burk Holdings LLC purchased a new stake in shares of Fortinet in the second quarter valued at approximately $25,000. Cornerstone Financial Management LLC grew its stake in Fortinet by 102.5% in the second quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock worth $25,000 after purchasing an additional 83 shares in the last quarter. Finally, Maseco LLP bought a new position in Fortinet in the first quarter worth approximately $29,000. 83.71% of the stock is currently owned by institutional investors.

More Fortinet News

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 Stock Down 2.2%

Shares of FTNT traded down $4.06 during trading hours on Thursday, hitting $179.99. The company had a trading volume of 1,471,251 shares, compared to its average volume of 5,824,570. The company has a market capitalization of $132.06 billion, a PE ratio of 63.42, a price-to-earnings-growth ratio of 3.56 and a beta of 1.03. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13. The company’s fifty day moving average price is $168.70 and its two-hundred day moving average price is $141.93.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the business posted $0.64 EPS. The firm’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. As a group, equities analysts forecast that Fortinet, Inc. will post 3.10 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 161,482 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 that occurred on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the sale, the chief operating officer directly owned 96,987 shares of the company’s stock, 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 have sold 221,303 shares of company stock worth $36,164,034. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. BTIG Research lifted their target price on Fortinet from $186.00 to $203.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Stephens upped their target price on Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Scotiabank reissued a “sector perform” rating and set a $163.00 price target (up from $110.00) on shares of Fortinet in a research report on Thursday, July 30th. Roth Capital increased their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Finally, Jefferies Financial Group raised their price target on Fortinet from $165.00 to $190.00 and gave the company a “hold” rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-one have issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $159.09.

Fortinet 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.