4,706 Fortinet, Inc. $FTNT Shares Sold by Profund Advisors LLC

Profund Advisors LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 7.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,768 shares of the software maker’s stock after selling 4,706 shares during the period. Profund Advisors LLC’s holdings in Fortinet were worth $9,790,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FTNT. Physician Wealth Advisors Inc. grew its holdings in Fortinet by 408.3% in the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock valued at $25,000 after buying an additional 245 shares during the period. Dunhill Financial LLC purchased a new position in shares of Fortinet in the second quarter valued at $25,000. Burk Holdings LLC acquired a new stake in Fortinet during the 2nd quarter valued at approximately $25,000. Cornerstone Financial Management LLC increased its holdings 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. Finally, Timbuktu Capital Management LLC acquired a new position in shares of Fortinet in the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

More 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 Fortinet news, COO John Whittle sold 53,865 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $165.44, for a total value of $8,911,425.60. Following the transaction, the chief operating officer directly owned 96,987 shares of the company’s stock, valued at $16,045,529.28. This represents a 35.71% decrease in their position. The transaction was disclosed in a legal 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 Fortinet 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 transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 three months, insiders sold 221,303 shares of company stock worth $36,164,034. 17.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on FTNT shares. Stephens lifted their target price on Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. The Goldman Sachs Group reiterated a “buy” rating and set a $190.00 price objective (up from $116.00) on shares of Fortinet in a research note on Thursday, July 30th. Morgan Stanley reissued a “positive” rating and set a $136.00 target price (up from $133.00) on shares of Fortinet in a research note on Thursday, July 30th. Guggenheim reiterated a “buy” rating on shares of Fortinet in a research report on Thursday. Finally, Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-four have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $147.94.

Fortinet Stock Down 2.2%

Shares of FTNT opened at $136.08 on Friday. The firm has a market capitalization of $99.84 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.53 and a beta of 1.03. The company has a 50-day simple moving average of $171.34 and a 200-day simple moving average of $128.28. 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 0.22, a quick ratio of 1.19 and a current ratio of 1.40.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.05. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 EPS. On average, equities research analysts expect that Fortinet, Inc. will post 3.19 earnings per share for the current year.

Fortinet Company 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.