Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in Fortinet, Inc. $FTNT

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.7% during the third quarter, Holdings Channel reports. The firm owned 327,073 shares of the software maker’s stock after purchasing an additional 44,409 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Fortinet were worth $27,500,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after buying an additional 1,024,516 shares during the period. State Street Corp increased its position in Fortinet by 3.0% during the second quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after acquiring an additional 862,468 shares during the last quarter. Geode Capital Management LLC increased its position in Fortinet by 5.2% during the second quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after acquiring an additional 828,569 shares during the last quarter. Norges Bank bought a new position in Fortinet in the second quarter valued at about $1,640,900,000. Finally, Invesco Ltd. boosted its position in Fortinet by 7.9% in the second quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock worth $977,718,000 after purchasing an additional 677,654 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: TD Cowen upgraded FTNT to Buy and called the valuation reasonable, citing stable channel checks and keeping a $100 target — a bullish catalyst that has supported the stock and helped sector momentum. TD Cowen Calls Fortinet’s Valuation Reasonable
• Positive Sentiment: Rosenblatt upgraded Fortinet from Neutral to Buy and raised its price target to $100, signaling additional analyst support and potential upside if sentiment persists. Rosenblatt Upgrade (Benzinga)
• Positive Sentiment: Market commentary points to Fortinet’s upgrade as a positive sector signal — the TD Cowen lift earlier helped buoy cybersecurity peers, suggesting Fortinet’s bullish coverage can have broader market impact. Did a Fortinet Upgrade Put a Floor on CRWD Stock?
• Neutral Sentiment: Analysts and write-ups are evaluating Fortinet’s Unified Cloud?Risk platform and strategy; the long-term moat may strengthen if product adoption accelerates, but measurable near-term revenue/leverage impacts are unclear. Will Fortinet’s Unified Cloud?Risk Platform Deepen Its Competitive Moat?
• Neutral Sentiment: Reminder: Fortinet is projected to report earnings next week — that timing is the immediate catalyst; guidance and subscription growth details will likely drive any near?term move. Fortinet Projected to Post Earnings
• Neutral Sentiment: Short?interest data reported appears anomalous (shows zero shares), implying no clear short?pressure signal to explain stock movement; treat this item as noise until cleaner data appears.
• Negative Sentiment: Zacks’ preview argues Fortinet lacks the combination of factors that typically produce an earnings beat, which raises the risk of downside if results or guidance disappoint next week. Fortinet Reports Next Week: What You Should Expect (Zacks)

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on FTNT. Cantor Fitzgerald reiterated a “neutral” rating and issued a $87.00 price objective on shares of Fortinet in a research note on Monday, November 24th. Robert W. Baird decreased their price target on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Truist Financial set a $88.00 price target on shares of Fortinet in a research note on Tuesday, January 20th. Rosenblatt Securities upgraded Fortinet from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $100.00 in a research note on Thursday. Finally, Morgan Stanley reiterated an “underweight” rating and set a $70.00 target price (up from $66.00) on shares of Fortinet in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $90.59.

Fortinet Stock Down 0.7%

Shares of FTNT stock opened at $81.51 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company’s fifty day moving average price is $80.31 and its 200-day moving average price is $83.88. The company has a market capitalization of $60.61 billion, a price-to-earnings ratio of 33.54, a PEG ratio of 2.86 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the business posted $0.63 EPS. Fortinet’s revenue for the quarter was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co?founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia?Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next?generation firewalls and the FortiOS operating system forming a core platform.