10,180 Fortinet, Inc. $FTNT Shares Bought by Wealth Enhancement Trust Services Inc.

Key Points

• Wealth Enhancement Trust Services increased its Fortinet stake by 83.8% in the third quarter, buying 10,180 shares and bringing its holdings to 22,326 shares valued at approximately $3.99 million. Institutional investors collectively own 83.71% of Fortinet.
• Fortinet reported stronger-than-expected quarterly results, with EPS of $0.90 and revenue of $2.05 billion, up 25.6% year over year. Analysts have raised earnings forecasts, and the company expects fiscal 2026 EPS of $3.41–$3.47.
• Valuation remains a key concern: shares trade near their 12-month high at a P/E ratio of 66.65, while the analyst consensus rating is “Hold” with a $152.79 target price versus a recent price of $189.28. Recent insider sales and the stock’s substantial prior gains add to the potential pullback risk.

Wealth Enhancement Trust Services Inc. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 83.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,326 shares of the software maker's stock after buying an additional 10,180 shares during the quarter. Wealth Enhancement Trust Services Inc.'s holdings in Fortinet were worth $3,991,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Fortinet during the 2nd quarter valued at about $9,561,650,000. Bank of New York Mellon Corp bought a new stake in shares of Fortinet in the 2nd quarter valued at approximately $1,432,842,000. Legal & General Group Plc purchased a new position in shares of Fortinet in the 2nd quarter worth approximately $979,062,000. Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker's stock valued at $788,682,000 after purchasing an additional 4,500,194 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in Fortinet in the second quarter worth $656,852,000. 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: Improved earnings outlook: Scotiabank raised its FY2026 EPS estimate for Fortinet to $3.10 from $2.77 and its FY2027 forecast to $3.42 from $2.95. The revisions suggest analysts see stronger profit growth ahead, although Scotiabank maintained a “Sector Perform” rating. Scotiabank Has Strong Forecast for Fortinet FY2027 Earnings
• Positive Sentiment: Potential earnings beat: Zacks included FTNT among five highly ranked stocks viewed as likely to exceed analysts’ bottom-line expectations in upcoming results. This could support the shares if Fortinet delivers on the forecast. Looking for Earnings Beat? Buy These 5 Top-Ranked Stocks
• Positive Sentiment: Industrial cybersecurity expansion: Rockwell Automation expanded its SecureOT managed-services offerings to support Fortinet firewalls, potentially increasing Fortinet’s visibility and adoption among manufacturers and operational-technology customers. Rockwell Automation Expands SecureOT Managed Services
• Neutral Sentiment: Analyst and media comparisons with CrowdStrike and Palo Alto Networks highlight Fortinet’s strong momentum, cybersecurity tailwinds and exposure to rising AI-related security needs, but do not represent new company-specific financial results. CrowdStrike vs. Fortinet
• Negative Sentiment: Valuation concerns remain the main pressure: After an approximately 224% three-year gain, investors are questioning whether Fortinet’s future free-cash-flow generation can justify its current price. Scotiabank’s $163 price target is also well below the recent trading level, reinforcing the risk of a valuation-driven pullback. Can Fortinet Stay Fully Priced on Future Cash Flow?

Fortinet Stock Down 1.0%

Fortinet stock traded down $1.99 during mid-day trading on Wednesday, reaching $189.28. 3,857,448 shares of the company were exchanged, compared to its average volume of 5,917,405. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The firm has a market cap of $138.88 billion, a P/E ratio of 66.65, a PEG ratio of 3.44 and a beta of 1.03. The business has a fifty day moving average of $165.19 and a 200 day moving average of $137.32. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $192.41.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) 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 business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the firm posted $0.64 earnings per share. The business'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. Research analysts anticipate that Fortinet, Inc. will post 3.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Bank of America reissued a "buy" rating on shares of Fortinet in a research note on Monday, July 27th. Cantor Fitzgerald reissued a "neutral" rating on shares of Fortinet in a research note on Monday, August 24th. Citigroup upped their price objective on Fortinet from $165.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Sanford C. Bernstein reissued a "market perform" rating and set a $145.00 target price (up from $102.00) on shares of Fortinet in a research note on Thursday, September 17th. Finally, Wolfe Research set a $175.00 price target on shares of Fortinet in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $152.79.

Insider Activity

In other Fortinet news, COO John Whittle sold 53,865 shares of the firm's stock in a transaction on 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 completion of the transaction, the chief operating officer owned 96,987 shares of the company's stock, valued at approximately $16,045,529.28. This trade represents a 35.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares of the company's stock, valued at $8,616,486,029.52. The trade was 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. Insiders have sold a total of 221,303 shares of company stock worth $36,164,034 over the last 90 days. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Company 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.

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