16,870 Fortinet, Inc. $FTNT Shares Acquired by CoreCap Advisors LLC

Key Points

• CoreCap Advisors increased its Fortinet stake by 84.5% in the third quarter, acquiring 16,870 additional shares for a total holding valued at $6.6 million. Institutional investors collectively own 83.71% of Fortinet.
• Fortinet reported quarterly earnings of $0.90 per share and revenue of $2.05 billion, exceeding analyst estimates, while revenue grew 25.6% year over year. The company issued fiscal 2026 EPS guidance of $3.410–$3.470.
• Fortinet shares recently traded near their 12-month high at $189.10, but analysts maintain a consensus “Hold” rating with a $152.79 price target, highlighting valuation concerns despite strong momentum and cybersecurity demand.

CoreCap Advisors LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 84.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,840 shares of the software maker's stock after acquiring an additional 16,870 shares during the quarter. CoreCap Advisors LLC's holdings in Fortinet were worth $6,586,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in FTNT. YHB Investment Advisors Inc. lifted its holdings in Fortinet by 0.9% during the 3rd quarter. YHB Investment Advisors Inc. now owns 69,248 shares of the software maker's stock worth $12,379,000 after purchasing an additional 642 shares during the last quarter. Apella Capital LLC boosted its stake in Fortinet by 43.2% in the 3rd quarter. Apella Capital LLC now owns 3,486 shares of the software maker's stock valued at $660,000 after purchasing an additional 1,051 shares during the period. Everhart Financial Group Inc. grew its holdings in Fortinet by 3.0% in the 3rd quarter. Everhart Financial Group Inc. now owns 6,922 shares of the software maker's stock valued at $1,237,000 after buying an additional 203 shares in the last quarter. Avidian Wealth Enterprises LLC grew its holdings in Fortinet by 23.5% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 3,036 shares of the software maker's stock valued at $543,000 after buying an additional 578 shares in the last quarter. Finally, Whalen Wealth Management Inc. bought a new position in Fortinet during the 3rd quarter worth $644,000. Institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,121 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the sale, the vice president owned 9,918,360 shares of the company's stock, valued at approximately $1,613,022,886.80. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed 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, 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 owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. The trade was a 0.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 221,303 shares of company stock worth $36,164,034 over the last three months. Insiders own 17.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FTNT. Piper Sandler reissued a "neutral" rating and issued a $175.00 target price (up from $110.00) on shares of Fortinet in a research report on Thursday, July 30th. Rosenblatt Securities lifted their price objective on shares of Fortinet from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Susquehanna boosted their price objective on shares of Fortinet from $115.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, July 31st. Royal Bank Of Canada set a $185.00 target price on shares of Fortinet and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $163.00 target price on shares of Fortinet in a report on Thursday, July 30th. Two research 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $152.79.

Fortinet Price Performance

Fortinet stock traded down $0.18 during trading hours on Thursday, reaching $189.10. 4,455,900 shares of the stock were exchanged, compared to its average volume of 5,902,078. 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 twelve month low of $73.55 and a twelve month high of $192.41. The company has a market cap of $138.74 billion, a P/E ratio of 66.58, a price-to-earnings-growth ratio of 3.57 and a beta of 1.03. The stock has a 50 day moving average of $165.91 and a two-hundred day moving average of $138.07.

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 for the quarter, topping analysts' consensus estimates of $0.75 by $0.15. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm's quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Equities analysts expect that Fortinet, Inc. will post 3.1 EPS for the current fiscal year.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Motley Fool highlighted Fortinet as an AI cybersecurity stock to buy and hold, citing the company’s role in protecting physical AI infrastructure and a valuation viewed as more reasonable than some cybersecurity peers. 1 Millionaire-Maker AI Cybersecurity Stock to Buy and Hold
• Positive Sentiment: Zacks featured FTNT as a strong momentum stock and a potential earnings-beat candidate, reflecting favorable price performance and improving analyst expectations. Here's Why Fortinet Is a Strong Momentum Stock
• Positive Sentiment: Rockwell Automation expanded its SecureOT managed-services offerings to support Fortinet firewalls, potentially strengthening Fortinet’s position in industrial and operational-technology cybersecurity. Rockwell Automation Expands SecureOT Managed Services
• Positive Sentiment: Scotiabank raised its FY2027 EPS forecast for Fortinet to $3.42 from $2.95, above the broader consensus estimate of $3.10, signaling confidence in future earnings growth. Scotiabank Has Strong Forecast for Fortinet FY2027 Earnings
• Neutral Sentiment: FTNT and CrowdStrike are both trading near record highs; comparisons emphasize Fortinet’s valuation and earnings-estimate trends but do not provide a new company-specific catalyst. CrowdStrike vs. Fortinet
• Negative Sentiment: After a multiyear rally, investors are questioning whether Fortinet’s future cash flow can justify its elevated valuation. Scotiabank’s $163 price target is also below the recent trading level, creating downside risk if growth or cash generation slows. Can Fortinet Stay Fully Priced on Future Cash Flow?

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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