248,818 Fortinet, Inc. $FTNT Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Fortinet stake by 11.6% in the third quarter, selling 248,818 shares; it retained 1.90 million shares, valued at about $340 million.
• Fortinet’s latest quarter beat estimates, with EPS of $0.91 versus $0.86 expected and revenue up 20.5% year over year to $2.08 billion.
• Analysts’ consensus rating was Hold, with an average price target of $150.44. CEO Ken Xie also sold 161,483 shares under a pre-arranged plan to cover tax withholding on vested equity awards.

Pictet Asset Management Holding SA decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,902,901 shares of the software maker's stock after selling 248,818 shares during the quarter. Pictet Asset Management Holding SA owned about 0.26% of Fortinet worth $340,053,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Burk Holdings LLC bought a new position in shares of Fortinet in the second quarter worth $25,000. Dunhill Financial LLC acquired a new position in shares of Fortinet in the 2nd quarter worth approximately $25,000. Cornerstone Financial Management LLC increased its holdings in shares of Fortinet by 102.5% in the second quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker's stock valued at $25,000 after buying an additional 83 shares in the last quarter. NFSG Corp acquired a new stake in shares of Fortinet during the third quarter worth $34,000. Finally, Timbuktu Capital Management LLC acquired a new position in shares of Fortinet in the 2nd quarter valued at $31,000. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Michael Xie sold 3,121 shares of the firm's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $129.49, for a total value of $404,138.29. Following the sale, the vice president owned 9,918,360 shares in the company, valued at approximately $1,284,328,436.40. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 161,483 shares of the firm's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $129.31, for a total transaction of $20,881,366.73. Following the completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $6,849,857,423.32. 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. Over the last three months, insiders sold 221,304 shares of company stock valued at $30,675,309. 17.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FTNT shares. DZ Bank downgraded Fortinet from a "hold" rating to a "strong sell" rating in a report on Thursday, July 30th. Royal Bank Of Canada set a $165.00 target price on Fortinet and gave the stock a "sector perform" rating in a research report on Thursday, October 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Thursday, October 29th. Cantor Fitzgerald restated a "neutral" rating and issued a $145.00 target price (down from $185.00) on shares of Fortinet in a research note on Monday, October 26th. Finally, Morgan Stanley restated a "positive" rating and set a $136.00 price target (up from $133.00) on shares of Fortinet in a research note on Thursday, July 30th. Eleven equities research analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average price target of $150.44.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Scotiabank raised its FY2026 and FY2027 earnings-per-share estimates to $3.21 and $3.50, respectively, while keeping its “Sector Perform” rating and $140 price target. The higher forecasts offer a modest positive signal, though the FY2026 estimate matches consensus. Scotiabank estimate update
• Positive Sentiment: Fortinet introduced FortiGuard Inline AI Security, which adds inspection and controls for enterprise generative-AI use, and FortiLink SASE, a cloud-delivered security service for distributed sites. The launches broaden its product portfolio and target evolving security needs. Fortinet unveiled two new security services
• Positive Sentiment: FortiAIGate is now available on Equinix’s Distributed AI Hub, giving customers a validated architecture to secure and govern AI across distributed environments. The partnership could support demand for Fortinet’s AI-security products. Fortinet and Equinix secure distributed AI at scale
• Negative Sentiment: A recent analysis highlighted a cut to the services outlook and questioned whether Fortinet’s valuation is supported by its future cash generation. The concern may keep investors focused on the pace of service-business growth. Fortinet stock valuation and service outlook analysis
• Negative Sentiment: ETFs were net sellers of Fortinet shares on Nov. 3, with $15.7 million in net sales, a possible near-term source of selling pressure. ETF trading activity
• Negative Sentiment: Insider Ken Xie reportedly sold 161,483 shares. Such sales can weigh on sentiment, although the report does not establish the reason for the transaction. Insider share sale report

Fortinet Trading Down 3.0%

NASDAQ:FTNT opened at $118.84 on Friday. The company's 50 day moving average is $168.06 and its 200-day moving average is $129.50. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $197.13. The firm has a market cap of $87.31 billion, a price-to-earnings ratio of 38.58, a P/E/G ratio of 2.28 and a beta of 1.04.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the prior year, the firm earned $0.74 EPS. Fortinet's quarterly revenue was up 20.5% compared to the same quarter last year. Equities analysts anticipate that Fortinet, Inc. will post 3.21 EPS for the current year.

Fortinet Profile

Fortinet, Inc is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions.

The company's Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.

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