553,339 Shares in Fortinet, Inc. $FTNT Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments bought 553,339 Fortinet shares worth approximately $98.9 million, acquiring a 0.08% stake. Institutional investors collectively own 83.71% of the company.
• Fortinet’s third-quarter results exceeded expectations, with revenue rising 20.5% year over year to $2.08 billion and adjusted EPS of $0.91. Management also raised its full-year 2026 guidance and authorized an additional $1.2 billion share-repurchase program.
• Despite strong earnings, investors remain concerned about slower services growth, decelerating revenue, and Fortinet’s valuation. Analysts have broadly lowered price targets, leaving the stock with a consensus “Hold” rating and an average target price of $147.94.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 553,339 shares of the software maker's stock, valued at approximately $98,915,000. Mirae Asset Global Investments Co. Ltd. owned 0.08% of Fortinet as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. ProShare Advisors LLC increased its holdings in Fortinet by 6.8% during the 3rd quarter. ProShare Advisors LLC now owns 849,655 shares of the software maker's stock worth $151,884,000 after purchasing an additional 53,878 shares in the last quarter. Vise Technologies Inc. acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $8,192,000. Intrua Financial LLC bought a new stake in shares of Fortinet in the third quarter valued at about $386,000. Summit Global Investments lifted its holdings in shares of Fortinet by 150.2% in the third quarter. Summit Global Investments now owns 33,884 shares of the software maker's stock valued at $6,057,000 after purchasing an additional 20,342 shares in the last quarter. Finally, Americana Partners LLC lifted its holdings in shares of Fortinet by 123.5% in the third quarter. Americana Partners LLC now owns 4,028 shares of the software maker's stock valued at $720,000 after purchasing an additional 2,226 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. DZ Bank cut Fortinet from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th. Citigroup dropped their target price on Fortinet from $185.00 to $140.00 and set a "neutral" rating on the stock in a research report on Thursday. TD Cowen cut their target price on Fortinet from $225.00 to $190.00 and set a "buy" rating on the stock in a research note on Thursday. William Blair reaffirmed a "market perform" rating on shares of Fortinet in a research report on Tuesday, July 21st. Finally, Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-four have given a Hold rating and six have assigned a Sell rating to the company's stock. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $147.94.

Insider Buying and Selling at Fortinet

In other Fortinet news, COO John Whittle sold 53,865 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the transaction, the chief operating officer owned 96,987 shares of the company's stock, valued at $16,045,529.28. The trade was a 35.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $1,613,022,886.80. This represents a 0.03% decrease in their position. 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 sold a total of 221,303 shares of company stock worth $36,164,034 over the last ninety days. 17.60% of the stock is currently owned by corporate insiders.

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.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $136.08 on Friday. The stock has a market capitalization of $99.84 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.53 and a beta of 1.03. The business has a 50-day moving average of $171.34 and a 200-day moving average of $128.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.19. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $197.13.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results 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 return on equity of 152.72% and a net margin of 28.96%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. Fortinet's revenue was up 20.5% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 3.19 earnings per share for the current fiscal 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.

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