Fortinet, Inc. $FTNT Stake Cut by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 215,988 shares of the software maker's stock after selling 12,550 shares during the period. Crossmark Global Holdings Inc.'s holdings in Fortinet were worth $38,610,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FTNT. Capstone Capital Management Ltd increased its holdings in Fortinet by 6.6% during the third quarter. Capstone Capital Management Ltd now owns 6,809 shares of the software maker's stock valued at $1,217,000 after buying an additional 423 shares during the period. Range Financial Group LLC bought a new position in Fortinet in the third quarter worth approximately $5,188,000. Pinnacle Associates Ltd. raised its stake in Fortinet by 13.1% in the third quarter. Pinnacle Associates Ltd. now owns 5,314 shares of the software maker's stock worth $950,000 after buying an additional 614 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Fortinet by 48.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,469,882 shares of the software maker's stock worth $441,516,000 after buying an additional 801,943 shares in the last quarter. Finally, Diversify Advisory Services LLC lifted its holdings in Fortinet by 4.3% during the third quarter. Diversify Advisory Services LLC now owns 112,704 shares of the software maker's stock worth $20,502,000 after buying an additional 4,660 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Up 1.8%

FTNT stock opened at $174.05 on Thursday. The stock has a market capitalization of $127.70 billion, a PE ratio of 61.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.03. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $197.13. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $169.92 and a 200 day moving average of $145.20.

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, beating analysts' consensus estimates of $0.75 by $0.15. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. Fortinet's revenue for the quarter was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the business 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. Sell-side analysts forecast that Fortinet, Inc. will post 3.10 earnings per share for the current year.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: SASE growth supports the bullish case: Fortinet’s Unified SASE strategy is gaining traction, with improving billings and revenue reportedly exceeding expectations. The platform is also being positioned to secure AI applications and autonomous agents, potentially expanding the company’s addressable market. Can Fortinet's SASE Momentum Propel the Stock to New Highs?
• Positive Sentiment: Technical recovery remains constructive: Fortinet regained key support after a bullish reversal, while its rising trend channel and weekly chart indicate potential upside toward the prior high near $197, according to a technical analysis. Fortinet Price Forecast: Support Holds as Recovery Gains Momentum
• Positive Sentiment: Managed-services partnership could broaden demand: CBTS launched a fully managed Fortinet secure-networking service for mid-market and multi-site organizations. The offering may help Fortinet reach customers seeking stronger security without adding internal networking staff. CBTS and Fortinet Launch Fully Managed Secure Networking Service
• Neutral Sentiment: Analyst support remains mixed: UBS maintained a $200 price target, implying further potential upside, but investors face heightened expectations ahead of Fortinet’s scheduled October 28 results. The stock’s elevated valuation makes the earnings report and forward guidance important catalysts. UBS Keeps Target for Fortinet Stock at $200
• Negative Sentiment: Arete issued a rare double downgrade: The firm cut Fortinet from “buy” to “sell” and set a $117 price target, arguing that favorable growth drivers may peak in 2026. The target represents substantial downside from the current share price and briefly pressured the stock in premarket trading. Fortinet Stock Falls as Arete Delivers Rare Double Downgrade to Sell

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FTNT. JPMorgan Chase & Co. increased their target price on Fortinet from $100.00 to $118.00 and gave the company an "underweight" rating in a research report on Thursday, July 30th. Wells Fargo & Company lifted their price target on Fortinet from $135.00 to $160.00 and gave the company an "underweight" rating in a report on Thursday, October 15th. Mizuho set a $160.00 price target on Fortinet and gave the stock an "underperform" rating in a research report on Thursday, October 15th. Stephens upped their price objective on Fortinet from $160.00 to $165.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Finally, UBS Group restated a "neutral" rating and set a $200.00 price objective on shares of Fortinet in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twenty-one have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $161.75.

Insider Activity

In related news, COO John Whittle sold 2,835 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total value of $478,377.90. Following the transaction, the chief operating officer directly owned 96,987 shares of the company's stock, valued at $16,365,586.38. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was 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 of the company's stock, valued at $8,616,486,029.52. This trade represents a 0.30% 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 have sold 221,303 shares of company stock valued at $36,164,034 over the last ninety days. 17.60% of the stock is currently owned by insiders.

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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