Fortinet, Inc. $FTNT Stock Bought by Soltis Investment Advisors LLC

Key Points

• Soltis Investment Advisors increased its Fortinet stake by 244% in the third quarter, bringing its holdings to 17,828 shares worth approximately $3.19 million. Institutional investors and hedge funds collectively own 83.71% of the company.
• Fortinet reported quarterly revenue of $2.08 billion, up 20.5% year over year, and EPS of $0.91, beating analyst expectations. Management also raised full-year guidance and authorized an additional $1.2 billion for share repurchases.
• Despite strong results, shares opened at $136.08 amid concerns about slower services growth, valuation and a broader technology sell-off. Analysts maintain a consensus “Hold” rating with a $147.94 price target, while insiders have sold $36.2 million of stock over the past 90 days.

Soltis Investment Advisors LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 244.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,828 shares of the software maker's stock after buying an additional 12,645 shares during the period. Soltis Investment Advisors LLC's holdings in Fortinet were worth $3,187,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Transamerica Financial Advisors LLC purchased a new stake in shares of Fortinet in the 2nd quarter worth about $492,000. Wealth Enhancement Trust Services Inc. grew its stake in Fortinet by 83.8% in the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 22,326 shares of the software maker's stock valued at $3,991,000 after acquiring an additional 10,180 shares during the last quarter. QRG Capital Management Inc. increased its holdings in Fortinet by 21.4% during the 1st quarter. QRG Capital Management Inc. now owns 75,491 shares of the software maker's stock valued at $6,169,000 after acquiring an additional 13,294 shares in the last quarter. Vista Investment Partners LLC increased its holdings in Fortinet by 53.1% during the 2nd quarter. Vista Investment Partners LLC now owns 49,058 shares of the software maker's stock valued at $7,537,000 after acquiring an additional 17,018 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in Fortinet by 35.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 32,402 shares of the software maker's stock valued at $5,792,000 after acquiring an additional 8,488 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the topic of several research reports. Weiss Ratings upgraded shares of Fortinet from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. HC Wainwright reissued a "buy" rating on shares of Fortinet in a research note on Thursday, July 30th. Daiwa Securities Group lifted their price objective on Fortinet from $115.00 to $165.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. BMO Capital Markets upped their target price on Fortinet from $170.00 to $185.00 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Finally, BTIG Research reiterated a "buy" rating and set a $186.00 target price (down from $203.00) on shares of Fortinet in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-four have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $147.94.

Fortinet Trading Down 2.2%

Shares of FTNT stock opened at $136.08 on Friday. The firm has a 50-day moving average price of $171.34 and a 200 day moving average price of $128.28. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $197.13. The company has a market capitalization of $99.84 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.59 and a beta of 1.03. The company has a current ratio of 1.40, a quick ratio of 1.19 and a debt-to-equity ratio of 0.22.

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, beating analysts' consensus estimates of $0.86 by $0.05. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the firm earned $0.74 EPS. The firm's quarterly revenue was up 20.5% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 3.11 earnings per share for the current fiscal year.

Insider Activity

In other Fortinet news, COO John Whittle sold 53,865 shares of Fortinet stock in a transaction that occurred 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 sale, the chief operating officer directly owned 96,987 shares of the company's stock, valued at approximately $16,045,529.28. The trade was a 35.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of Fortinet stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the sale, the vice president directly owned 9,918,360 shares of the company's stock, valued at $1,613,022,886.80. The trade was a 0.03% decrease in their ownership of the stock. 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 a total of 221,303 shares of company stock valued at $36,164,034 over the last 90 days. Insiders own 17.60% of the company's stock.

Key Headlines Impacting Fortinet

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 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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