Fortinet, Inc. $FTNT Stock: Cyndeo Wealth Partners LLC Grows Position

Key Points

• Cyndeo Wealth Partners increased its Fortinet position by 548.5% in the third quarter, bringing its holdings to 14,111 shares valued at approximately $2.52 million. Institutional investors collectively own 83.71% of Fortinet.
• Fortinet reported strong quarterly results, with revenue rising 25.6% year over year to $2.05 billion and EPS of $0.90, exceeding analysts’ expectations. The company also expanded its Atos partnership to support hybrid- and multi-cloud cybersecurity.
• Investor sentiment remains mixed: Morgan Stanley downgraded the stock to “underweight” over concerns about a smaller firewall refresh opportunity, while analysts’ consensus rating is “Hold” with an average price target of $159.09.

Cyndeo Wealth Partners LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 548.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,111 shares of the software maker's stock after buying an additional 11,935 shares during the period. Cyndeo Wealth Partners LLC's holdings in Fortinet were worth $2,522,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Burk Holdings LLC purchased a new position in shares of Fortinet during the 2nd quarter worth about $25,000. Dunhill Financial LLC acquired a new stake in shares of Fortinet in the second quarter worth approximately $25,000. Cornerstone Financial Management LLC boosted its position 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 worth $25,000 after acquiring an additional 83 shares during the last quarter. NFSG Corp purchased a new stake in Fortinet in the third quarter valued at approximately $34,000. Finally, Timbuktu Capital Management LLC purchased a new stake in Fortinet in the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet expanded its partnership with Atos to provide a unified cybersecurity framework for hybrid- and multi-cloud environments. The agreement could strengthen Fortinet’s enterprise reach and support demand for its security products and services. Fortinet Expands Global Cybersecurity Framework For Hybrid And Multi Cloud Security
• Positive Sentiment: Growth-oriented analysis remains supportive, citing Fortinet’s above-average financial growth and its potential to outperform the broader market. Its latest reported quarter also showed strong earnings and revenue growth, providing a fundamental counterpoint to the current selling pressure. 3 Reasons Why Growth Investors Shouldn't Overlook Fortinet
• Neutral Sentiment: Wells Fargo raised its Fortinet price target from $135 to $160 but retained an “underweight” rating. The higher target is constructive, although it still implies limited upside relative to the stock’s recent trading level. Wells Fargo Lifts Target for Fortinet Stock
• Negative Sentiment: Morgan Stanley downgraded FTNT to “underweight” from “equal weight,” warning that a smaller-than-expected firewall refresh opportunity could reduce future revenue estimates. This concern overshadowed the company’s continued customer expansion and has become the clearest company-specific catalyst behind the decline. Fortinet Falls as Analyst Downgrade Revives Firewall Refresh Concerns
• Negative Sentiment: Fortinet’s premium valuation makes the stock vulnerable when growth expectations weaken. Broader weakness in technology and AI-related stocks, along with reports of net insider selling, added to investor caution ahead of the company’s October 28 earnings report.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FTNT shares. Roth Capital increased their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Piper Sandler reiterated a "neutral" rating and issued a $175.00 price target (up from $110.00) on shares of Fortinet in a report on Thursday, July 30th. TD Cowen reissued a "buy" rating and set a $225.00 price objective (up from $215.00) on shares of Fortinet in a research note on Tuesday. Stephens upped their price objective on Fortinet from $160.00 to $165.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Finally, Capital One Financial upped their price objective on Fortinet from $150.00 to $185.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-one have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $159.09.

Insider Transactions at Fortinet

In other news, COO John Whittle sold 2,835 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total value of $478,377.90. Following the transaction, the chief operating officer owned 96,987 shares of the company's stock, valued at approximately $16,365,586.38. This trade represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the transaction, the vice president directly 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 SEC filing for this sale provides additional information. 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 valued at $36,164,034 over the last 90 days. Corporate insiders own 17.60% of the company's stock.

Fortinet Stock Down 7.0%

Shares of NASDAQ:FTNT opened at $169.13 on Friday. The stock has a 50-day simple moving average of $169.33 and a 200-day simple moving average of $142.85. The stock has a market capitalization of $124.09 billion, a P/E ratio of 59.55, a PEG ratio of 3.16 and a beta of 1.03. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $197.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the firm posted $0.64 earnings per share. Fortinet's revenue for the quarter was up 25.6% compared to the same quarter last year. 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 forecast that Fortinet, Inc. will post 3.10 earnings per share for the current year.

Fortinet 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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