Fortinet, Inc. $FTNT Stock Holdings Increased by Fulcrum Asset Management LLP

Key Points

• Fulcrum Asset Management increased its Fortinet stake by 15.2% in the third quarter, to 65,149 shares valued at about $11.5 million. Institutional investors collectively own 83.71% of the company.
• Fortinet reported quarterly earnings of $0.91 per share, beating the $0.86 consensus estimate, while revenue of $2.08 billion exceeded forecasts and rose 20.5% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $150.44. Recent rating changes were mixed, including upgrades and downgrades.

Fulcrum Asset Management LLP lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 15.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,149 shares of the software maker's stock after buying an additional 8,609 shares during the quarter. Fortinet comprises 0.5% of Fulcrum Asset Management LLP's portfolio, making the stock its 25th biggest holding. Fulcrum Asset Management LLP's holdings in Fortinet were worth $11,464,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Fortinet by 10.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 138,794 shares of the software maker's stock worth $24,805,000 after purchasing an additional 13,449 shares in the last quarter. Burton Enright Welch lifted its stake in shares of Fortinet by 2.2% during the 3rd quarter. Burton Enright Welch now owns 4,357 shares of the software maker's stock valued at $779,000 after buying an additional 93 shares in the last quarter. Hohimer Wealth Management LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at $3,072,000. BCS Wealth Management purchased a new position in shares of Fortinet during the 3rd quarter valued at $200,000. Finally, Means Investment CO. Inc. purchased a new position in shares of Fortinet during the 3rd quarter valued at $225,000. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $118.84 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.28 and a current ratio of 1.40. The firm has a fifty day moving average price of $168.06 and a 200 day moving average price of $129.50. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week 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 earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. Fortinet's quarterly revenue was up 20.5% on a year-over-year basis. During the same period last year, the company posted $0.74 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 3.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. TD Cowen cut their price target on Fortinet from $225.00 to $190.00 and set a "buy" rating for the company in a research note on Thursday, October 29th. Daiwa Securities Group raised Fortinet from a "neutral" rating to an "outperform" rating and set a $150.00 price target on the stock in a report on Wednesday, November 4th. Jefferies Financial Group restated a "hold" rating and issued a $145.00 price objective on shares of Fortinet in a research report on Thursday, October 29th. Bank of America lowered Fortinet from a "buy" rating to a "neutral" rating and set a $140.00 price objective for the company. in a research note on Thursday, October 29th. Finally, BMO Capital Markets increased their target price on Fortinet from $170.00 to $185.00 and gave the stock a "market perform" rating in a research report on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of "Hold" and an average price target of $150.44.

Insider Activity

In related news, COO John Whittle sold 53,865 shares of the business's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $165.44, for a total value of $8,911,425.60. Following the sale, the chief operating officer directly owned 96,987 shares in the company, valued at approximately $16,045,529.28. The trade was a 35.71% decrease in their ownership of the stock. The transaction was disclosed in a 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 the stock in a transaction that occurred 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 transaction, the vice president directly owned 9,918,360 shares of the company's stock, valued at approximately $1,284,328,436.40. The trade was a 0.03% 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. Insiders sold a total of 221,304 shares of company stock worth $30,675,309 over the last 90 days. Corporate insiders own 17.60% of the company's stock.

Trending Headlines about Fortinet

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 Company 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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