Fortinet, Inc. $FTNT Stock Sold by Boston Trust Walden Corp

Key Points

• Boston Trust Walden cut its Fortinet stake by 33.5% in the third quarter, selling 94,125 shares; it retained 186,478 shares valued at $33.3 million.
• Fortinet beat quarterly earnings and revenue estimates, reporting EPS of $0.91 and revenue of $2.08 billion, up 20.5% year over year. However, concerns about delayed services revenue and slower product growth remain an overhang.
• Analyst views are mixed: Fortinet has a consensus “Hold” rating and an average price target of $150.44. The company is expanding its AI security offerings, while recent reports also noted institutional and insider share sales.

Boston Trust Walden Corp lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 33.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 186,478 shares of the software maker's stock after selling 94,125 shares during the period. Boston Trust Walden Corp's holdings in Fortinet were worth $33,335,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Birinyi Associates Inc. purchased a new position in shares of Fortinet in the third quarter worth $4,338,000. Transamerica Financial Advisors LLC purchased a new position in Fortinet during the second quarter valued at $492,000. Wealth Enhancement Trust Services Inc. grew its stake in Fortinet by 83.8% during the third 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 in the last quarter. Farther Finance Advisors LLC grew its stake in Fortinet by 35.5% during the third 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. Finally, Vista Investment Partners LLC increased its holdings in Fortinet by 53.1% in 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 during the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Down 5.3%

Shares of NASDAQ:FTNT opened at $122.51 on Friday. The firm has a market capitalization of $90.01 billion, a PE ratio of 39.78, a price-to-earnings-growth ratio of 2.48 and a beta of 1.04. The business has a 50 day simple moving average of $169.14 and a two-hundred day simple moving average of $129.28. 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 0.22, a current ratio of 1.40 and a quick ratio of 1.28.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The business's revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 earnings per share. On average, equities analysts predict that Fortinet, Inc. will post 3.21 EPS for the current year.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet launched FortiGuard Inline AI Security Service, which adds inspection and safeguards for enterprise generative-AI use, and FortiLink SASE Service, a cloud-delivered option for distributed sites. The offerings expand its addressable security portfolio. Fortinet unveiled two new security services
• Positive Sentiment: FortiAIGate is now available on the Equinix Distributed AI Hub, giving customers a validated architecture to govern and protect AI across hybrid and multicloud environments. This could support Fortinet’s positioning as companies scale AI deployment. Fortinet and Equinix secure distributed AI at scale
• Positive Sentiment: Daiwa upgraded Fortinet to “outperform” with a $150 target, and Scotiabank raised its 2026 EPS estimate to $3.21 from $3.10, though it kept a “Sector Perform” rating. Daiwa rating information
• Neutral Sentiment: Analyst views are mixed: Zacks Research cut its rating to “hold,” while the recent Daiwa upgrade offers a counterpoint. Mixed recommendations may leave investors focused on execution and forward guidance.
• Negative Sentiment: The main overhang remains the services outlook. Coverage of Fortinet’s Q3 call points to delayed service revenue, alongside slower product-growth expectations and rising component costs, despite a higher 2026 outlook and strong AI demand. Investors appear to be prioritizing those growth and margin concerns over the earnings beat. Q3 earnings call highlights services outlook and AI demand
• Negative Sentiment: ETFs were net sellers of $15.7 million in Fortinet shares on Nov. 3, while CEO Ken Xie’s reported sale of 161,483 shares may also draw attention to insider activity. ETF selling in Fortinet Ken Xie share sale

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Rosenblatt Securities cut their price objective on Fortinet from $195.00 to $175.00 and set a "buy" rating for the company in a research report on Thursday, October 29th. Zacks Research lowered Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday. The Goldman Sachs Group restated a "buy" rating and set a $190.00 price target (up from $116.00) on shares of Fortinet in a report on Thursday, July 30th. HSBC lifted their price objective on Fortinet from $102.00 to $107.00 in a research note on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $130.00 price objective on shares of Fortinet in a report on Thursday, October 29th. Eleven equities research analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $150.44.

Insider Transactions at Fortinet

In other Fortinet news, COO John Whittle sold 2,835 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total transaction of $478,377.90. Following the sale, 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 Securities & Exchange Commission, which can be accessed 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 dated Monday, November 2nd. The shares were sold at an average price of $129.49, for a total value of $404,138.29. Following the completion of the transaction, the vice president owned 9,918,360 shares in the company, valued at $1,284,328,436.40. This trade 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. In the last quarter, insiders sold 221,304 shares of company stock valued at $30,675,309. Company insiders own 17.60% of the company's stock.

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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