MinichMacGregor Wealth Management LLC Invests $3.49 Million in Fortinet, Inc. $FTNT

MinichMacGregor Wealth Management LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 41,558 shares of the software maker’s stock, valued at approximately $3,494,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after acquiring an additional 1,024,516 shares during the last quarter. State Street Corp raised its stake in Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after buying an additional 862,468 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after buying an additional 828,569 shares during the period. Norges Bank purchased a new position in shares of Fortinet in the 2nd quarter worth $1,640,900,000. Finally, Invesco Ltd. grew its holdings in shares of Fortinet by 7.9% in the second quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock worth $977,718,000 after acquiring an additional 677,654 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. TD Cowen lowered their target price on Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Mizuho dropped their price objective on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a report on Thursday, November 6th. Hsbc Global Res lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. Robert W. Baird dropped their price target on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $75.00 target price (down from $85.00) on shares of Fortinet in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $90.30.

Fortinet Trading Down 1.2%

FTNT stock opened at $75.38 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The business has a 50 day simple moving average of $80.65 and a two-hundred day simple moving average of $85.42. The company has a market capitalization of $56.06 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 2.67 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the company posted $0.63 earnings per share. Fortinet’s quarterly revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: KeyCorp raised multiple near‑term and full‑year EPS forecasts (Q4 2025–Q4 2026 and FY2025–FY2026), lifting FY2026 to $2.55 and trimming quarterly variance — a direct fundamental tailwind to earnings expectations (no link provided).
• Positive Sentiment: Zacks highlights Fortinet as a “strong growth stock,” emphasizing growth/style scores that may attract momentum and growth-oriented investors. Here’s Why Fortinet (FTNT) is a Strong Growth Stock
• Positive Sentiment: Forbes notes a long‑term bullish trendline and a sectorwide tailwind from semiconductor earnings (TSM) that could help FTNT break out of recent consolidation — a technical catalyst for a recovery move. Long-Term Bullish Trendline Could Help Fortinet Stock Break Out
• Neutral Sentiment: InsiderMonkey summarizes recent analyst activity: RBC reiterated a Hold (PT $85) while Piper Sandler adjusted its target — useful context but not a clear directional driver. Here’s What Analysts Think About Fortinet (FTNT)
• Neutral Sentiment: UBS issued a Hold on FTNT — a conservative stance that keeps shares range‑bound unless upgraded. Fortinet (FTNT) Gets a Hold from UBS
• Neutral Sentiment: Globe and Mail ran an analyst roundup on Fortinet — additional commentary but no single decisive call. Analysts Offer Insights on Technology Companies: Fortinet (FTNT) and Veritone (VERI)
• Negative Sentiment: J.P. Morgan maintained a Sell rating, citing elevated memory costs and margin risk and keeping a $75 price target — a notable bearish view that pressures sentiment and could limit upside. Fortinet Downgraded: Elevated Memory Costs and Margin Risk Drive Sustained Sell Rating
• Negative Sentiment: Recent market commentary notes FTNT has declined more than the market in recent sessions and remains materially below its 50/200‑day moving averages, underscoring near‑term technical weakness. Fortinet (FTNT) Declines More Than Market: Some Information for Investors

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 17.20% of the company’s stock.

Fortinet Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.