12,645 Fortinet, Inc. $FTNT Shares Bought by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 244.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 17,828 shares of the software maker’s stock after acquiring 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 quarter.

Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in Fortinet in the second quarter valued at approximately $9,561,650,000. Bank of New York Mellon Corp acquired a new position in Fortinet during the second quarter worth approximately $1,432,842,000. Legal & General Group Plc purchased a new position in Fortinet during the second quarter worth approximately $979,062,000. First Trust Advisors LP raised its stake in Fortinet by 45.5% during the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after purchasing an additional 3,598,487 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 87.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after purchasing an additional 4,500,194 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet News Summary

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.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research analyst reports. Stifel Nicolaus decreased their price target on shares of Fortinet from $175.00 to $140.00 and set a “hold” rating on the stock in a report on Thursday. Citigroup dropped their price objective on Fortinet from $185.00 to $140.00 and set a “neutral” rating for the company in a report on Thursday. HSBC increased their target price on Fortinet from $102.00 to $107.00 in a research report on Friday, July 31st. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $190.00 target price (up from $116.00) on shares of Fortinet in a research report on Thursday, July 30th. Finally, Piper Sandler set a $140.00 target price on Fortinet and gave the company a “neutral” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-four have issued a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $147.94.

Fortinet Price Performance

FTNT opened at $136.08 on Friday. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $197.13. The company has a 50 day moving average of $171.34 and a two-hundred day moving average of $128.28. The company has a market cap of $99.84 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.59 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.40 and a debt-to-equity ratio of 0.22.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.74 EPS. On average, analysts expect that Fortinet, Inc. will post 3.11 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, COO John Whittle sold 2,835 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total value of $478,377.90. Following the transaction, the chief operating officer directly owned 96,987 shares of the company’s stock, valued at $16,365,586.38. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their position. 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. In the last three months, insiders sold 221,303 shares of company stock worth $36,164,034. Corporate insiders own 17.60% of the company’s stock.

About Fortinet

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.