553,339 Shares of Fortinet, Inc. $FTNT Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, Holdings Channel.com reports. The firm bought 553,339 shares of the software maker’s stock, valued at approximately $98,915,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Puff Wealth Management LLC increased its position in Fortinet by 3.4% during the third quarter. Puff Wealth Management LLC now owns 1,660 shares of the software maker’s stock worth $297,000 after buying an additional 54 shares during the last quarter. Columbus Macro LLC raised its stake in Fortinet by 1.9% in the third quarter. Columbus Macro LLC now owns 2,981 shares of the software maker’s stock valued at $533,000 after buying an additional 55 shares during the period. Signaturefd LLC raised its stake in Fortinet by 0.3% in the third quarter. Signaturefd LLC now owns 19,581 shares of the software maker’s stock valued at $3,500,000 after buying an additional 59 shares during the period. Hutchens & Kramer Investment Management Group LLC raised its stake in Fortinet by 1.9% in the third quarter. Hutchens & Kramer Investment Management Group LLC now owns 3,525 shares of the software maker’s stock valued at $630,000 after buying an additional 66 shares during the period. Finally, Kintegral Advisory LLC lifted its position in shares of Fortinet by 0.6% in the third quarter. Kintegral Advisory LLC now owns 12,648 shares of the software maker’s stock valued at $2,261,000 after buying an additional 71 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, COO John Whittle sold 53,865 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the transaction, the chief operating officer directly owned 96,987 shares of the company’s stock, valued at approximately $16,045,529.28. This trade represents a 35.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president directly owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This represents a 0.03% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 221,303 shares of company stock worth $36,164,034. Corporate insiders own 17.60% of the company’s stock.

Fortinet Trading Down 2.2%

Shares of FTNT stock opened at $136.08 on Friday. The firm has a 50 day moving average price of $171.34 and a two-hundred day moving average price of $128.28. The company has a quick ratio of 1.19, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $99.84 billion, a PE ratio of 44.18, a price-to-earnings-growth ratio of 2.53 and a beta of 1.03. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $197.13.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.74 earnings per share. As a group, analysts predict that Fortinet, Inc. will post 3.19 earnings per share for the current year.

Key Headlines Impacting Fortinet

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.

Analyst Ratings Changes

FTNT has been the subject of several research analyst reports. TD Cowen reduced their target price on Fortinet from $225.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday. Jefferies Financial Group reissued a “hold” rating and set a $145.00 target price on shares of Fortinet in a report on Thursday. William Blair restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, July 21st. Yorkville Ives started coverage on Fortinet in a report on Tuesday, October 6th. They set an “outperform” rating and a $225.00 price target for the company. Finally, Guggenheim reaffirmed a “buy” rating on shares of Fortinet in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-four have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $147.94.

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.