Fortinet, Inc. $FTNT Stock Position Reduced by Crossmark Global Holdings Inc.

Posted by Stanley Muller on Oct 22nd, 2026

Crossmark Global Holdings Inc. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 5.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 215,988 shares of the software maker’s stock after selling 12,550 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Fortinet were worth $38,610,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. Burk Holdings LLC acquired a new position in Fortinet during the second quarter valued at $25,000. Dunhill Financial LLC purchased a new stake in Fortinet in the second quarter valued at $25,000. Cornerstone Financial Management LLC boosted its holdings in Fortinet by 102.5% in the second quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock valued at $25,000 after purchasing an additional 83 shares during the last quarter. NFSG Corp acquired a new stake in Fortinet during the 3rd quarter worth about $34,000. Finally, Timbuktu Capital Management LLC acquired a new stake in Fortinet during the 2nd quarter worth about $31,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent research reports. Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Rosenblatt Securities boosted their price objective on Fortinet from $185.00 to $195.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Wells Fargo & Company upped their target price on Fortinet from $135.00 to $160.00 and gave the stock an “underweight” rating in a research note on Thursday, October 15th. Arete Research lowered Fortinet from a “buy” rating to a “sell” rating and set a $117.00 target price on the stock. in a report on Wednesday. Finally, Stifel Nicolaus set a $175.00 target price on Fortinet and gave the stock a “hold” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-one have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $161.75.

Read Our Latest Stock Analysis on Fortinet

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

Positive Sentiment: SASE growth supports the bullish case: Fortinet’s Unified SASE strategy is gaining traction, with improving billings and revenue reportedly exceeding expectations. The platform is also being positioned to secure AI applications and autonomous agents, potentially expanding the company’s addressable market. Can Fortinet’s SASE Momentum Propel the Stock to New Highs?
Positive Sentiment: Technical recovery remains constructive: Fortinet regained key support after a bullish reversal, while its rising trend channel and weekly chart indicate potential upside toward the prior high near $197, according to a technical analysis. Fortinet Price Forecast: Support Holds as Recovery Gains Momentum
Positive Sentiment: Managed-services partnership could broaden demand: CBTS launched a fully managed Fortinet secure-networking service for mid-market and multi-site organizations. The offering may help Fortinet reach customers seeking stronger security without adding internal networking staff. CBTS and Fortinet Launch Fully Managed Secure Networking Service
Neutral Sentiment: Analyst support remains mixed: UBS maintained a $200 price target, implying further potential upside, but investors face heightened expectations ahead of Fortinet’s scheduled October 28 results. The stock’s elevated valuation makes the earnings report and forward guidance important catalysts. UBS Keeps Target for Fortinet Stock at $200
Negative Sentiment: Arete issued a rare double downgrade: The firm cut Fortinet from “buy” to “sell” and set a $117 price target, arguing that favorable growth drivers may peak in 2026. The target represents substantial downside from the current share price and briefly pressured the stock in premarket trading. Fortinet Stock Falls as Arete Delivers Rare Double Downgrade to Sell

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $174.05 on Thursday. The company’s fifty day moving average price is $169.92 and its 200 day moving average price is $145.20. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $197.13. The company has a market capitalization of $127.70 billion, a PE ratio of 61.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28.

Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the business earned $0.64 earnings per share. The firm’s revenue was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. On average, research analysts predict that Fortinet, Inc. will post 3.10 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,121 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the sale, the vice president directly owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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. Also, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. 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. Insiders have sold a total of 221,303 shares of company stock valued at $36,164,034 in the last ninety days. 17.60% of the stock is currently owned by corporate insiders.

About Fortinet

(Free Report)

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.