Provenance Wealth Advisors LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 422.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,306 shares of the software maker’s stock after buying an additional 4,290 shares during the period. Provenance Wealth Advisors LLC’s holdings in Fortinet were worth $949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Fortinet in the second quarter valued at approximately $9,561,650,000. Bank of New York Mellon Corp bought a new position in Fortinet in the second quarter worth approximately $1,432,842,000. Legal & General Group Plc purchased a new position in Fortinet during the 2nd quarter worth $979,062,000. First Trust Advisors LP increased its holdings in Fortinet by 45.5% during the 1st 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 increased its holdings in Fortinet by 87.4% during the 1st 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 hedge funds and other institutional investors.
Insider Buying and Selling
In other Fortinet news, VP Michael Xie sold 3,121 shares of Fortinet stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $129.49, for a total value of $404,138.29. Following the transaction, the vice president owned 9,918,360 shares in the company, valued at $1,284,328,436.40. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 161,483 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $129.31, for a total transaction of $20,881,366.73. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $6,849,857,423.32. This represents a 0.30% 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. Insiders sold 221,304 shares of company stock worth $30,675,309 in the last three months. 17.60% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on FTNT. Stephens upped their target price on Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Evercore set a $165.00 price target on Fortinet in a research note on Thursday, July 30th. TD Cowen decreased their price objective on Fortinet from $225.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, October 29th. Guggenheim reaffirmed a “buy” rating on shares of Fortinet in a research note on Thursday, October 29th. Finally, Wells Fargo & Company lowered their price objective on shares of Fortinet from $160.00 to $115.00 and set an “underweight” rating for the company in a research note on Friday, October 30th. Eleven investment 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. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $147.53.
Read Our Latest Stock Analysis on Fortinet
Fortinet Stock Up 1.0%
Fortinet stock opened at $129.39 on Thursday. The business has a fifty day moving average of $169.84 and a two-hundred day moving average of $129.04. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. The firm has a market cap of $95.06 billion, a P/E ratio of 42.01, a P/E/G ratio of 2.46 and a beta of 1.04. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $197.13.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly 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 business 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 business’s revenue was up 20.5% compared to the same quarter last year. During the same period last year, the business posted $0.74 EPS. On average, analysts forecast that Fortinet, Inc. will post 3.20 earnings per share for the current fiscal year.
Fortinet News Roundup
Here are the key news stories impacting Fortinet this week:
- Positive Sentiment: Fortinet raised its 2026 outlook, citing demand for AI security and enterprise products. Its latest quarterly results also beat analyst expectations for both earnings and revenue. Q3 earnings-call highlights
- Positive Sentiment: Daiwa Securities upgraded FTNT from “neutral” to “outperform” and set a $150 price target, signaling confidence in potential recovery. Daiwa analyst rating
- Neutral Sentiment: Zacks Research lowered its rating from “strong buy” to “hold,” underscoring divided analyst views. Fortinet was also included in a list of large-cap tech stocks favored by billionaire investors, though that mention is not a company-specific catalyst. Analyst and earnings coverage Billionaire-backed tech stocks
- Neutral Sentiment: CEO Ken Xie and VP Michael Xie sold shares through pre-arranged plans to cover tax withholding on vested equity awards; the sales were small relative to their remaining holdings. Insider transaction details
- Negative Sentiment: Investors remain concerned about slower product growth, delays in service revenue and rising component costs. Those concerns, along with broader technology-sector worries about growth valuations and AI infrastructure spending, contributed to sharp recent selling in FTNT despite the earnings beat and raised outlook. Q3 earnings-call outlook and challenges
Fortinet Company 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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