United Asset Strategies Inc. Sells 5,588 Shares of Fortinet, Inc. $FTNT

Posted by Brian Himes on Oct 30th, 2026

United Asset Strategies Inc. lessened its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 40.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,255 shares of the software maker’s stock after selling 5,588 shares during the quarter. United Asset Strategies Inc.’s holdings in Fortinet were worth $1,476,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. BlackRock Inc. acquired a new stake in shares of Fortinet during the 2nd quarter valued at $9,561,650,000. First Trust Advisors LP increased its stake in shares of Fortinet by 45.5% in the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after acquiring an additional 3,598,487 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 87.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after acquiring an additional 4,500,194 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Fortinet during the second quarter worth $1,432,842,000. Finally, Legal & General Group Plc purchased a new stake in shares of Fortinet during the second quarter worth $979,062,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In related 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 value of $507,568.23. Following the completion of the sale, the vice president owned 9,918,360 shares in the company, valued at approximately $1,613,022,886.80. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, COO John Whittle sold 53,865 shares of Fortinet stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $165.44, for a total value of $8,911,425.60. Following the sale, the chief operating officer directly owned 96,987 shares in the company, valued at approximately $16,045,529.28. This trade represents a 35.71% 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. Over the last 90 days, insiders sold 221,303 shares of company stock valued at $36,164,034. Insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on FTNT. Morgan Stanley reissued a “positive” rating and set a $136.00 price objective (up from $133.00) on shares of Fortinet in a research report on Thursday, July 30th. Bank of America lowered Fortinet from a “buy” rating to a “neutral” rating and set a $140.00 target price on the stock. in a research report on Thursday. Wolfe Research set a $175.00 price target on Fortinet in a research note on Thursday, July 30th. Mizuho set a $118.00 price target on Fortinet in a report on Thursday. Finally, Barclays lowered their price target on Fortinet from $210.00 to $155.00 and set an “equal weight” rating for the company in a research note on Thursday. One 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 company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $149.61.

Check Out Our Latest Research Report on Fortinet

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

Positive Sentiment: Fortinet reported third-quarter revenue of $2.08 billion, up approximately 20% year over year, while adjusted EPS of $0.91 exceeded expectations. Billings increased 29% to $2.34 billion, and management raised its overall 2026 revenue outlook. Fortinet Reports Strong Third Quarter 2026 Financial Results
Positive Sentiment: Product revenue grew 37% to $765 million, operating margins reached record levels, and the board authorized an additional $1.2 billion for share repurchases. Strong free cash flow and rising deferred revenue could support future services growth. Fortinet Raises Guidance Again
Neutral Sentiment: Management attributed the services slowdown partly to customers deploying security hardware for AI and data-center projects before activating related recurring services. Investors will watch whether those deployments convert into service revenue in coming quarters.
Negative Sentiment: Services revenue rose only 13% to $1.31 billion, significantly below product growth, and Fortinet lowered its services-revenue forecast. Analysts cited slowing product momentum and services headwinds, with multiple firms cutting price targets or downgrading the stock. Fortinet Stock Sinks
Negative Sentiment: Fourth-quarter revenue guidance implies growth of roughly 15%, below the third quarter’s pace. Normalizing pricing benefits, higher inventory costs, and a valuation near 49 times earnings amplified the market’s reaction. The selloff also pressured other cybersecurity and software stocks amid broader concerns about AI disruption. Software Stocks Slide After Fortinet Results

Fortinet Trading Down 20.1%

Shares of FTNT stock opened at $139.10 on Friday. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $197.13. The company has a market cap of $102.06 billion, a PE ratio of 45.16, a price-to-earnings-growth ratio of 3.25 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $171.64 and its two-hundred day moving average is $127.99.

Fortinet (NASDAQ:FTNT – Get Free Report) last released 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 company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 182.65%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. Equities analysts predict that Fortinet, Inc. will post 3.10 EPS for the current year.

Fortinet Profile

(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.