Fulcrum Asset Management LLP Acquires 8,609 Shares of Fortinet, Inc. $FTNT

Posted by Brenda Bartman on Nov 9th, 2026

Fulcrum Asset Management LLP grew its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 15.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 65,149 shares of the software maker’s stock after acquiring an additional 8,609 shares during the period. Fortinet comprises approximately 0.5% of Fulcrum Asset Management LLP’s portfolio, making the stock its 25th biggest holding. Fulcrum Asset Management LLP’s holdings in Fortinet were worth $11,464,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Birinyi Associates Inc. purchased a new position in shares of Fortinet in the 3rd quarter worth approximately $4,338,000. Transamerica Financial Advisors LLC bought a new position in shares of Fortinet during the 2nd quarter valued at approximately $492,000. Wealth Enhancement Trust Services Inc. increased its position in shares of Fortinet by 83.8% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 22,326 shares of the software maker’s stock valued at $3,991,000 after purchasing an additional 10,180 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Fortinet by 35.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 32,402 shares of the software maker’s stock valued at $5,792,000 after buying an additional 8,488 shares during the period. Finally, Perpetual Ltd raised its holdings in Fortinet by 2,214.9% during the 3rd quarter. Perpetual Ltd now owns 167,738 shares of the software maker’s stock valued at $29,985,000 after buying an additional 160,492 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

FTNT opened at $118.84 on Monday. The stock has a market cap of $87.31 billion, a price-to-earnings ratio of 38.58, a P/E/G ratio of 2.28 and a beta of 1.04. The stock’s 50 day moving average price is $168.06 and its 200-day moving average price is $129.50. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.28 and a current ratio of 1.40.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the prior year, the business posted $0.74 earnings per share. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 3.21 EPS for the current year.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

Positive Sentiment: Scotiabank raised its FY2026 and FY2027 earnings-per-share estimates to $3.21 and $3.50, respectively, while keeping its “Sector Perform” rating and $140 price target. The higher forecasts offer a modest positive signal, though the FY2026 estimate matches consensus. Scotiabank estimate update
Positive Sentiment: Fortinet introduced FortiGuard Inline AI Security, which adds inspection and controls for enterprise generative-AI use, and FortiLink SASE, a cloud-delivered security service for distributed sites. The launches broaden its product portfolio and target evolving security needs. Fortinet unveiled two new security services
Positive Sentiment: FortiAIGate is now available on Equinix’s Distributed AI Hub, giving customers a validated architecture to secure and govern AI across distributed environments. The partnership could support demand for Fortinet’s AI-security products. Fortinet and Equinix secure distributed AI at scale
Negative Sentiment: A recent analysis highlighted a cut to the services outlook and questioned whether Fortinet’s valuation is supported by its future cash generation. The concern may keep investors focused on the pace of service-business growth. Fortinet stock valuation and service outlook analysis
Negative Sentiment: ETFs were net sellers of Fortinet shares on Nov. 3, with $15.7 million in net sales, a possible near-term source of selling pressure. ETF trading activity
Negative Sentiment: Insider Ken Xie reportedly sold 161,483 shares. Such sales can weigh on sentiment, although the report does not establish the reason for the transaction. Insider share sale report

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. Rosenblatt Securities lowered their price target on Fortinet from $195.00 to $175.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. Truist Financial set a $175.00 price objective on shares of Fortinet and gave the company a “buy” rating in a research report on Thursday, October 29th. Zacks Research cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 2nd. Royal Bank Of Canada set a $165.00 target price on shares of Fortinet and gave the company a “sector perform” rating in a research note on Thursday, October 29th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Thursday, October 29th. Eleven analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $150.44.

Get Our Latest Stock Analysis on FTNT

Insider Buying and Selling at Fortinet

In other news, COO John Whittle sold 53,865 shares of Fortinet stock in a transaction on Monday, September 14th. The stock was sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of Fortinet stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $129.49, for a total value of $404,138.29. Following the sale, the vice president owned 9,918,360 shares of the company’s stock, valued at approximately $1,284,328,436.40. This trade 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. Insiders have sold 221,304 shares of company stock valued at $30,675,309 in the last quarter. 17.60% of the stock is owned by insiders.

Fortinet Profile

(Free Report)

Fortinet, Inc is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions.

The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.