Fortinet, Inc. $FTNT Stock Sold by Shelton Wealth Management LLC

Shelton Wealth Management LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 25.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,984 shares of the software maker’s stock after selling 3,096 shares during the quarter. Shelton Wealth Management LLC’s holdings in Fortinet were worth $1,606,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FTNT. Pension & Wealth Management Advisors Inc. bought a new position in shares of Fortinet in the third quarter worth approximately $313,000. Goelzer Investment Management Inc. raised its position in shares of Fortinet by 2.2% during the 3rd quarter. Goelzer Investment Management Inc. now owns 19,291 shares of the software maker’s stock valued at $3,448,000 after purchasing an additional 411 shares during the period. Milestone Asset Management LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at $10,282,000. NFSG Corp bought a new stake in shares of Fortinet during the 3rd quarter valued at $34,000. Finally, V Square Quantitative Management LLC lifted its stake in shares of Fortinet by 2.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 17,179 shares of the software maker’s stock valued at $3,071,000 after buying an additional 458 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price target (up from $110.00) on shares of Fortinet in a research note on Thursday, July 30th. DZ Bank cut Fortinet from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. BMO Capital Markets boosted their price objective on Fortinet from $170.00 to $185.00 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Roth Capital upped their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group increased their target price on Fortinet from $165.00 to $190.00 and gave the stock a “hold” rating in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-one have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $159.09.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, VP Michael Xie sold 3,121 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This trade represents a 0.03% decrease in their position. 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 ninety days, insiders sold 221,303 shares of company stock valued at $36,164,034. 17.60% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT traded down $12.78 during midday trading on Friday, hitting $169.13. 5,734,585 shares of the company traded hands, compared to its average volume of 3,757,552. The stock has a market cap of $124.09 billion, a price-to-earnings ratio of 59.55, a PEG ratio of 3.40 and a beta of 1.03. The firm has a 50 day moving average of $169.33 and a 200-day moving average of $142.85. 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, Inc. has a 52 week low of $73.55 and a 52 week high of $197.13.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The business’s revenue was up 25.6% compared to the same quarter last year. 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, analysts forecast that Fortinet, Inc. will post 3.10 EPS for the current fiscal year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet expanded its partnership with Atos to provide a unified cybersecurity framework for hybrid- and multi-cloud environments. The agreement could strengthen Fortinet’s enterprise reach and support demand for its security products and services. Fortinet Expands Global Cybersecurity Framework For Hybrid And Multi Cloud Security
• Positive Sentiment: Growth-oriented analysis remains supportive, citing Fortinet’s above-average financial growth and its potential to outperform the broader market. Its latest reported quarter also showed strong earnings and revenue growth, providing a fundamental counterpoint to the current selling pressure. 3 Reasons Why Growth Investors Shouldn’t Overlook Fortinet
• Neutral Sentiment: Wells Fargo raised its Fortinet price target from $135 to $160 but retained an “underweight” rating. The higher target is constructive, although it still implies limited upside relative to the stock’s recent trading level. Wells Fargo Lifts Target for Fortinet Stock
• Negative Sentiment: Morgan Stanley downgraded FTNT to “underweight” from “equal weight,” warning that a smaller-than-expected firewall refresh opportunity could reduce future revenue estimates. This concern overshadowed the company’s continued customer expansion and has become the clearest company-specific catalyst behind the decline. Fortinet Falls as Analyst Downgrade Revives Firewall Refresh Concerns
• Negative Sentiment: Fortinet’s premium valuation makes the stock vulnerable when growth expectations weaken. Broader weakness in technology and AI-related stocks, along with reports of net insider selling, added to investor caution ahead of the company’s October 28 earnings report.

Fortinet Company Profile

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company’s portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.