Virtue Capital Management LLC Purchases New Shares in Fortinet, Inc. $FTNT

Virtue Capital Management LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 7,216 shares of the software maker’s stock, valued at approximately $1,290,000.

Other hedge funds also recently made changes to their positions in the company. Burk Holdings LLC acquired a new position in shares of Fortinet in the 2nd quarter valued at about $25,000. Dunhill Financial LLC bought a new position in Fortinet in the second quarter worth about $25,000. Cornerstone Financial Management LLC lifted 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 worth $25,000 after acquiring an additional 83 shares during the last quarter. NFSG Corp acquired a new position in Fortinet in the third quarter valued at approximately $34,000. Finally, Timbuktu Capital Management LLC acquired a new position in Fortinet in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $136.08 on Monday. The firm has a market capitalization of $99.84 billion, a PE ratio of 44.18, a P/E/G ratio of 2.63 and a beta of 1.04. 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 50-day moving average price of $171.34 and a 200 day moving average price of $128.28. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $197.13.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. Fortinet’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 3.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FTNT. Mizuho set a $118.00 target price on Fortinet in a research report on Thursday. Rosenblatt Securities reduced their price target on shares of Fortinet from $195.00 to $175.00 and set a “buy” rating for the company in a report on Thursday. Susquehanna lowered their price target on shares of Fortinet from $160.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday. TD Cowen dropped their price objective on shares of Fortinet from $225.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Stifel Nicolaus dropped their price objective on shares of Fortinet from $175.00 to $140.00 and set a “hold” rating on the stock in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-four have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $147.94.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet reported third-quarter revenue of approximately $2.08 billion, up 20.5% year over year, and adjusted EPS of $0.91, exceeding consensus estimates. Billings increased 29%, while operating margins reached a record. Fortinet Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Management raised full-year 2026 guidance to $8.1 billion-$8.2 billion in revenue and $3.54-$3.58 in EPS. Fourth-quarter EPS guidance of $0.93-$0.95 also exceeds the consensus estimate of $0.86. Fortinet Raises Guidance
• Positive Sentiment: The board authorized an additional $1.2 billion in share repurchases, and quarterly free cash flow was approximately $865 million. Analysts at TD Cowen, Rosenblatt and Truist retained bullish ratings despite lowering their price targets. Fortinet Adds to Buyback Program
• Neutral Sentiment: Fortinet is technically oversold after a sharp multi-week decline, while rising earnings estimates could support a rebound. However, the technical signal does not resolve concerns about the company’s growth mix. Fortinet May See a Trend Reversal
• Negative Sentiment: Service revenue grew only 13%, versus 37% growth in product revenue. Investors are concerned that hardware sales tied to AI infrastructure are not converting into recurring services quickly enough, reducing near-term revenue visibility. The Real Reason Fortinet Dropped
• Negative Sentiment: Management lowered its services outlook, while fourth-quarter revenue guidance implies growth deceleration from the third quarter. Normalizing pricing benefits, higher inventory costs and longer component lead times added to investor concerns.
• Negative Sentiment: Wells Fargo cut its price target to $115 and assigned an underweight rating; Susquehanna lowered its target to $145 and rated the shares neutral. Other firms, including Bank of America, Citi, Barclays and Scotiabank, also reduced targets or ratings. Analysts Cut Fortinet Forecasts
• Negative Sentiment: The broader technology and cybersecurity sell-off is amplifying the reaction, despite a major cryptocurrency hack highlighting demand for digital security. Investors are also questioning whether Fortinet’s premium valuation remains justified as growth slows.

Insider Activity at Fortinet

In related news, COO John Whittle sold 53,865 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the transaction, the chief operating officer owned 96,987 shares in the company, valued at $16,045,529.28. This trade represents a 35.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.60% of the stock is owned by corporate insiders.

About Fortinet

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.