Fortinet, Inc. $FTNT Holdings Raised by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,651,683 shares of the software maker’s stock after purchasing an additional 90,284 shares during the period. Victory Capital Management Inc.’s holdings in Fortinet were worth $138,874,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Steigerwald Gordon & Koch Inc. acquired a new stake in Fortinet during the third quarter valued at $25,000. Financial Consulate Inc. purchased a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. LSV Asset Management acquired a new stake in shares of Fortinet during the 2nd quarter valued at about $25,000. SJS Investment Consulting Inc. lifted its holdings in shares of Fortinet by 1,556.5% during the 3rd quarter. SJS Investment Consulting Inc. now owns 381 shares of the software maker’s stock valued at $32,000 after buying an additional 358 shares during the last quarter. Finally, Westside Investment Management Inc. grew its stake in shares of Fortinet by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 448 shares of the software maker’s stock valued at $38,000 after buying an additional 224 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 175,737 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $14,308,506.54. Following the sale, the chief executive officer directly owned 51,396,385 shares in the company, valued at $4,184,693,666.70. This trade represents a 0.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 343,106 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the transaction, the vice president directly owned 10,210,282 shares of the company’s stock, valued at $831,321,160.44. This represents a 3.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 2.4%

Fortinet stock opened at $81.10 on Wednesday. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $109.33. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17. The firm has a market capitalization of $60.01 billion, a PE ratio of 33.37, a PEG ratio of 2.74 and a beta of 1.05. The business’s 50-day simple moving average is $80.10 and its 200-day simple moving average is $81.42.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.07. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.86 billion. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.74 EPS. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Jefferies Financial Group set a $90.00 price objective on shares of Fortinet in a research report on Friday, February 6th. BMO Capital Markets raised their price target on shares of Fortinet from $90.00 to $95.00 and gave the company a “market perform” rating in a report on Monday, February 9th. Robert W. Baird set a $90.00 price objective on shares of Fortinet in a report on Friday, February 6th. JPMorgan Chase & Co. increased their target price on shares of Fortinet from $72.00 to $73.00 and gave the stock an “underweight” rating in a research report on Friday, February 6th. Finally, Truist Financial set a $88.00 price target on Fortinet in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-two have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $88.62.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Company beats and raises outlook — Fortinet forecasted ~13% billings growth for 2026 and reported quarterly results that topped EPS and revenue estimates; BMO recently lifted its price target to $95, supporting upside sentiment. Fortinet, Inc. (FTNT) Forecasts 13% Billings Growth for 2026, Beats EPS and Revenue Estimates
• Positive Sentiment: Investor visibility from conferences — Fortinet presented at the Morgan Stanley TMT conference (transcript available), which helps management reinforce the story on product mix, billings cadence and go-to-market execution to investors and analysts. Fortinet, Inc. (FTNT) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript
• Neutral Sentiment: Analyst research flow — Fortinet appears in routine analyst call roundups alongside peers (CrowdStrike, Palo Alto, etc.), producing mixed notes that can amplify intraday volatility but not necessarily change the long-term thesis. Here Are Tuesday’s Top Wall Street Analyst Research Calls
• Neutral Sentiment: Short-interest data appears unreliable in recent reports (zero/NaN values); treat those headlines cautiously until exchanges publish clean figures. No clear evidence yet of a material short squeeze or buildup.
• Negative Sentiment: New sell-side coverage from Wells Fargo is bearish — Wells Fargo entered coverage with an “underweight” rating and a $64 price target (~21% below current levels), adding downward pressure on sentiment. Here Are Tuesday’s Top Wall Street Analyst Research Calls (coverage note)
• Negative Sentiment: Featured on JPMorgan short-ideas scoreboard — JPMorgan listed Fortinet among top short ideas earlier, which can attract skeptical investors and traders looking to pressure the stock. JPMorgan’s Top Short Ideas, 5 Weeks Later: Were They Right?
• Negative Sentiment: Conflicting headlines on Wells Fargo/Zacks — another wire cites a “strong sell” note aggregator; mixed messaging from outlets can exacerbate volatility even when data points are overlapping. Zacks – coverage summary

Fortinet Company Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.