Fortinet, Inc. $FTNT Shares Bought by Candriam S.C.A.

Candriam S.C.A. grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 60.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 307,256 shares of the software maker’s stock after acquiring an additional 115,648 shares during the period. Candriam S.C.A.’s holdings in Fortinet were worth $55,126,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Puff Wealth Management LLC increased its holdings in Fortinet by 3.4% in the 3rd quarter. Puff Wealth Management LLC now owns 1,660 shares of the software maker’s stock valued at $297,000 after purchasing an additional 54 shares in the last quarter. Columbus Macro LLC raised its position in Fortinet by 1.9% in the third quarter. Columbus Macro LLC now owns 2,981 shares of the software maker’s stock valued at $533,000 after purchasing an additional 55 shares during the period. Signaturefd LLC raised its position in Fortinet by 0.3% in the third quarter. Signaturefd LLC now owns 19,581 shares of the software maker’s stock valued at $3,500,000 after purchasing an additional 59 shares during the period. Hutchens & Kramer Investment Management Group LLC lifted its stake in shares of Fortinet by 1.9% during the third quarter. Hutchens & Kramer Investment Management Group LLC now owns 3,525 shares of the software maker’s stock worth $630,000 after purchasing an additional 66 shares in the last quarter. Finally, Kintegral Advisory LLC lifted its stake in shares of Fortinet by 0.6% during the third quarter. Kintegral Advisory LLC now owns 12,648 shares of the software maker’s stock worth $2,261,000 after purchasing an additional 71 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet News Roundup

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

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 161,483 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $129.31, for a total value of $20,881,366.73. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $6,849,857,423.32. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 dated Monday, November 2nd. The shares were sold at an average price of $129.49, for a total value of $404,138.29. Following the completion of the transaction, the vice president directly owned 9,918,360 shares of the company’s stock, valued at $1,284,328,436.40. This represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 have sold 221,304 shares of company stock valued at $30,675,309. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. Stephens upped their target price on Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. HC Wainwright reiterated a “buy” rating on shares of Fortinet in a report on Thursday, July 30th. Roth Capital boosted their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price target on Fortinet from $118.00 to $140.00 and gave the stock an “underweight” rating in a research report on Friday, October 23rd. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $145.00 price target (up from $102.00) on shares of Fortinet in a report on Thursday, September 17th. Eleven equities research analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $150.44.

Fortinet Stock Performance

Fortinet stock opened at $118.84 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 capitalization of $87.31 billion, a price-to-earnings ratio of 38.58, a price-to-earnings-growth ratio of 2.28 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.28. The firm’s fifty day moving average price is $168.06 and its 200 day moving average price is $129.50.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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 firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The firm’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.74 EPS. On average, research analysts forecast that Fortinet, Inc. will post 3.21 EPS for the current fiscal year.

Fortinet Company Profile

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.