Fortinet, Inc. $FTNT Stock Position Lifted by Victory Capital Management Inc.

Victory Capital Management Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm 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. owned approximately 0.22% of Fortinet worth $138,874,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. GPS Wealth Strategies Group LLC increased its stake in Fortinet by 3.3% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,391 shares of the software maker’s stock valued at $358,000 after buying an additional 108 shares during the period. Huntington National Bank boosted its holdings in shares of Fortinet by 0.7% in the second quarter. Huntington National Bank now owns 16,596 shares of the software maker’s stock valued at $1,755,000 after acquiring an additional 112 shares in the last quarter. L2 Asset Management LLC increased its stake in shares of Fortinet by 5.1% during the second quarter. L2 Asset Management LLC now owns 2,847 shares of the software maker’s stock valued at $301,000 after acquiring an additional 137 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Fortinet by 40.6% during the third quarter. Meeder Asset Management Inc. now owns 481 shares of the software maker’s stock valued at $40,000 after acquiring an additional 139 shares during the period. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Fortinet by 11.4% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 1,410 shares of the software maker’s stock worth $149,000 after purchasing an additional 144 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $81.10 on Wednesday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $109.33. The company has a 50-day moving average of $80.10 and a two-hundred day moving average of $81.42. The stock has a market cap of $60.01 billion, a price-to-earnings ratio of 33.37, a PEG ratio of 2.74 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. UBS Group reaffirmed a “neutral” rating and set a $90.00 price target on shares of Fortinet in a research note on Friday, February 6th. JPMorgan Chase & Co. raised their target price on Fortinet from $72.00 to $73.00 and gave the company an “underweight” rating in a research note on Friday, February 6th. Barclays set a $88.00 target price on Fortinet in a report on Tuesday, February 3rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a report on Monday, November 24th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $90.00 price objective (up from $85.00) on shares of Fortinet in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-two have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $88.62.

Fortinet News Roundup

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

Insiders Place Their Bets

In related news, CEO Ken Xie sold 175,737 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the transaction, the chief executive officer directly owned 51,396,385 shares of the company’s stock, valued at approximately $4,184,693,666.70. The trade was a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 343,106 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the sale, the vice president directly owned 10,210,282 shares of the company’s stock, valued at approximately $831,321,160.44. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 18.00% of the stock is owned by corporate insiders.

Fortinet 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.