Fortinet, Inc. $FTNT Shares Sold by TD Waterhouse Canada Inc.

TD Waterhouse Canada Inc. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 22.6% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 74,138 shares of the software maker’s stock after selling 21,650 shares during the period. TD Waterhouse Canada Inc.’s holdings in Fortinet were worth $11,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Fortinet in the 2nd quarter worth $9,561,650,000. State Street Corp lifted its position in Fortinet by 1.6% in the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after purchasing an additional 477,397 shares during the period. Norges Bank acquired a new stake in Fortinet in the fourth quarter valued at about $1,152,917,000. Bank of New York Mellon Corp increased its position in Fortinet by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock worth $1,151,810,000 after purchasing an additional 893,190 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Fortinet by 45.5% during the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after buying an additional 3,598,487 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet was highlighted as a growth-at-a-reasonable-price (GARP) stock, with analysts pointing to its 2026 growth outlook, rising earnings estimates and expanding AI-security opportunity. Zacks.com featured highlights including Fortinet
• Positive Sentiment: Fortinet was also included among founder-led technology companies with long-term innovation and growth potential, reinforcing the investment case around its leadership and strategic direction. Founder-led companies redefining technology and growth
• Positive Sentiment: Multiple Zacks features identify FTNT as a GARP candidate, suggesting analysts view its earnings and revenue prospects as attractive relative to its valuation and peer group. GARP stocks investors can consider
• Positive Sentiment: Fortinet continues to benefit from broader demand for AI-driven cybersecurity. Its latest reported quarter exceeded earnings and revenue estimates, with revenue increasing 25.6% year over year, supporting the bullish outlook.
• Neutral Sentiment: ControlMonkey added backup and disaster-recovery support for Fortinet security configurations. The announcement improves recoverability for customers but appears unlikely to materially affect Fortinet’s near-term financial results. ControlMonkey extends recovery to the security stack
• Negative Sentiment: A sharp reaction to Palo Alto Networks’ results despite strong growth highlighted how demanding investor expectations have become for cybersecurity stocks. That sector-wide valuation risk may be limiting upside for Fortinet even amid favorable company-specific commentary. Cybersecurity stocks react to Palo Alto results

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FTNT. Stifel Nicolaus set a $175.00 price target on Fortinet and gave the company a “hold” rating in a research note on Thursday, July 30th. Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Mizuho set a $125.00 target price on Fortinet and gave the company an “underperform” rating in a report on Wednesday, July 15th. Truist Financial set a $183.00 price target on shares of Fortinet and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Finally, BMO Capital Markets increased their price target on shares of Fortinet from $170.00 to $185.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $150.91.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 161,482 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 firm’s stock in a transaction dated 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders own 17.60% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $156.29 on Friday. Fortinet, Inc. has a 1-year low of $73.55 and a 1-year high of $173.89. The company has a market capitalization of $114.67 billion, a P/E ratio of 55.03, a PEG ratio of 2.96 and a beta of 1.06. The business has a 50 day moving average price of $158.88 and a 200 day moving average price of $122.99. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.Fortinet’s revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 earnings per share. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts expect that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

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.