Fortinet, Inc. $FTNT Stock Sold by KMG Fiduciary Partners LLC

KMG Fiduciary Partners LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 59,423 shares of the software maker’s stock after selling 5,127 shares during the period. Fortinet makes up approximately 1.0% of KMG Fiduciary Partners LLC’s portfolio, making the stock its 26th biggest holding. KMG Fiduciary Partners LLC’s holdings in Fortinet were worth $10,622,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Fortinet in the second quarter worth approximately $9,561,650,000. First Trust Advisors LP lifted its holdings in shares of Fortinet by 45.5% in the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after purchasing an additional 3,598,487 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Fortinet by 87.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after buying an additional 4,500,194 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Fortinet during the second quarter valued at approximately $1,432,842,000. Finally, Legal & General Group Plc purchased a new position in shares of Fortinet during the second quarter valued at approximately $979,062,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, COO John Whittle sold 53,865 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief operating officer owned 96,987 shares in the company, valued at approximately $16,045,529.28. This trade represents a 35.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the sale, 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 position. 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. In the last ninety days, insiders have sold 221,303 shares of company stock valued at $36,164,034. 17.60% of the stock is owned by insiders.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Barclays raised its price target for Fortinet from $190 to $210, signaling greater confidence in the company’s growth outlook and AI-related cybersecurity opportunity. Barclays raises target for Fortinet stock
• Positive Sentiment: Fortinet’s participation at GovWare 2026 in Singapore highlighted its AI-enabled security and networking products, potentially strengthening its position in Asia and the growing AI-security market. Fortinet AI security push and GovWare 2026
• Positive Sentiment: Recent coverage emphasized Fortinet’s record margins, repeated earnings beats, positive estimate revisions and raised 2026 guidance. These factors support the company’s profitability narrative despite broader cost pressures. Fortinet strong margin profile
• Neutral Sentiment: Fortinet scheduled its next results for October 28. The report could become the next major catalyst, particularly because investors will be looking for confirmation of the company’s guidance and AI-security demand. Fortinet schedules October 28 results
• Negative Sentiment: Analysts and commentary increasingly characterize FTNT as expensive after its substantial 2026 advance. One analysis estimated the shares could be about 54% overvalued, increasing the risk of consolidation or profit-taking even after better-than-expected earnings. Fortinet could be overvalued
• Negative Sentiment: Potential headwinds include rising chip costs and unfavorable product-mix changes, which could pressure Fortinet’s unusually strong margins. The stock’s high valuation makes it particularly sensitive to any earnings or guidance disappointment. Fortinet valuation downgrade

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Truist Financial set a $183.00 price target on Fortinet and gave the stock a “buy” rating in a report on Tuesday, July 21st. Wells Fargo & Company set a $135.00 price objective on Fortinet and gave the company an “underweight” rating in a research note on Thursday, July 30th. Bank of America reaffirmed a “buy” rating on shares of Fortinet in a report on Monday, July 27th. William Blair reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, July 21st. Finally, Roth Capital upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-one have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $156.80.

Fortinet Stock Down 1.1%

FTNT stock opened at $190.76 on Wednesday. The stock has a market cap of $139.96 billion, a P/E ratio of 67.17, a P/E/G ratio of 3.60 and a beta of 1.03. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $168.31 and its two-hundred day simple moving average is $141.21. Fortinet, Inc. has a 1-year low of $73.55 and a 1-year high of $197.13.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.15. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%. The business’s revenue was up 25.6% compared to the same quarter last year. During the same period last year, the firm posted $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Analysts expect that Fortinet, Inc. will post 3.10 EPS for the current year.

Fortinet Profile

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company’s portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.