TD Waterhouse Canada Inc. Acquires 108,622 Shares of Fortinet, Inc. $FTNT

TD Waterhouse Canada Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 146.5% during the third quarter, HoldingsChannel.com reports. The fund owned 182,760 shares of the software maker’s stock after purchasing an additional 108,622 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Fortinet were worth $32,669,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of FTNT. KFG Wealth Management LLC purchased a new stake in Fortinet in the 3rd quarter valued at $203,000. Cyndeo Wealth Partners LLC boosted its stake in Fortinet by 548.5% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 14,111 shares of the software maker’s stock worth $2,522,000 after purchasing an additional 11,935 shares during the period. Hanson & Doremus Investment Management boosted its stake in Fortinet by 3.6% during the 3rd quarter. Hanson & Doremus Investment Management now owns 2,150 shares of the software maker’s stock worth $384,000 after purchasing an additional 75 shares during the period. Aspiriant LLC grew its position in Fortinet by 13.6% during the 3rd quarter. Aspiriant LLC now owns 2,671 shares of the software maker’s stock worth $477,000 after purchasing an additional 320 shares during the last quarter. Finally, Pension & Wealth Management Advisors Inc. purchased a new position in Fortinet during the 3rd quarter worth $313,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT opened at $169.13 on Friday. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $197.13. The stock’s 50 day moving average is $169.33 and its two-hundred day moving average is $142.85. The firm has a market capitalization of $124.09 billion, a PE ratio of 59.55, a P/E/G ratio of 3.16 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.

Fortinet (NASDAQ:FTNT) last released its earnings results 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 company had revenue of $2.05 billion for 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%. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous 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. Research analysts anticipate that Fortinet, Inc. will post 3.10 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, COO John Whittle sold 2,835 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total value of $478,377.90. Following the completion of the transaction, the chief operating officer owned 96,987 shares in the company, valued at approximately $16,365,586.38. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their position. The SEC filing for this sale provides additional information. 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 have sold a total of 221,303 shares of company stock worth $36,164,034 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent research reports. TD Cowen restated a “buy” rating and issued a $225.00 price objective (up from $215.00) on shares of Fortinet in a research note on Tuesday. Sanford C. Bernstein reiterated a “market perform” rating and set a $145.00 target price (up from $102.00) on shares of Fortinet in a research note on Thursday, September 17th. Roth Capital increased 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. BMO Capital Markets raised their price target on Fortinet from $170.00 to $185.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Finally, Scotiabank reissued a “sector perform” rating and set a $163.00 price target (up from $110.00) on shares of Fortinet in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-one have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $159.09.

Trending Headlines about Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet expanded its partnership with Atos to provide a unified cybersecurity framework for hybrid- and multi-cloud environments. The agreement could strengthen Fortinet’s enterprise reach and support demand for its security products and services. Fortinet Expands Global Cybersecurity Framework For Hybrid And Multi Cloud Security
• Positive Sentiment: Growth-oriented analysis remains supportive, citing Fortinet’s above-average financial growth and its potential to outperform the broader market. Its latest reported quarter also showed strong earnings and revenue growth, providing a fundamental counterpoint to the current selling pressure. 3 Reasons Why Growth Investors Shouldn’t Overlook Fortinet
• Neutral Sentiment: Wells Fargo raised its Fortinet price target from $135 to $160 but retained an “underweight” rating. The higher target is constructive, although it still implies limited upside relative to the stock’s recent trading level. Wells Fargo Lifts Target for Fortinet Stock
• Negative Sentiment: Morgan Stanley downgraded FTNT to “underweight” from “equal weight,” warning that a smaller-than-expected firewall refresh opportunity could reduce future revenue estimates. This concern overshadowed the company’s continued customer expansion and has become the clearest company-specific catalyst behind the decline. Fortinet Falls as Analyst Downgrade Revives Firewall Refresh Concerns
• Negative Sentiment: Fortinet’s premium valuation makes the stock vulnerable when growth expectations weaken. Broader weakness in technology and AI-related stocks, along with reports of net insider selling, added to investor caution ahead of the company’s October 28 earnings report.

Fortinet Profile

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.