Inscription Capital LLC Sells 4,226 Shares of Fortinet, Inc. $FTNT

Inscription Capital LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 47.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 4,594 shares of the software maker’s stock after selling 4,226 shares during the period. Inscription Capital LLC’s holdings in Fortinet were worth $821,000 as of its most recent SEC filing.

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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Weiss Ratings cut shares of Fortinet from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday. Yorkville Ives assumed coverage on Fortinet in a report on Tuesday, October 6th. They issued an “outperform” rating and a $225.00 target price for the company. JPMorgan Chase & Co. increased their price target on Fortinet from $118.00 to $140.00 and gave the company an “underweight” rating in a research report on Friday, October 23rd. Wedbush reissued a “neutral” rating and issued a $140.00 price objective (down from $155.00) on shares of Fortinet in a research report on Thursday, October 29th. Finally, Wolfe Research set a $175.00 price objective on Fortinet in a research note on Thursday, July 30th. 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $150.44.

Fortinet Stock Performance

Fortinet stock traded down $3.67 during midday trading on Friday, reaching $118.84. The stock had a trading volume of 8,025,051 shares, compared to its average volume of 5,436,355. The firm has a market capitalization of $87.31 billion, a PE ratio of 38.58, a P/E/G ratio of 2.43 and a beta of 1.04. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $197.13. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average price is $168.06 and its 200 day moving average price is $129.50.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the company earned $0.74 earnings per share. The company’s revenue was up 20.5% on a year-over-year basis. As a group, research analysts predict that Fortinet, Inc. will post 3.21 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, COO John Whittle sold 53,865 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the sale, the chief operating officer owned 96,987 shares in the company, valued at $16,045,529.28. This represents a 35.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,483 shares of the stock in a transaction on 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 sale, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $6,849,857,423.32. This represents a 0.30% 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 sold 221,304 shares of company stock worth $30,675,309. Corporate insiders own 17.60% of the company’s stock.

About Fortinet

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.