57,520 Shares of Fortinet, Inc. $FTNT Purchased by Milestone Asset Management LLC

Milestone Asset Management LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, Holdings Channel.com reports. The firm acquired 57,520 shares of the software maker’s stock, valued at approximately $10,282,000. Fortinet accounts for approximately 1.6% of Milestone Asset Management LLC’s investment portfolio, making the stock its 14th biggest position.

Several other institutional investors have also recently modified their holdings of FTNT. NFSG Corp purchased a new stake in Fortinet in the third quarter worth approximately $34,000. V Square Quantitative Management LLC grew its position in Fortinet by 2.7% during the third quarter. V Square Quantitative Management LLC now owns 17,179 shares of the software maker’s stock valued at $3,071,000 after acquiring an additional 458 shares during the last quarter. Brindle & Bay Financial Advisors LLC bought a new position in Fortinet during the third quarter valued at approximately $235,000. Ninety One UK Ltd raised its stake in shares of Fortinet by 22.0% during the third quarter. Ninety One UK Ltd now owns 657,351 shares of the software maker’s stock worth $117,508,000 after acquiring an additional 118,390 shares in the last quarter. Finally, Fortitude Family Office LLC raised its stake in shares of Fortinet by 39.4% during the third quarter. Fortitude Family Office LLC now owns 283 shares of the software maker’s stock worth $51,000 after acquiring an additional 80 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet and Atos expanded their longstanding relationship into a global cybersecurity framework for hybrid- and multi-cloud environments. The arrangement combines Fortinet’s security products with Atos’ managed-security services and consulting, potentially broadening Fortinet’s enterprise reach and recurring services opportunity. Fortinet Expands Global Cybersecurity Framework
• Positive Sentiment: Recent commentary highlighted Fortinet’s SASE growth, rising services revenue and comparatively lower valuation versus Cloudflare, supporting the view that the company remains a long-term cybersecurity growth candidate. NET vs. FTNT
• Neutral Sentiment: Investor attention is also focused on upcoming earnings. Fortinet’s most recent reported quarter showed revenue growth and earnings above analyst expectations, although the stock’s elevated valuation leaves the market sensitive to any guidance or results that fall short of expectations. Fortinet Shares Jump with Earnings on Horizon
• Negative Sentiment: Wells Fargo raised its Fortinet price target but maintained an “underweight” rating; the new target remains below the stock’s current level, signaling concern that expectations may be too high.
• Negative Sentiment: Reports that OpenAI could acquire a cybersecurity startup pressured major cybersecurity stocks, including Fortinet. The possibility of a well-funded new competitor is raising concerns about future pricing, innovation and market-share dynamics across the sector. OpenAI Cybersecurity Deal Impacts Sector

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Evercore set a $165.00 price objective on shares of Fortinet in a report on Thursday, July 30th. Citigroup increased their target price on shares of Fortinet from $165.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. William Blair reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, July 21st. Wells Fargo & Company boosted their price target on shares of Fortinet from $135.00 to $160.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, Piper Sandler restated a “neutral” rating and set a $175.00 price target (up from $110.00) on shares of Fortinet in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-one have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $159.09.

Fortinet Price Performance

Shares of Fortinet stock opened at $181.91 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The business’s 50 day simple moving average is $169.14 and its two-hundred day simple moving average is $142.66. The stock has a market capitalization of $133.47 billion, a P/E ratio of 64.05, a price-to-earnings-growth ratio of 3.44 and a beta of 1.03. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The business’s revenue was up 25.6% on a year-over-year basis. 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 forecast that Fortinet, Inc. will post 3.10 EPS for the current year.

Insider Activity at Fortinet

In other news, COO John Whittle sold 2,835 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the completion of the sale, the chief operating officer directly 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 document filed with the SEC, which is accessible through this hyperlink. 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 value of $507,568.23. Following the completion of the sale, the vice president directly owned 9,918,360 shares in the company, valued at $1,613,022,886.80. The trade was a 0.03% decrease in their ownership of the stock. 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 sold 221,303 shares of company stock worth $36,164,034 in the last three months. 17.60% of the stock is owned by insiders.

Fortinet Company 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.