PAX Financial Group LLC Reduces Stake in Fortinet, Inc. $FTNT

PAX Financial Group LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 19.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,007 shares of the software maker’s stock after selling 6,385 shares during the quarter. PAX Financial Group LLC’s holdings in Fortinet were worth $2,187,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new position in Fortinet in the 2nd quarter worth about $1,640,900,000. Vanguard Group Inc. grew its holdings in Fortinet by 1.4% in the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after purchasing an additional 1,024,516 shares during the last quarter. Montrusco Bolton Investments Inc. purchased a new stake in Fortinet in the second quarter valued at about $108,056,000. State Street Corp boosted its stake in Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after purchasing an additional 862,468 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after acquiring an additional 828,569 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FTNT shares. JPMorgan Chase & Co. reduced their target price on shares of Fortinet from $75.00 to $72.00 and set an “underweight” rating for the company in a report on Friday. Hsbc Global Res lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Citigroup reaffirmed a “neutral” rating and set a $85.00 target price (up previously from $83.00) on shares of Fortinet in a research note on Monday, January 12th. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 target price on shares of Fortinet in a report on Monday, November 24th. Finally, Barclays dropped their price objective on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $90.48.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Rosenblatt upgraded FTNT to a Buy and raised its price target to $100 (from $85), a bullish endorsement that can support share gains. Read More.
• Positive Sentiment: TD Cowen upgraded FTNT to Buy (PT $100) and called the valuation reasonable after channel checks showed stability — an influential bank upgrade that likely boosted buying interest. Read More.
• Positive Sentiment: Fortinet announced a FortiCNAPP upgrade emphasizing tighter cloud security integration and investor-focused messaging on cloud risk management — product progress that supports the company’s platform story and competitive moat. Read More.
• Positive Sentiment: Sector lift: coverage of Fortinet’s upgrades has helped buoy cybersecurity peers (e.g., CrowdStrike), indicating the upgrade-driven sentiment is spilling across the group and can provide additional support to FTNT. Read More.
• Neutral Sentiment: Elevated investor interest/search activity around FTNT signals heightened attention and liquidity, which can amplify moves in either direction depending on news flow. Read More.
• Neutral Sentiment: Multiple pieces profile Fortinet’s unified cloud-risk platform and longer-term moat — constructive for medium-term growth expectations but not an immediate earnings catalyst. Read More.
• Negative Sentiment: Zacks preview warns Fortinet lacks the setup for a likely earnings beat next week — this raises downside risk into the print and helps explain intraday pullbacks despite the bullish headlines. Read More.
• Neutral Sentiment: Scheduled earnings coverage and media previews mean volatility is likely until results/guidance are released — traders should watch the upcoming report for guidance vs. consensus. Read More.

Fortinet Trading Down 0.3%

Shares of FTNT stock opened at $81.26 on Friday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a 50 day moving average price of $80.36 and a 200 day moving average price of $83.58. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03. The stock has a market capitalization of $60.43 billion, a P/E ratio of 33.44, a price-to-earnings-growth ratio of 2.84 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.Fortinet’s revenue was up 14.4% compared to the same quarter last year. During the same period last year, the business posted $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

About Fortinet

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.