Fortinet, Inc. $FTNT Stock: Provenance Wealth Advisors LLC Increases Holdings

Provenance Wealth Advisors LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 422.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,306 shares of the software maker’s stock after purchasing an additional 4,290 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Fortinet were worth $949,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Birinyi Associates Inc. acquired a new position in shares of Fortinet during the third quarter valued at about $4,338,000. Transamerica Financial Advisors LLC purchased a new position in shares of Fortinet in the 2nd quarter valued at approximately $492,000. Wealth Enhancement Trust Services Inc. raised its position in shares of Fortinet by 83.8% in the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 22,326 shares of the software maker’s stock valued at $3,991,000 after purchasing an additional 10,180 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Fortinet by 35.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 32,402 shares of the software maker’s stock worth $5,792,000 after purchasing an additional 8,488 shares in the last quarter. Finally, Vista Investment Partners LLC boosted its stake in Fortinet by 53.1% in the 2nd quarter. Vista Investment Partners LLC now owns 49,058 shares of the software maker’s stock worth $7,537,000 after purchasing an additional 17,018 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet raised its 2026 outlook, citing demand for AI security and enterprise products. Its latest quarterly results also beat analyst expectations for both earnings and revenue. Q3 earnings-call highlights
• Positive Sentiment: Daiwa Securities upgraded FTNT from “neutral” to “outperform” and set a $150 price target, signaling confidence in potential recovery. Daiwa analyst rating
• Neutral Sentiment: Zacks Research lowered its rating from “strong buy” to “hold,” underscoring divided analyst views. Fortinet was also included in a list of large-cap tech stocks favored by billionaire investors, though that mention is not a company-specific catalyst. Analyst and earnings coverage Billionaire-backed tech stocks
• Neutral Sentiment: CEO Ken Xie and VP Michael Xie sold shares through pre-arranged plans to cover tax withholding on vested equity awards; the sales were small relative to their remaining holdings. Insider transaction details
• Negative Sentiment: Investors remain concerned about slower product growth, delays in service revenue and rising component costs. Those concerns, along with broader technology-sector worries about growth valuations and AI infrastructure spending, contributed to sharp recent selling in FTNT despite the earnings beat and raised outlook. Q3 earnings-call outlook and challenges

Analyst Ratings Changes

Several analysts have weighed in on the stock. Piper Sandler set a $140.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a research report on Thursday, October 29th. Citigroup decreased their price target on shares of Fortinet from $185.00 to $140.00 and set a “neutral” rating for the company in a report on Thursday, October 29th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $145.00 price target on shares of Fortinet in a report on Thursday, October 29th. Wedbush reiterated a “neutral” rating and set a $140.00 price objective (down from $155.00) on shares of Fortinet in a research note on Thursday, October 29th. Finally, Capital One Financial boosted their price objective on shares of Fortinet from $150.00 to $185.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $147.53.

Fortinet Trading Up 1.0%

Fortinet stock opened at $129.39 on Thursday. The stock has a 50-day moving average price of $169.84 and a 200 day moving average price of $129.04. The company has a market capitalization of $95.06 billion, a price-to-earnings ratio of 42.01, a price-to-earnings-growth ratio of 2.46 and a beta of 1.04. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week 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.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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 company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the prior year, the company earned $0.74 EPS. Fortinet’s quarterly revenue was up 20.5% on a year-over-year basis. Sell-side analysts anticipate that Fortinet, Inc. will post 3.20 EPS for the current year.

Insider Activity

In other news, COO John Whittle sold 2,835 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total value of $478,377.90. Following the sale, the chief operating officer directly owned 96,987 shares of the company’s stock, valued at $16,365,586.38. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $20,881,366.73. Following the completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $6,849,857,423.32. The trade was 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. Insiders have sold 221,304 shares of company stock valued at $30,675,309 in the last ninety days. Insiders own 17.60% of the company’s stock.

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.