QRG Capital Management Inc. Decreases Position in Fortinet, Inc. $FTNT

QRG Capital Management Inc. lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 18.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 54,358 shares of the software maker’s stock after selling 12,113 shares during the quarter. QRG Capital Management Inc.’s holdings in Fortinet were worth $4,570,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC acquired a new stake in Fortinet during the 4th quarter valued at $585,000. Focus Financial Network Inc. increased its stake in Fortinet by 14.5% during the 2nd quarter. Focus Financial Network Inc. now owns 3,964 shares of the software maker’s stock worth $419,000 after buying an additional 501 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Fortinet by 1.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 133,842 shares of the software maker’s stock worth $14,142,000 after buying an additional 2,431 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Fortinet by 0.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after buying an additional 102 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 1.2%

FTNT stock opened at $75.38 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm has a fifty day moving average price of $80.65 and a two-hundred day moving average price of $85.18. The firm has a market cap of $56.06 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 2.63 and a beta of 1.07.

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

Insider Activity at Fortinet

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

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: KeyCorp raised multiple near‑term and full‑year EPS forecasts (Q4 2025–Q4 2026 and FY2025–FY2026), lifting FY2026 to $2.55 and trimming quarterly variance — a direct fundamental tailwind to earnings expectations (no link provided).
• Positive Sentiment: Zacks highlights Fortinet as a “strong growth stock,” emphasizing growth/style scores that may attract momentum and growth-oriented investors. Here’s Why Fortinet (FTNT) is a Strong Growth Stock
• Positive Sentiment: Forbes notes a long‑term bullish trendline and a sectorwide tailwind from semiconductor earnings (TSM) that could help FTNT break out of recent consolidation — a technical catalyst for a recovery move. Long-Term Bullish Trendline Could Help Fortinet Stock Break Out
• Neutral Sentiment: InsiderMonkey summarizes recent analyst activity: RBC reiterated a Hold (PT $85) while Piper Sandler adjusted its target — useful context but not a clear directional driver. Here’s What Analysts Think About Fortinet (FTNT)
• Neutral Sentiment: UBS issued a Hold on FTNT — a conservative stance that keeps shares range‑bound unless upgraded. Fortinet (FTNT) Gets a Hold from UBS
• Neutral Sentiment: Globe and Mail ran an analyst roundup on Fortinet — additional commentary but no single decisive call. Analysts Offer Insights on Technology Companies: Fortinet (FTNT) and Veritone (VERI)
• Negative Sentiment: J.P. Morgan maintained a Sell rating, citing elevated memory costs and margin risk and keeping a $75 price target — a notable bearish view that pressures sentiment and could limit upside. Fortinet Downgraded: Elevated Memory Costs and Margin Risk Drive Sustained Sell Rating
• Negative Sentiment: Recent market commentary notes FTNT has declined more than the market in recent sessions and remains materially below its 50/200‑day moving averages, underscoring near‑term technical weakness. Fortinet (FTNT) Declines More Than Market: Some Information for Investors

Analysts Set New Price Targets

A number of analysts have recently issued reports on FTNT shares. Citigroup reaffirmed a “neutral” rating and set a $85.00 target price (up from $83.00) on shares of Fortinet in a research report on Monday, January 12th. Weiss Ratings restated a “hold (c)” rating on shares of Fortinet in a report on Monday, December 29th. Daiwa Capital Markets cut Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price for the company. in a research note on Wednesday, November 12th. Royal Bank Of Canada decreased their price target on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research report on Thursday, November 6th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $70.00 price target (up from $66.00) on shares of Fortinet in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $90.30.

Fortinet Company Profile

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.