Fortinet, Inc. $FTNT Shares Sold by Meridian Wealth Management LLC

Meridian Wealth Management LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 58.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,472 shares of the software maker’s stock after selling 7,840 shares during the quarter. Meridian Wealth Management LLC’s holdings in Fortinet were worth $460,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Norges Bank acquired a new stake in shares of Fortinet in the 2nd quarter valued at $1,640,900,000. Vanguard Group Inc. increased 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 valued at $7,684,461,000 after buying an additional 1,024,516 shares during the last quarter. Montrusco Bolton Investments Inc. acquired a new stake in Fortinet in the second quarter valued at $108,056,000. State Street Corp lifted its holdings in Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after buying an additional 862,468 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Fortinet by 5.2% during 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 in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. Rosenblatt Securities upgraded Fortinet from a “neutral” rating to a “buy” rating and increased their price objective for the company from $85.00 to $100.00 in a report on Thursday, January 29th. Oppenheimer reiterated a “market perform” rating on shares of Fortinet in a research note on Friday, January 23rd. Robert W. Baird cut their price objective on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Royal Bank Of Canada lowered their target price on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a report on Thursday, November 6th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $85.00 target price (up from $83.00) on shares of Fortinet in a research report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $90.48.

Fortinet Trading Down 2.4%

Shares of Fortinet stock opened at $79.30 on Wednesday. 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 company has a market capitalization of $58.97 billion, a P/E ratio of 32.63, a PEG ratio of 2.83 and a beta of 1.06. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company’s fifty day moving average is $80.36 and its two-hundred day moving average is $83.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the firm earned $0.63 earnings per share. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. Analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 175,737 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the completion of the sale, the chief executive officer directly owned 51,396,385 shares of the company’s stock, valued at $4,184,693,666.70. This represents a 0.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 343,106 shares of Fortinet stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the transaction, the vice president owned 10,210,282 shares in the company, valued at $831,321,160.44. This trade represents a 3.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 18.00% of the stock is owned by corporate insiders.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Rosenblatt flagged potential Q4 upside from tax incentives and improved sales execution, suggesting earnings could beat expectations and provide support. Rosenblatt Q4 Upside
• Positive Sentiment: Market coverage noting Fortinet’s upgrade and resilient ARR growth as signs that the cybersecurity group may be finding support ahead of earnings — a constructive signal for investors focused on recurring revenue and AI-related deals. MarketBeat: CrowdStrike & Fortinet Context
• Neutral Sentiment: Zacks previews Q4 and highlights expected revenue guidance of $1.825–$1.885B and steady EPS, noting AI data-center deals could shape results — useful context but not a direct catalyst until results/guidance are confirmed. Zacks Q4 Preview
• Neutral Sentiment: Another Zacks piece compiles Wall Street estimates for key metrics ahead of the quarter — important for positioning but not an immediate price driver. Zacks Estimates
• Neutral Sentiment: The published short-interest data is effectively zero/ambiguous and does not appear to be a meaningful near-term pressure point. (No actionable short squeeze signal.)
• Negative Sentiment: Insider selling: VP Michael Xie sold 343,106 shares (~$27.9M at ~$81.42) and CEO Ken Xie sold 175,737 shares (~$14.3M), reducing their holdings modestly — large insider sales often weigh on sentiment even when insiders retain sizeable positions. Michael Xie SEC Filing Ken Xie SEC Filing
• Negative Sentiment: Analyst downgrades and reassessments of 2026 growth (including a Scotiabank downgrade) have pressured shares as investors mark down forward growth expectations; coverage notes led to a near-term slip in the stock. Scotiabank Downgrade Analyst Reassessment
• Negative Sentiment: Market write-ups (e.g., Seeking Alpha) note the stock slipped after the Scotiabank downgrade, reflecting immediate market reaction to the weaker outlook. Seeking Alpha: Slip After Downgrade

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.