Penserra Capital Management LLC Boosts Stock Position in Fortinet, Inc. $FTNT

Penserra Capital Management LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,356,122 shares of the software maker’s stock after buying an additional 246,844 shares during the period. Fortinet comprises about 1.4% of Penserra Capital Management LLC’s holdings, making the stock its 8th largest position. Penserra Capital Management LLC’s holdings in Fortinet were worth $114,021,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new position in Fortinet during the 2nd quarter worth $1,640,900,000. Vanguard Group Inc. lifted its position in shares of Fortinet by 1.4% during 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 purchasing an additional 1,024,516 shares in the last quarter. Montrusco Bolton Investments Inc. bought a new position in shares of Fortinet during the second quarter valued at about $108,056,000. State Street Corp boosted its holdings in Fortinet by 3.0% during the second 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 during the last quarter. Finally, Geode Capital Management LLC grew its position 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 purchasing an additional 828,569 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fortinet news, VP Michael Xie sold 343,106 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction dated 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 transaction, the chief executive officer owned 51,396,385 shares of the company’s stock, valued at $4,184,693,666.70. The trade was a 0.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 18.00% of the stock is owned by corporate insiders.

Fortinet News Roundup

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

Fortinet Stock Performance

NASDAQ:FTNT opened at $79.30 on Wednesday. The company has a market capitalization of $58.97 billion, a P/E ratio of 32.63, a P/E/G ratio of 2.83 and a beta of 1.06. The business has a fifty day simple moving average of $80.36 and a two-hundred day simple moving average of $83.09. 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.

Fortinet (NASDAQ:FTNT) last posted its quarterly 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 return on equity of 118.27% and a net margin of 28.58%.The company 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 company earned $0.63 EPS. The firm’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on FTNT. Hsbc Global Res cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. UBS Group decreased their price target on Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Robert W. Baird dropped their price target on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Oppenheimer restated a “market perform” rating on shares of Fortinet in a research note on Friday, January 23rd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $90.48.

Fortinet 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.