$FTNT

Xie Ken (President & CEO) sold 161,483 shares of Fortinet, Inc. (FTNT) at an average of $129.31 ($126.17–$133.83, $20.88M total) across 8 trades on 2026-11-02 under a Rule 10b5-1 trading plan.

Fortinet's stock fell 31% in a week despite Q3 revenue growth of 20% and raised 2026 outlook. Investors reacted to slower product growth and lagging service revenue. 18 firms cut price targets, with analysts expecting earnings growth to slow to about 10% next year. Fortinet reported $2.08 billion in revenue and raised billings guidance for the third time this year.

Jay Woods of Chase Games identified $127.40 as a key support level for Fortinet after its shares fell following slower product growth and a reduced services outlook. This level is slightly above the company's 200-day moving average and anchored VWAP from 2020. Woods also noted longer-term momentum indicators as potential downside risks.

Amerx downgraded Fortinet's price target to $173 from $240, a 27.9% reduction, while maintaining an Overweight rating. The new target suggests a 27.1% upside from the Oct 30 close of $136.08. Recent analyst price targets for Fortinet range from $115 to $190.

Excite Cyber, a unit of Excite Technology Services, achieved Advanced status in Fortinet's partner program, meeting revenue and certification requirements. The company aims to use this status to attract customers for various security services. According to Excite, the status could enhance its ability to deliver Fortinet solutions, though it does not guarantee contracted revenue. Excite CEO Bryan Saba stated that this aligns with their strategy to build a scalable cybersecurity business.

Fortinet reported Q3 revenue of $2.08B, up 20% YoY. Product revenue rose 37% to $765M. GAAP operating margin was 34%, non-GAAP 38%. Q4 revenue guidance is $2.155B-$2.245B. Fortinet expanded AI security partnerships with Nvidia, Oracle, and Microsoft, and launched new AI security services.

Fortinet's stock fell 25% despite beating earnings expectations, as analysts noted the gains were already priced in. The drop also affected other cybersecurity stocks like CrowdStrike and Palo Alto Networks. Google released Gemini 4 Carbon, highlighting its advanced cybersecurity capabilities.

Fortinet launched FortiGuard Inline AI Security Service, a cloud-based AI threat inspection and security service for FortiGate customers. The service monitors AI activity, prevents threats, and reduces data exposure using existing Fortinet infrastructure. The company aims to simplify AI security adoption for enterprises, with options for on-premises deployment. Fortinet integrated technology from its recent acquisition of Virtue AI to enhance performance.

This week, analysts downgraded Fair Isaac (FICO) to Equal Weight with a $735 target, Artiva Biotherapeutics (ARTV) to Hold, Enphase Energy (ENPH) to Perform, Fortinet (FTNT) to Neutral, and Reddit (RDDT) to Market Perform, citing pricing, development, guidance, and traffic concerns. Shares of these companies fell significantly following the downgrades.

Ares Management was elevated to major partner status for the 2026 Australian Open, while AWS and Fortinet renewed their sponsorship deals. Ares, a global investment firm, expanded its association with the event, and AWS will power the tournament's digital app. Fortinet will continue as the cybersecurity partner. The tournament, featuring top golfers, will take place in December 2026.