Klingman & Associates 13F: Adds $503K to Fortinet (FTNT) Stake

Klingman & Associates boosted its holdings in Fortinet, Inc. FTNT by 208.3% during the quarter, according to a Form 13F filed with the U.S. Securities and Exchange Commission on October 20, 2026. The firm acquired an additional 2,814 shares of the cybersecurity provider, bringing its total ownership to 4,165 shares. The stake was worth about $744,536 at the time of the filing.

FTNT Fortinet, Inc.

$170.84 ▲ +119.36% year to date

1M 3M YTD

Daily close · Oct 20, 2026

What Changed in Klingman & Associates's Fortinet Position

Before this filing, Klingman & Associates held 1,351 shares of the software infrastructure provider. The addition of 2,814 shares marks a sharp increase of 208.3% for the portfolio. The total reported value of the position reached $744,536.

Other Institutional Activity in Fortinet

Other large funds made substantial adjustments to their Fortinet holdings around the same time. Kmg Fiduciary Partners trimmed its holdings by 7.9%, selling 5,127 shares to end with 59,423 shares worth about $10,622,455. Fundsmith reduced its stake by 5.5%, shedding 359,336 shares to hold 6,156,675 shares valued at roughly $945,788,383. First Trust Advisors LP lowered its position by 6.0%, parting with 690,371 shares to finish with 10,815,814 shares worth about $1,848,747,007. Arrowstreet Capital, Limited Partnership grew its holdings by 4.9%, adding 476,740 shares to own 10,127,342 shares valued at about $1,731,066,493. Finally, Bank Of New York Mellon Corporation cut its stake by 30.0%, dropping 4,004,982 shares to end with 9,327,182 shares worth roughly $1,594,295,150.

Fortinet, Inc. Stock Up 1.1%

Fortinet shares recently traded around $171.02, up about 0.1% from the close of $170.93 on the filing date. The stock sits about 13.2% below its 52-week high of $197.13 and well above its 200-day moving average of $124.33.

Recent Earnings

Fortinet reported trailing twelve month revenue of $7.53 billion and earnings of $2.87 per share. The company holds a net margin of 28.2% and a return on equity of 117.4%. The next quarterly earnings report is scheduled for October 28, 2026.

Dividend

Fortinet currently pays no dividend, keeping its dividend yield and payout ratio at zero.

Insider Buying and Selling at Fortinet, Inc.

Insiders completed several transactions in recent months. CEO Kenneth Qing Xie sold 161,482 shares on August 3, 2026, valued at $26,266,878. CTO Michael Xie sold 3,121 shares on the same day for $507,574. CFO Christiane Margrit Ohlgart sold 387 shares at an average price of $164.59 on August 4, 2026, totaling $63,696. COO John Whittle sold 56,700 shares on September 15, 2026, worth $9,389,808.

Analysts Set New Price Targets

Wall Street firms updated their views on Fortinet ahead of the filing. Barclays maintained an Equal-Weight rating with a $210 target on October 12, 2026. TD Cowen kept a Buy rating and raised its target from $215 to $225 on October 13, 2026. Mizuho maintained an Underperform rating with a $160 target on October 15, 2026. Wells Fargo kept an Underweight rating and a $160 target on October 15, 2026. Truist Securities maintained a Buy rating and lifted its target from $183 to $200 on October 20, 2026. Analysts currently hold a consensus hold rating with 37 professional opinions.

About Fortinet

Fortinet, Inc. builds security appliances and software that protect enterprise networks, data centers, and cloud environments from digital threats. Based in Sunnyvale, California, the company focuses on consolidating networking and security functions into single platforms to help organizations manage complex IT infrastructure.

Bottom Line

Investors will look toward Fortinet's upcoming earnings release on October 28, 2026, for fresh details on revenue growth and profit margins. Monitoring subsequent institutional filings will show whether other asset managers follow Klingman & Associates in building out their positions.