SCHEDULE: Vanguard Group Discloses 9.86% Stake in Fortinet Inc.

The Vanguard Group has filed an amended Schedule 13G, reporting a 9.86% beneficial ownership stake in Fortinet Inc. as of September 30, 2025.

Summary

• The Vanguard Group reported beneficial ownership of 75,580,392 shares of Fortinet Inc. Common Stock.
• This represents 9.86% of Fortinet Inc.'s outstanding common stock.
• Vanguard holds sole dispositive power over 69,324,994 shares and shared dispositive power over 6,255,398 shares.
• Vanguard holds shared voting power over 3,923,604 shares and no sole voting power.
• The filing is an Amendment No. 10 to a previous Schedule 13G.
• Vanguard's clients, including registered investment companies and other managed accounts, have the right to receive dividends or proceeds from the sale of these securities.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership by a large institutional investor, indicating a neutral sentiment regarding company-specific performance or strategic changes.

Future Outlook

NA

Management Comments

• The Vanguard Group certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing reflects a passive investment by a major asset manager in a publicly traded cybersecurity company, which is a common occurrence in the investment landscape.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can be viewed as a stable ownership base.

Key Dates

Keywords

Fortinet Inc, Vanguard Group, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Cybersecurity