Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) has been assigned an average rating of “Hold” from the thirty-six research firms that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $150.9091.
Several brokerages recently commented on FTNT. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price objective (up from $110.00) on shares of Fortinet in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $160.00 price target on shares of Fortinet in a report on Thursday, July 30th. Citigroup boosted their price target on shares of Fortinet from $165.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. William Blair reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, July 21st. Finally, Truist Financial set a $183.00 price objective on Fortinet and gave the stock a “buy” rating in a research report on Tuesday, July 21st.
Check Out Our Latest Research Report on Fortinet
Fortinet Price Performance
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.15. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm’s revenue was up 25.6% on a year-over-year basis. During the same period last year, the firm earned $0.64 earnings per share. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, analysts forecast that Fortinet will post 3.05 EPS for the current fiscal year.
Insider Transactions at Fortinet
In other news, VP Michael Xie sold 3,121 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Fortinet
A number of large investors have recently modified their holdings of FTNT. Burk Holdings LLC bought a new stake in shares of Fortinet in the 2nd quarter valued at about $25,000. Dunhill Financial LLC bought a new position in Fortinet during the 2nd quarter worth approximately $25,000. Cornerstone Financial Management LLC grew its position in Fortinet by 102.5% during the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock worth $25,000 after acquiring an additional 83 shares during the last quarter. Timbuktu Capital Management LLC purchased a new position in Fortinet in the 2nd quarter worth approximately $31,000. Finally, Elevation Wealth Partners LLC increased its stake in Fortinet by 53.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after purchasing an additional 75 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.
About Fortinet
Fortinet, Inc develops cybersecurity products and services designed to protect enterprise, small and midsize business, service provider, and government networks. Its portfolio covers network security, endpoint protection, cloud security, secure access service edge (SASE), security operations, and zero-trust access.
The company’s offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiManager and FortiAnalyzer management and analytics tools.
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