Fortinet (NASDAQ:FTNT – Get Free Report) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Zacks reports.
Several other research analysts have also recently issued reports on FTNT. Susquehanna reduced their target price on shares of Fortinet from $160.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, October 30th. Wolfe Research set a $175.00 target price on shares of Fortinet in a research report on Thursday, July 30th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $190.00 price target (up from $116.00) on shares of Fortinet in a report on Thursday, July 30th. TD Cowen cut their price target on Fortinet from $225.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, October 29th. Finally, Citigroup reduced their price objective on Fortinet from $185.00 to $140.00 and set a “neutral” rating for the company in a research note on Thursday, October 29th. Ten investment analysts have rated the stock with a Buy rating, twenty-five have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $147.94.
View Our Latest Research Report on FTNT
Fortinet Price Performance
Shares of NASDAQ:FTNT opened at $128.11 on Monday. Fortinet has a twelve month low of $73.55 and a twelve month high of $197.13. The company’s 50 day moving average is $170.32 and its 200 day moving average is $128.78. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 0.22. The company has a market cap of $94.12 billion, a PE ratio of 41.59, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. Fortinet’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the firm posted $0.74 EPS. On average, sell-side analysts forecast that Fortinet will post 3.20 EPS for the current year.
Insider Activity
In related news, VP Michael Xie sold 3,121 shares of the business’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $129.49, for a total transaction of $404,138.29. Following the transaction, the vice president directly owned 9,918,360 shares in the company, valued at approximately $1,284,328,436.40. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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, COO John Whittle sold 53,865 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the sale, the chief operating officer directly owned 96,987 shares of the company’s stock, valued at approximately $16,045,529.28. This represents a 35.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 221,304 shares of company stock valued at $30,675,309 in the last three months. 17.60% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Fortinet in the second quarter valued at $9,561,650,000. First Trust Advisors LP boosted its position in shares of Fortinet by 45.5% during the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after acquiring an additional 3,598,487 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after acquiring an additional 4,500,194 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Fortinet in the 2nd quarter valued at about $1,432,842,000. Finally, Legal & General Group Plc purchased a new position in shares of Fortinet in the 2nd quarter valued at about $979,062,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.
More Fortinet News
Here are the key news stories impacting Fortinet this week:
- Positive Sentiment: Fortinet reported quarterly revenue and earnings above consensus and raised its 2026 outlook. Product sales reportedly grew 37%, and longer-term cybersecurity demand tied to AI remains a potential tailwind. Fortinet sinks despite beating and raising guidance
- Neutral Sentiment: CEO Ken Xie and VP Michael Xie sold shares through pre-arranged 10b5-1 plans to cover tax withholding on vested awards. The sales were small relative to their remaining holdings, making them a limited signal about the company’s prospects. Fortinet VP share sale
- Negative Sentiment: Despite the earnings beat, investors have reportedly been unsettled by slower-than-expected product growth and a weaker service outlook. Fortinet’s recent steep selloff has also coincided with broader weakness in technology and cybersecurity stocks, adding pressure to FTNT. Fortinet earnings analysis and service outlook Why Fortinet stock is falling
Fortinet Company Profile
Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.
Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.
Featured Stories
- Five stocks we like better than Fortinet
- Tower Semiconductor’s Earnings Are Soaring—So Why Is Its Stock Down More Than 50%?
- Shopify’s Small Q3 Miss Triggered a Big Sell-Off: What’s Next?
- Can Oil’s Big Rally Deliver Reliable Income? 3 Energy Plays to Watch
- Marriott’s Earnings Beat Shows Why It’s More Than a Bet on Travel Demand
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.
-plc-logo-1200x675.JPG){kind=logo}
