KeyCorp Has Bullish Forecast for Fortinet FY2025 Earnings

Fortinet, Inc. (NASDAQ:FTNT) – Analysts at KeyCorp raised their FY2025 EPS estimates for shares of Fortinet in a research note issued to investors on Monday, January 12th. KeyCorp analyst E. Heath now expects that the software maker will earn $2.37 per share for the year, up from their previous forecast of $2.18. The consensus estimate for Fortinet’s current full-year earnings is $2.09 per share. KeyCorp also issued estimates for Fortinet’s Q4 2025 earnings at $0.65 EPS, Q1 2026 earnings at $0.57 EPS, Q2 2026 earnings at $0.60 EPS, Q3 2026 earnings at $0.64 EPS, Q4 2026 earnings at $0.74 EPS and FY2026 earnings at $2.55 EPS.

Several other research analysts also recently issued reports on FTNT. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Fortinet in a research note on Wednesday, December 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a research report on Monday, November 24th. Jefferies Financial Group cut their price target on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Hsbc Global Res cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Finally, Morgan Stanley restated an “underweight” rating and issued a $70.00 price objective (up from $66.00) on shares of Fortinet in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-seven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.30.

Fortinet Price Performance

Fortinet stock opened at $76.39 on Thursday. The stock has a 50-day moving average price of $80.86 and a two-hundred day moving average price of $85.70. Fortinet has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $56.81 billion, a PE ratio of 31.44, a P/E/G ratio of 2.74 and a beta of 1.07. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the company earned $0.63 EPS. Fortinet’s revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock worth $6,354,874,000 after purchasing an additional 2,894,355 shares in the last quarter. State Street Corp raised its stake in Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock worth $2,493,860,000 after buying an additional 477,397 shares during the period. Geode Capital Management LLC boosted its holdings in Fortinet by 5.2% in the second quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after acquiring an additional 828,569 shares in the last quarter. Norges Bank acquired a new stake in Fortinet in the second quarter valued at approximately $1,640,900,000. Finally, Invesco Ltd. grew its stake in Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after acquiring an additional 1,568,337 shares during the period. 83.71% of the stock is owned by institutional investors.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: KeyCorp raised EPS forecasts across multiple quarters and lifted FY2025 and FY2026 estimates (FY2026 to $2.55 vs prior $2.36), signaling improved analyst expectations for Fortinet’s earnings trajectory — a fundamental positive for the stock. KeyCorp estimate upgrade summary
• Positive Sentiment: Fortinet will present at the World Economic Forum in Davos and is promoting its Cybercrime Bounty and threat‑intelligence initiatives — this raises corporate visibility with governments and large enterprise customers and could support deals/partnerships over time. Fortinet to Bring Cyber Leadership to WEF
• Neutral Sentiment: Citi issued a Hold on FTNT, reflecting a more cautious stance from a major bank but not an outright downgrade — contributes to mixed sell‑side signals rather than a clear directional push. Citi Hold
• Negative Sentiment: Barron’s reported that China ordered some domestic firms not to use software from several U.S. cybersecurity vendors — any practical restrictions would reduce TAM and near‑term growth visibility for vendors with China exposure, pressuring shares. China software restriction report
• Negative Sentiment: J.P. Morgan reaffirmed a Sell rating, citing elevated memory costs and margin risk — a reminder of input‑cost pressure (hardware ASICs/memory) that can compress gross margins and weigh on multiples. J.P. Morgan Sell rationale
• Negative Sentiment: Reports of heavy insider selling (multiple recent sales by top executives) and mixed institutional moves have been highlighted in data feeds — sustained insider sales can create perception risk and add selling pressure even if driven by diversification. Insider trading and institutional activity

Fortinet Company Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.