Fortinet (NASDAQ:FTNT) Upgraded at Rosenblatt Securities

Rosenblatt Securities upgraded shares of Fortinet (NASDAQ:FTNT) from a neutral rating to a buy rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. Rosenblatt Securities currently has $100.00 price target on the software maker’s stock, up from their previous price target of $85.00.

A number of other research analysts have also commented on the stock. Morgan Stanley reaffirmed an “underweight” rating and set a $70.00 price objective (up from $66.00) on shares of Fortinet in a research report on Thursday, December 18th. Piper Sandler restated a “neutral” rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a report on Monday, January 5th. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Friday, January 23rd. Barclays cut their price target on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $87.00 target price on shares of Fortinet in a research note on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.48.

Fortinet Stock Performance

Shares of FTNT opened at $81.26 on Thursday. The company has a market cap of $60.43 billion, a PE ratio of 33.44, a price-to-earnings-growth ratio of 2.84 and a beta of 1.07. The stock has a 50-day moving average price of $80.36 and a 200-day moving average price of $83.58. 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 has a 12-month low of $70.12 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its 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 net margin of 28.58% and a return on equity of 118.27%. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the previous year, the business posted $0.63 EPS. The company’s quarterly revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. As a group, equities analysts forecast that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Fortinet

Several hedge funds and other institutional investors have recently made changes to their positions in FTNT. Norges Bank acquired a new stake in Fortinet during the second quarter worth about $1,640,900,000. Vanguard Group Inc. boosted its position in shares of Fortinet by 4.0% during the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock worth $6,354,874,000 after buying an additional 2,894,355 shares during the period. Van ECK Associates Corp increased its stake in shares of Fortinet by 62.1% during the third quarter. Van ECK Associates Corp now owns 5,564,558 shares of the software maker’s stock valued at $467,868,000 after acquiring an additional 2,132,109 shares during the period. First Trust Advisors LP raised its holdings in shares of Fortinet by 30.9% in the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock worth $636,962,000 after purchasing an additional 1,790,033 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock worth $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Rosenblatt upgraded FTNT to a Buy and raised its price target to $100 (from $85), a bullish endorsement that can support share gains. Read More.
• Positive Sentiment: TD Cowen upgraded FTNT to Buy (PT $100) and called the valuation reasonable after channel checks showed stability — an influential bank upgrade that likely boosted buying interest. Read More.
• Positive Sentiment: Fortinet announced a FortiCNAPP upgrade emphasizing tighter cloud security integration and investor-focused messaging on cloud risk management — product progress that supports the company’s platform story and competitive moat. Read More.
• Positive Sentiment: Sector lift: coverage of Fortinet’s upgrades has helped buoy cybersecurity peers (e.g., CrowdStrike), indicating the upgrade-driven sentiment is spilling across the group and can provide additional support to FTNT. Read More.
• Neutral Sentiment: Elevated investor interest/search activity around FTNT signals heightened attention and liquidity, which can amplify moves in either direction depending on news flow. Read More.
• Neutral Sentiment: Multiple pieces profile Fortinet’s unified cloud-risk platform and longer-term moat — constructive for medium-term growth expectations but not an immediate earnings catalyst. Read More.
• Negative Sentiment: Zacks preview warns Fortinet lacks the setup for a likely earnings beat next week — this raises downside risk into the print and helps explain intraday pullbacks despite the bullish headlines. Read More.
• Neutral Sentiment: Scheduled earnings coverage and media previews mean volatility is likely until results/guidance are released — traders should watch the upcoming report for guidance vs. consensus. Read More.

About Fortinet

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.