Scotiabank Brokers Increase Earnings Estimates for Fortinet

Fortinet, Inc. (NASDAQ:FTNT) – Research analysts at Scotiabank increased their FY2026 earnings per share estimates for shares of Fortinet in a note issued to investors on Wednesday, February 11th. Scotiabank analyst P. Colville now expects that the software maker will earn $2.62 per share for the year, up from their previous estimate of $2.58. Scotiabank currently has a “Sector Perform” rating and a $85.00 price objective on the stock. The consensus estimate for Fortinet’s current full-year earnings is $2.09 per share.

A number of other research analysts have also weighed in on the company. Royal Bank Of Canada reissued a “sector perform” rating and issued a $90.00 price objective (up from $85.00) on shares of Fortinet in a report on Friday, February 6th. Daiwa Securities Group downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target on the stock. in a research report on Wednesday, November 12th. BMO Capital Markets raised their target price on Fortinet from $90.00 to $95.00 and gave the stock a “market perform” rating in a report on Monday. Jefferies Financial Group set a $90.00 price objective on shares of Fortinet in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $72.00 to $73.00 and gave the company an “underweight” rating in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-two have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $89.07.

Fortinet Stock Down 4.1%

Shares of NASDAQ FTNT opened at $84.26 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $62.66 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 3.03 and a beta of 1.06. Fortinet has a 12-month low of $70.12 and a 12-month high of $114.82. The stock’s fifty day simple moving average is $80.59 and its two-hundred day simple moving average is $82.35.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, beating the consensus estimate of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the previous year, the business posted $0.74 EPS. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS.

Insider Buying and Selling

In related news, CEO Ken Xie sold 175,737 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the transaction, the chief executive officer owned 51,396,385 shares of the company’s stock, valued at $4,184,693,666.70. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 343,106 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the transaction, the vice president owned 10,210,282 shares in the company, valued at approximately $831,321,160.44. The trade was a 3.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Fortinet by 4.0% in the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock valued at $6,354,874,000 after purchasing an additional 2,894,355 shares during the period. State Street Corp grew its holdings in shares of Fortinet by 1.6% during the third 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 last quarter. Geode Capital Management LLC increased its position in Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after acquiring an additional 828,569 shares during the period. Norges Bank acquired a new position in Fortinet in the 2nd quarter valued at about $1,640,900,000. Finally, Bank of New York Mellon Corp raised its stake in Fortinet by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after acquiring an additional 893,190 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

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.