Fortinet (NASDAQ:FTNT) Sets New 12-Month High on Analyst Upgrade

Fortinet, Inc. (NASDAQ:FTNT)’s stock price hit a new 52-week high on Tuesday after BTIG Research raised their price target on the stock from $125.00 to $150.00. BTIG Research currently has a buy rating on the stock. Fortinet traded as high as $134.35 and last traded at $134.29, with a volume of 1148122 shares changing hands. The stock had previously closed at $133.93.

Other analysts have also issued reports about the company. Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 14th. Robert W. Baird set a $115.00 target price on Fortinet in a research note on Thursday, May 7th. Jefferies Financial Group set a $90.00 target price on Fortinet in a research note on Friday, February 6th. Wells Fargo & Company restated an “underweight” rating and issued a $70.00 target price (up from $64.00) on shares of Fortinet in a research note on Thursday, May 7th. Finally, Rosenblatt Securities raised their target price on Fortinet from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.69.

Insider Activity at Fortinet

In related news, COO John Whittle sold 146,015 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares in the company, valued at $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 2,478 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the completion of the transaction, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 153,848 shares of company stock worth $19,446,115 over the last 90 days. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Hedge funds have recently added to or reduced their stakes in the company. Pinnacle Holdings LLC bought a new position in Fortinet in the third quarter valued at about $25,000. Ameriflex Group Inc. bought a new position in Fortinet during the third quarter worth about $25,000. Wexford Capital LP bought a new position in Fortinet during the third quarter worth about $25,000. Physician Wealth Advisors Inc. boosted its holdings in Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after buying an additional 245 shares during the last quarter. Finally, Palisade Asset Management LLC bought a new position in Fortinet during the third quarter worth about $28,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The stock has a market cap of $98.39 billion, a P/E ratio of 51.85, a PEG ratio of 3.68 and a beta of 0.92. The stock has a fifty day simple moving average of $93.06 and a 200-day simple moving average of $85.25.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business earned $0.58 earnings per share. The company’s revenue was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts expect that Fortinet, Inc. will post 2.77 earnings per share for the current fiscal year.

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.