Fortinet (NASDAQ:FTNT) Price Target Raised to $115.00 at Citigroup

Fortinet (NASDAQ:FTNT) had its target price increased by Citigroup from $90.00 to $115.00 in a research report released on Friday,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Several other research firms have also recently commented on FTNT. Stephens set a $115.00 target price on shares of Fortinet and gave the stock an “equal weight” rating in a research report on Thursday. Oppenheimer reissued a “market perform” rating on shares of Fortinet in a research note on Friday, January 23rd. Barclays set a $115.00 price target on Fortinet and gave the stock an “equal weight” rating in a research note on Thursday. BTIG Research raised Fortinet from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Thursday. Finally, Jefferies Financial Group set a $90.00 price objective on shares of Fortinet in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $100.45.

Fortinet Price Performance

Shares of FTNT opened at $114.07 on Friday. The company has a market cap of $83.51 billion, a P/E ratio of 44.04, a PEG ratio of 3.69 and a beta of 0.92. The stock has a fifty day moving average price of $82.97 and a 200 day moving average price of $81.98. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.09. Fortinet has a 12 month low of $70.12 and a 12 month high of $114.66.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 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 during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the business earned $0.58 EPS. The firm’s revenue was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, research analysts forecast that Fortinet will post 2.64 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 2,478 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the sale, the vice president directly owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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, CEO Ken Xie sold 5,355 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $88.90, for a total transaction of $476,059.50. Following the sale, the chief executive officer owned 52,978,004 shares of the company’s stock, valued at $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Company insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pinnacle Holdings LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Ameriflex Group Inc. acquired a new position in Fortinet in the 3rd quarter worth approximately $25,000. Wexford Capital LP acquired a new position in Fortinet in the 3rd quarter worth approximately $25,000. Finally, Physician Wealth Advisors Inc. boosted its stake in Fortinet by 408.3% in the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after purchasing an additional 245 shares during the period. 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: Fortinet delivered a strong Q1 beat, with revenue up 20% year over year, EPS ahead of estimates, billings up sharply, and full-year guidance raised, signaling stronger demand across cybersecurity and AI-related security products.
• Positive Sentiment: Several analysts turned more constructive, including BTIG’s upgrade to Buy, Rosenblatt’s Buy rating with a higher target, and Citi/Susquehanna/UBS/Piper all raising price targets to around the current share price or above, supporting bullish sentiment.
• Positive Sentiment: Commentary around Fortinet’s gains suggests the results helped dispel “AI disruption” fears and highlighted growing demand tied to a more complex threat environment, which is improving investor confidence in the company’s growth runway.
• Neutral Sentiment: Citigroup and Susquehanna raised their price target to $115 while maintaining Neutral ratings, implying limited upside from current levels even after the rally.
• Neutral Sentiment: RBC Capital and Needham kept Hold-type views, indicating that not all analysts see the valuation as compelling despite the improved fundamentals.
• Negative Sentiment: There were also insider sales by the CEO and a VP, which may temper enthusiasm somewhat, though these trades appear small relative to the stock’s recent move.

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.