Fortinet (NASDAQ:FTNT – Get Free Report) had its price objective hoisted by Scotiabank from $85.00 to $110.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price objective indicates a potential upside of 1.67% from the stock’s previous close.
A number of other brokerages also recently issued reports on FTNT. Citigroup reiterated a “neutral” rating and set a $90.00 price objective (up from $85.00) on shares of Fortinet in a research note on Monday, February 9th. 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 report on Friday, February 6th. Compass Point set a $100.00 price target on shares of Fortinet in a research report on Monday. Mizuho boosted their price objective on shares of Fortinet from $70.00 to $86.00 and gave the company an “underperform” rating in a research report on Thursday. Finally, BMO Capital Markets upped their target price on Fortinet from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $97.79.
Check Out Our Latest Report on Fortinet
Fortinet Stock Performance
Fortinet (NASDAQ:FTNT – Get Free Report) last posted 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. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The company’s revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the company earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, equities analysts anticipate that Fortinet will post 2.63 EPS for the current fiscal year.
Insider Activity
In related news, VP Michael Xie sold 2,478 shares of Fortinet 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 sale, the vice president directly owned 9,927,517 shares in the company, valued at $882,456,986.13. This trade represents a 0.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 Fortinet stock in a transaction 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 transaction, the chief executive officer owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. This trade represents a 0.01% 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. 17.20% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Fortinet
Large investors have recently bought and sold shares of the stock. Allstate Corp purchased a new stake in Fortinet during the 3rd quarter valued at about $2,034,000. Trilogy Capital Inc. increased its stake in Fortinet by 46.8% in the 4th quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker’s stock worth $3,506,000 after purchasing an additional 14,076 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Fortinet by 465.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 756,651 shares of the software maker’s stock valued at $64,255,000 after purchasing an additional 622,809 shares during the last quarter. Machina Capital S.A.S. bought a new stake in Fortinet in the third quarter valued at approximately $1,177,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Fortinet by 5.8% during the third quarter. Victory Capital Management Inc. now owns 1,651,683 shares of the software maker’s stock valued at $138,874,000 after purchasing an additional 90,284 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.
Key Stories Impacting Fortinet
Here are the key news stories impacting Fortinet this week:
- Positive Sentiment: Q1 beat: Fortinet reported EPS and revenue above estimates, with revenue up ~20% y/y and strong billings and product revenue growth — the core catalyst for the rally. Fortinet Q1 Earnings & Revenues Beat Estimates
- Positive Sentiment: Raised outlook: Management raised FY 2026 revenue and EPS guidance after the quarter, and Q2 guidance topped Street expectations — this “beat?and?raise” message is driving buying interest. Fortinet raises full-year outlook as strong cybersecurity demand drives Q1 outperformance
- Positive Sentiment: Operational strength: Company reported record operating and free cash flow, expanding non?GAAP margins and 31% GAAP operating margin — supports valuation for growth. Fortinet Reports Strong First Quarter 2026 Financial Results
- Positive Sentiment: Product momentum: Fortinet expanded its FortiGate G series (ASIC?accelerated appliances) to address data?center and AI security needs — reinforces TAM exposure to AI/security spending. Fortinet Expands FortiGate G Series
- Positive Sentiment: Analyst upgrades/targets: Multiple firms raised price targets or upgraded the stock (examples: Rosenblatt and BTIG increases), helping momentum. Rosenblatt raises FTNT target; TickerReport
- Neutral Sentiment: Some analysts stayed cautious: a number of sell?side firms maintain Hold/Neutral ratings despite the beat — keeps expectations mixed. Analyst Maintains Hold on Fortinet
- Neutral Sentiment: Insider sales disclosed (pre?arranged 10b5?1 plans to cover taxes) — typical around vesting but may draw attention. SEC Form 4 — Michael Xie sale
- Negative Sentiment: Mixed analyst signals / lingering valuation concerns: some shops (and institutional trimming noted in places) still see limited upside if growth slows — could cap gains on any future miss. Institutional moves and analyst notes
- Negative Sentiment: Contrarian rating move: Mizuho raised its target but kept an Underperform view (raises the range of opinions and highlights downside risk scenarios). Mizuho updates Fortinet target (Benzinga)
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.
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