What is KeyCorp’s Forecast for Fortinet FY2025 Earnings?

Fortinet, Inc. (NASDAQ:FTNT) – Analysts at KeyCorp increased their FY2025 earnings estimates for shares of Fortinet in a research note issued to investors on Monday, January 12th. KeyCorp analyst E. Heath now forecasts that the software maker will post earnings of $2.37 per share for the year, up from their prior estimate of $2.18. The consensus estimate for Fortinet’s current full-year earnings is $2.09 per share. KeyCorp also issued estimates for Fortinet’s Q4 2025 earnings at $0.65 EPS, Q1 2026 earnings at $0.57 EPS, Q2 2026 earnings at $0.60 EPS, Q3 2026 earnings at $0.64 EPS, Q4 2026 earnings at $0.74 EPS and FY2026 earnings at $2.55 EPS.

Several other equities analysts also recently commented on FTNT. TD Cowen cut their price objective on Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, November 6th. Daiwa America lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Royal Bank Of Canada cut their price target on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a report on Thursday, November 6th. Robert W. Baird decreased their price objective on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, Citigroup restated a “neutral” rating and issued a $85.00 target price (up from $83.00) on shares of Fortinet in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $90.30.

Fortinet Trading Down 0.1%

Shares of NASDAQ FTNT opened at $76.32 on Thursday. Fortinet has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03. The company has a market cap of $56.76 billion, a price-to-earnings ratio of 31.41, a PEG ratio of 2.67 and a beta of 1.07. The business’s 50 day moving average price is $80.78 and its 200-day moving average price is $85.63.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping 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 company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company posted $0.63 EPS. The firm’s revenue for the quarter 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.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently added to or reduced their stakes in FTNT. Norges Bank purchased a new position in shares of Fortinet in the 2nd quarter worth approximately $1,640,900,000. Vanguard Group Inc. increased its stake in shares of Fortinet by 4.0% in the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock worth $6,354,874,000 after acquiring an additional 2,894,355 shares during the period. Van ECK Associates Corp raised its stake in shares of Fortinet by 62.1% during the 3rd quarter. Van ECK Associates Corp now owns 5,564,558 shares of the software maker’s stock valued at $467,868,000 after buying an additional 2,132,109 shares during the last quarter. First Trust Advisors LP grew its holdings in Fortinet by 30.9% during the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock worth $636,962,000 after acquiring an additional 1,790,033 shares during the period. Finally, Invesco Ltd. raised its position in Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was 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 of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by corporate insiders.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: KeyCorp raised multiple quarterly and full‑year EPS forecasts for FY2025–FY2026 (raising FY2026 to $2.55), signaling upward revisions to Fortinet’s near‑term profitability expectations.
• Positive Sentiment: A technical/bullish take argues Fortinet can rebound off a long‑term trendline as the broader tech rally (helped by strong TSMC earnings) lifts security names, providing momentum that could help stop the recent multi‑week slide. Long-Term Bullish Trendline Could Help Fortinet Stock Break Out
• Positive Sentiment: Fortinet will present at the World Economic Forum in Davos and promote its Cybercrime Bounty and other global initiatives—an investor‑friendly visibility boost that underscores partnerships with governments and large institutions and could help commercial momentum. Fortinet to Present on Cybercrime Disruption Strategies at WEF 2026
• Neutral Sentiment: Several brokers (RBC, Piper Sandler, UBS, Citi) have recently issued hold/reiterate notes or modest target tweaks—these keep analyst coverage active but don’t materially change consensus conviction. Here’s What Analysts Think About Fortinet (FTNT)
• Neutral Sentiment: Short‑term trading volatility has been notable (recent sessions with above‑average volume and a mid‑January pullback); some coverage pieces note recent intraday declines that may reflect broader sector moves rather than company‑specific news. Fortinet (FTNT) Declines More Than Market
• Negative Sentiment: A Barron’s report that China ordered domestic firms to avoid certain U.S. cybersecurity software sparked a selloff in U.S. security names, renewing geopolitical/configuration risk for Fortinet’s China exposure and cloud/customer access in that market. Palo Alto, Fortinet Stocks Are Diving
• Negative Sentiment: J.P. Morgan reiterated a Sell rating, citing elevated memory costs and margin pressure that could cap upside and justify a lower target—this keeps downside risk top‑of‑mind for value/margin‑sensitive investors. Fortinet Downgraded: Elevated Memory Costs and Margin Risk Drive Sustained Sell Rating
• Negative Sentiment: Insider selling and mixed institutional positioning flagged in recent data (notable insider share sales and shifts in hedge fund holdings) add a cautionary signal for sentiment and potential supply pressure. QuiverQuant FTNT Summary (includes insider/inst. activity)

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.