Fortinet (NASDAQ:FTNT) Price Target Cut to $70.00 by Analysts at Mizuho

Fortinet (NASDAQ:FTNT) had its price objective reduced by Mizuho from $74.00 to $70.00 in a research note released on Tuesday,Benzinga reports. Mizuho currently has an underperform rating on the software maker’s stock.

A number of other analysts also recently issued reports on FTNT. Royal Bank Of Canada reissued a “sector perform” rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a research report on Friday, February 6th. Oppenheimer reissued a “market perform” rating on shares of Fortinet in a research report on Friday, January 23rd. UBS Group reissued a “neutral” rating and issued a $90.00 target price on shares of Fortinet in a research report on Friday, February 6th. TD Cowen raised Fortinet from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a research report on Friday, January 23rd. Finally, Stifel Nicolaus set a $85.00 target price on Fortinet in a research report on Wednesday, March 11th. Five investment analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $87.68.

Fortinet Stock Performance

Shares of Fortinet stock opened at $78.70 on Tuesday. The business’s fifty day simple moving average is $81.71 and its 200 day simple moving average is $81.81. The firm has a market capitalization of $58.23 billion, a P/E ratio of 32.39, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. Fortinet has a 12 month low of $70.12 and a 12 month high of $109.33. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the business posted $0.74 earnings per share. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, analysts anticipate that Fortinet will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 343,106 shares of Fortinet stock in a transaction on Monday, February 2nd. The stock was 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 directly owned 10,210,282 shares in the company, valued at approximately $831,321,160.44. The trade was a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $14,308,506.54. Following the completion of the transaction, the chief executive officer owned 51,396,385 shares of the company’s stock, valued at approximately $4,184,693,666.70. This trade represents a 0.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortinet

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position 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 valued at $6,354,874,000 after purchasing an additional 2,894,355 shares in the last quarter. State Street Corp boosted its stake in Fortinet by 1.6% during the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after buying an additional 477,397 shares during the period. Norges Bank bought a new stake in Fortinet during the fourth quarter valued at $1,152,917,000. Bank of New York Mellon Corp boosted its stake in Fortinet by 6.6% during the fourth 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 buying an additional 893,190 shares during the period. Finally, Invesco Ltd. boosted its stake 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 buying an additional 1,568,337 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.