Fortinet (NASDAQ:FTNT) Upgraded to “Buy” at Rosenblatt Securities

Rosenblatt Securities upgraded shares of Fortinet (NASDAQ:FTNT) from a neutral rating to a buy rating in a research report report published on Thursday, MarketBeat.com reports. The firm currently has $100.00 price target on the software maker’s stock, up from their prior price target of $85.00.

A number of other analysts have also recently commented on the company. Royal Bank Of Canada lowered their price target on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research report on Thursday, November 6th. Jefferies Financial Group reduced their price objective on Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Truist Financial set a $88.00 target price on Fortinet in a research report on Tuesday, January 20th. Piper Sandler reiterated a “neutral” rating and issued a $90.00 price target (up previously from $85.00) on shares of Fortinet in a report on Monday, January 5th. Finally, UBS Group decreased their price objective on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $90.59.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $81.51 on Thursday. The firm has a 50 day moving average of $80.31 and a 200 day moving average of $83.88. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $60.61 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 2.86 and a beta of 1.07. Fortinet has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The business’s revenue was up 14.4% compared to the same quarter last year. During the same period last year, the business posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, sell-side analysts predict that Fortinet will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Balboa Wealth Partners increased its holdings in shares of Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after purchasing an additional 96 shares during the last quarter. Hemington Wealth Management grew its holdings in Fortinet by 13.2% in the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after buying an additional 99 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after acquiring an additional 100 shares during the last quarter. Board of the Pension Protection Fund raised its holdings in shares of Fortinet by 4.5% during the 2nd quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after acquiring an additional 100 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. boosted its position in shares of Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after acquiring an additional 104 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: TD Cowen upgraded FTNT to Buy and called the valuation reasonable, citing stable channel checks and keeping a $100 target — a bullish catalyst that has supported the stock and helped sector momentum. TD Cowen Calls Fortinet’s Valuation Reasonable
• Positive Sentiment: Rosenblatt upgraded Fortinet from Neutral to Buy and raised its price target to $100, signaling additional analyst support and potential upside if sentiment persists. Rosenblatt Upgrade (Benzinga)
• Positive Sentiment: Market commentary points to Fortinet’s upgrade as a positive sector signal — the TD Cowen lift earlier helped buoy cybersecurity peers, suggesting Fortinet’s bullish coverage can have broader market impact. Did a Fortinet Upgrade Put a Floor on CRWD Stock?
• Neutral Sentiment: Analysts and write-ups are evaluating Fortinet’s Unified Cloud‑Risk platform and strategy; the long-term moat may strengthen if product adoption accelerates, but measurable near-term revenue/leverage impacts are unclear. Will Fortinet’s Unified Cloud‑Risk Platform Deepen Its Competitive Moat?
• Neutral Sentiment: Reminder: Fortinet is projected to report earnings next week — that timing is the immediate catalyst; guidance and subscription growth details will likely drive any near‑term move. Fortinet Projected to Post Earnings
• Neutral Sentiment: Short‑interest data reported appears anomalous (shows zero shares), implying no clear short‑pressure signal to explain stock movement; treat this item as noise until cleaner data appears.
• Negative Sentiment: Zacks’ preview argues Fortinet lacks the combination of factors that typically produce an earnings beat, which raises the risk of downside if results or guidance disappoint next week. Fortinet Reports Next Week: What You Should Expect (Zacks)

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.