Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Susquehanna Analyst Says

Fortinet (NASDAQ:FTNT) had its price target upped by analysts at Susquehanna from $90.00 to $115.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Susquehanna’s price objective suggests a potential upside of 6.51% from the stock’s previous close.

FTNT has been the subject of a number of other reports. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 target price on shares of Fortinet in a report on Tuesday, April 21st. Rosenblatt Securities upped their target price on shares of Fortinet from $105.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday. Oppenheimer reissued a “market perform” rating on shares of Fortinet in a research report on Friday, January 23rd. BMO Capital Markets boosted their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Monday. Finally, Scotiabank increased their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $99.59.

Fortinet Stock Up 20.0%

Shares of NASDAQ:FTNT opened at $107.97 on Friday. The company has a market capitalization of $79.04 billion, a price-to-earnings ratio of 41.69, a PEG ratio of 3.08 and a beta of 0.92. Fortinet has a 12-month low of $70.12 and a 12-month high of $112.39. The business has a 50-day moving average price of $82.97 and a 200 day moving average price of $81.98. 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 announced its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 149.52%. Fortinet’s revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Sell-side analysts expect that Fortinet will post 2.63 EPS for the current year.

Insider Activity

In other news, CEO Ken Xie sold 5,355 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.90, for a total value 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 represents a 0.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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, VP Michael Xie sold 2,478 shares of the company’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 value of $220,269.42. Following the completion of the transaction, the vice president directly owned 9,927,517 shares of the company’s stock, valued at $882,456,986.13. This trade represents a 0.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Corporate insiders own 17.20% of the company’s stock.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allstate Corp purchased a new position in shares of Fortinet during the third quarter worth about $2,034,000. Trilogy Capital Inc. grew its stake in shares of Fortinet by 46.8% in the 4th quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker’s stock valued at $3,506,000 after purchasing an additional 14,076 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 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 period. Machina Capital S.A.S. purchased a new stake in shares of Fortinet during the third quarter worth approximately $1,177,000. Finally, Victory Capital Management Inc. raised 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 worth $138,874,000 after purchasing an additional 90,284 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q1 beat and guide-up: Fortinet reported stronger-than-expected Q1 results (revenue $1.85B, EPS $0.82) and raised Q2 and FY26 guidance, citing 20% revenue growth, 31% billings growth and record cash flow — a core driver of the rally. Fortinet Reports Strong First Quarter 2026 Financial Results
• Positive Sentiment: AI/data-center momentum: Management highlighted AI-security wins and data?center traction (new FortiGate G-series ASIC hardware) that supports higher-margin product growth and positions Fortinet for increased demand around AI deployments. Fortinet Expands FortiGate G Series
• Positive Sentiment: Broker upgrades/price-target lifts: Multiple firms raised targets and ratings after the quarter (BTIG and Rosenblatt upgraded to buy; Piper, Scotiabank lifted targets), supporting momentum and buy-side interest. BTIG upgrades Fortinet (FTNT)
• Neutral Sentiment: Some analysts remain cautious: Barclays, Needham and other shops left hold/neutral ratings despite the beat, signaling valuation concerns even as fundamentals improve. Barclays Sticks to Its Hold Rating for Fortinet
• Negative Sentiment: Insider sale: A Fortinet VP sold about $220K of stock — a short-term negative signal investors may watch for additional insider activity. Fortinet VP Sells $220,269.42 in Stock
• Negative Sentiment: Persistent bearish/underweight views: JPMorgan and Mizuho left underweight/underperform stances (even with some target tweaks), showing there is still material downside risk priced in by some institutions. Benzinga coverage of analyst moves

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.