Fortinet (NASDAQ:FTNT) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Fortinet (NASDAQ:FTNT) from a hold rating to a buy rating in a research report report published on Saturday morning.

A number of other brokerages have also recently weighed in on FTNT. Stephens set a $115.00 price target on shares of Fortinet and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Truist Financial set a $120.00 target price on shares of Fortinet and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Fortinet from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 11th. Susquehanna raised their price target on Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Finally, HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price target on the stock. in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $113.97.

Fortinet Trading Up 0.5%

FTNT opened at $161.61 on Friday. The firm has a market cap of $118.40 billion, a price-to-earnings ratio of 62.40, a price-to-earnings-growth ratio of 4.39 and a beta of 1.09. Fortinet has a 52 week low of $70.12 and a 52 week high of $170.35. The business’s 50 day moving average is $144.30 and its two-hundred day moving average is $103.80. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $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. On average, research analysts predict that Fortinet will post 2.8 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 160,632 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the sale, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 318,387 shares of company stock worth $43,403,063 in the last quarter. Company insiders own 17.60% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently modified their holdings of the business. Elevation Wealth Partners LLC lifted its holdings in Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after acquiring an additional 75 shares during the last quarter. Florida Financial Advisors LLC grew its holdings in shares of Fortinet by 3.0% during the first quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker’s stock valued at $309,000 after purchasing an additional 109 shares during the last quarter. Optimist Retirement Group LLC raised its position in shares of Fortinet by 2.5% during the 4th quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker’s stock worth $398,000 after purchasing an additional 122 shares during the period. PDS Planning Inc raised its position in shares of Fortinet by 3.1% during the 4th quarter. PDS Planning Inc now owns 4,110 shares of the software maker’s stock worth $326,000 after purchasing an additional 123 shares during the period. Finally, GW&K Investment Management LLC lifted its holdings in shares of Fortinet by 31.4% in the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock worth $41,000 after purchasing an additional 123 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: TD SYNNEX was named an approved global distributor for Fortinet, expanding Fortinet’s channel reach and potentially helping sales growth. Fortinet also unveiled planned FortiEndpoint upgrades featuring AI governance, native data loss prevention, and FortiAI-assisted operations, which could strengthen its competitive position in enterprise security. Should Fortinet’s New TD SYNNEX Partnership and AI Endpoint Upgrades Require Action From Fortinet (FTNT) Investors?
• Positive Sentiment: Analysts and market commentary continue to frame Fortinet as a beneficiary of rising agentic AI adoption, which is boosting demand for AI security, identity protection, and threat detection across the cybersecurity sector. 3 Cybersecurity Stocks to Buy Amid Rising Adoption of Agentic AI
• Positive Sentiment: Coverage ahead of earnings points to expectations for double-digit bottom-line growth, suggesting investors are looking for another solid quarter from Fortinet. What to Expect From Fortinet’s Q2 2026 Earnings Report
• Neutral Sentiment: Fortinet remains a closely watched cybersecurity name as investors position for its Q2 2026 results, but the immediate news flow is mostly about expectations rather than a confirmed earnings surprise. What to Expect From Fortinet’s Q2 2026 Earnings Report
• Neutral Sentiment: Brokerage sentiment is mixed, with one update showing a consensus “Hold” rating even as Wall Street Zen upgraded the stock to “Buy,” indicating analysts are not fully aligned on near-term upside. Fortinet, Inc. (NASDAQ:FTNT) Receives Consensus Recommendation of “Hold” from Brokerages Fortinet (NASDAQ:FTNT) Upgraded by Wall Street Zen to “Buy” Rating
• Negative Sentiment: MarketWatch noted that Fortinet underperformed peers on Thursday, which may reflect some profit-taking or caution ahead of earnings despite the broader positive theme. Fortinet Inc. stock underperforms Thursday when compared to competitors

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.