Zacks Research Brokers Boost Earnings Estimates for Fortinet

Fortinet, Inc. (NASDAQ:FTNT) – Analysts at Zacks Research upped their Q2 2025 earnings estimates for shares of Fortinet in a note issued to investors on Tuesday, May 27th. Zacks Research analyst R. Department now expects that the software maker will earn $0.52 per share for the quarter, up from their previous estimate of $0.50. The consensus estimate for Fortinet’s current full-year earnings is $2.09 per share. Zacks Research also issued estimates for Fortinet’s FY2025 earnings at $2.15 EPS, Q1 2026 earnings at $0.50 EPS, Q2 2026 earnings at $0.53 EPS, FY2026 earnings at $2.29 EPS and FY2027 earnings at $2.65 EPS.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the firm earned $0.43 EPS. Fortinet’s quarterly revenue was up 13.8% on a year-over-year basis.

Other research analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday, May 20th. DZ Bank upgraded shares of Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. Wolfe Research began coverage on shares of Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating for the company. Cantor Fitzgerald decreased their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Finally, Scotiabank decreased their price objective on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Trading Down 0.2%

Fortinet stock opened at $104.51 on Thursday. The firm has a 50 day simple moving average of $99.63 and a 200-day simple moving average of $99.41. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $79.99 billion, a PE ratio of 46.24, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. Fortinet has a 12-month low of $54.57 and a 12-month high of $114.82.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock worth $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Invesco Ltd. increased its stake in shares of Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after purchasing an additional 181,835 shares during the last quarter. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter worth $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 697,818 shares of company stock worth $69,539,128 in the last quarter. 17.20% of the stock is currently owned by corporate insiders.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.