Fortinet (NASDAQ:FTNT) Given New $115.00 Price Target at Susquehanna

Key Points

• Susquehanna raised its price target on Fortinet from $90 to $115 and maintained a "neutral" rating, while several other brokers also lifted targets; the MarketBeat consensus target is $99.59 with an average rating of "Hold."
• Fortinet reported a strong Q1 beat—EPS of $0.82 vs. $0.62 expected and revenue of $1.85B (+20.1%)—and raised Q2 and FY26 guidance, citing AI/data‑center momentum and new FortiGate G‑series hardware.
• Company insiders (including CEO Ken Xie and VP Michael Xie) sold shares under pre‑arranged Rule 10b5‑1 plans to cover tax obligations, totaling roughly $696K, while insiders still own about 17.20% of the stock.

Fortinet (NASDAQ:FTNT - Get Free Report) had its target price lifted by investment analysts at Susquehanna from $90.00 to $115.00 in a report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the software maker's stock. Susquehanna's target price would suggest a potential upside of 6.51% from the stock's previous close.

A number of other equities analysts also recently issued reports on FTNT. Barclays set a $115.00 price target on shares of Fortinet in a research note on Thursday. UBS Group raised their price objective on shares of Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research note on Thursday. Stifel Nicolaus set a $85.00 price objective on Fortinet in a report on Wednesday, March 11th. Royal Bank Of Canada reissued a "sector perform" rating and set a $107.00 price target (up from $90.00) on shares of Fortinet in a report on Thursday. Finally, Scotiabank boosted their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector perform" rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $99.59.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $107.97 on Friday. The company has a 50-day moving average price of $82.97 and a two-hundred day moving average price of $81.98. The company has a quick ratio of 1.09, a current ratio of 1.17 and a debt-to-equity ratio of 0.40. Fortinet has a twelve month low of $70.12 and a twelve month high of $112.39. The firm has a market capitalization of $79.04 billion, a PE ratio of 41.69, a P/E/G ratio of 3.08 and a beta of 0.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 149.52%. The business had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the previous year, the company earned $0.58 EPS. The business's quarterly revenue was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts forecast that Fortinet will post 2.63 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 2,478 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.89, for a total value of $220,269.42. Following the sale, the vice president owned 9,927,517 shares in the company, valued at $882,456,986.13. This trade represents a 0.02% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 5,355 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $88.90, for a total value of $476,059.50. Following the completion of the transaction, the chief executive officer directly owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. This trade represents a 0.01% decrease in their position. The SEC filing for this sale provides additional information. 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 Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FTNT. Pinnacle Holdings LLC purchased a new stake in Fortinet in the third quarter valued at approximately $25,000. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new position in Fortinet during the third quarter worth $25,000. Wexford Capital LP purchased a new position in Fortinet in the 3rd quarter valued at about $25,000. Finally, Physician Wealth Advisors Inc. increased its position in shares of Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock worth $25,000 after purchasing an additional 245 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Fortinet

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.

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