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

Key Points

• UBS raised its price target on Fortinet from $90 to $115 while keeping a "neutral" rating, and the analyst consensus remains a Hold with an average target of $99.59.
• Fortinet beat Q1 estimates (EPS $0.82 vs $0.62; revenue $1.85B vs $1.73B), raised Q2 and FY2026 guidance, and shares jumped to about $108 on heavy volume.
• The company expanded its FortiGate G‑series for AI/data‑center security and received several bullish target upgrades, but many firms still maintain Hold/Underweight ratings, leaving valuation and execution risk as potential constraints.

Fortinet (NASDAQ:FTNT - Get Free Report) had its price objective upped by research analysts at UBS Group from $90.00 to $115.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the software maker's stock. UBS Group's price target would indicate a potential upside of 6.51% from the company's previous close.

A number of other brokerages also recently issued reports on FTNT. Mizuho raised their price target on Fortinet from $70.00 to $86.00 and gave the stock an "underperform" rating in a research report on Thursday. Evercore set a $80.00 price target on Fortinet in a research report on Friday, February 6th. TD Cowen restated a "buy" rating and issued a $125.00 price target (up from $100.00) on shares of Fortinet in a research report on Thursday. Morgan Stanley restated an "underweight" rating and issued a $80.00 price target on shares of Fortinet in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $100.00 price target on shares of Fortinet in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-three have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $99.59.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $18.02 during midday trading on Thursday, reaching $107.97. 18,100,713 shares of the stock traded hands, compared to its average volume of 6,587,248. The stock has a market capitalization of $79.04 billion, a PE ratio of 44.43, a P/E/G ratio of 3.08 and a beta of 0.92. The company's 50 day moving average is $82.32 and its 200 day moving average is $81.81. Fortinet has a one year low of $70.12 and a one year high of $112.39. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.Fortinet's revenue was up 20.1% on a year-over-year basis. During the same period last year, the company 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, equities research analysts anticipate that Fortinet will post 2.63 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the sale, the vice president directly owned 9,927,517 shares in the company, valued at approximately $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 Securities & Exchange Commission, 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, CEO Ken Xie sold 5,355 shares of the firm's stock in a transaction on Monday, May 4th. The shares were 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 disclosure for this sale is available in the SEC filing. 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. 17.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

Several institutional investors have recently made changes to their positions in FTNT. Steigerwald Gordon & Koch Inc. purchased a new position in shares of Fortinet during the third quarter valued at $25,000. Pinnacle Holdings LLC purchased a new position in shares of Fortinet during the third quarter valued at $25,000. Ameriflex Group Inc. purchased a new position in shares of Fortinet during the third quarter valued at $25,000. Physician Wealth Advisors Inc. increased its stake 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 valued at $25,000 after buying an additional 245 shares during the period. Finally, Wexford Capital LP purchased a new position in shares of Fortinet during the third quarter valued at $25,000. 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: Q1 results beat consensus and management raised Q2 and FY26 guidance — revenue grew ~20% y/y, product revenue and billings accelerated, margins and cash flow improved; this is the primary catalyst for the rally. Press Release
• Positive Sentiment: Several bullish analyst moves upgraded targets and ratings (Rosenblatt and BTIG to $125 buy; Piper and Scotiabank raised targets to ~$110), providing incremental analyst support and buy-side interest. Benzinga roundup of analyst moves
• Positive Sentiment: Fortinet expanded its FortiGate G-series for AI/data-center security — product momentum and data-center wins back the AI security narrative and support durable demand. Product release
• Positive Sentiment: Broader sector strength and positive reads on peers (Datadog, Snowflake) are amplifying flows into cybersecurity and FTNT as investors rotate into AI/security beneficiaries. Sector reaction
• Neutral Sentiment: Some firms raised targets but left neutral/sector‑perform ratings (e.g., Scotiabank, Piper Sandler) — supports momentum but isn’t a full endorsement. TickerReport on Scotiabank/Piper moves
• Neutral Sentiment: Insider sales by executives (Ken Xie, Michael Xie) were disclosed but executed under pre‑arranged 10b5‑1 plans to cover taxes; routine but noted by some investors. SEC Form 4
• Neutral Sentiment: Several analysts (Needham, William Blair, Barclays) maintained Hold/Neutral ratings — valuation concerns remain a counterweight to the rally. Analyst notes
• Negative Sentiment: Some sell‑side shops kept low targets or underweight ratings despite raises — JPMorgan ($75 underweight) and Mizuho ($86 underperform) remain bearish relative to the current price, which could cap upside if momentum fades. Benzinga note on JPMorgan/Mizuho
• Negative Sentiment: Institutional trimming and a mixed analyst distribution (many Holds) mean the stock’s upside depends on continued execution; any guidance miss or slower billings cadence could trigger a pullback. QuiverQuant on positioning and flows

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.

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