Fortinet (NASDAQ:FTNT) Price Target Raised to $180.00 at Bank of America

Key Points

• Bank of America raised its price target on Fortinet from $130 to $180 and kept a buy rating, implying about 25.6% upside from the previous close.
• Other analysts were mixed on the stock: several firms lifted targets, but the overall consensus remains Hold with an average price target of $106.43.
• Fortinet recently reported strong quarterly results, beating EPS and revenue estimates, while executives also disclosed recent insider sales under pre-arranged trading plans.

Fortinet (NASDAQ:FTNT - Get Free Report) had its price objective boosted by equities research analysts at Bank of America from $130.00 to $180.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the software maker's stock. Bank of America's price target would indicate a potential upside of 25.59% from the company's previous close.

A number of other research firms have also issued reports on FTNT. Scotiabank lifted their target price on Fortinet from $85.00 to $110.00 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. Mizuho lifted their target price on Fortinet from $70.00 to $86.00 and gave the stock an "underperform" rating in a report on Thursday, May 7th. Weiss Ratings lowered Fortinet from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, May 19th. Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 target price on shares of Fortinet in a report on Thursday, May 7th. Finally, Rosenblatt Securities lifted their target price on Fortinet from $105.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $106.43.

Fortinet Stock Performance

Shares of FTNT traded down $1.35 during trading hours on Monday, reaching $143.33. 1,612,790 shares of the company's stock traded hands, compared to its average volume of 6,516,855. The firm has a market capitalization of $105.01 billion, a price-to-earnings ratio of 55.41, a P/E/G ratio of 3.96 and a beta of 1.11. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. Fortinet has a twelve month low of $70.12 and a twelve month high of $150.07. The business's fifty day simple moving average is $103.59 and its two-hundred day simple moving average is $88.94.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company's quarterly revenue was up 20.1% compared to the same quarter last year. 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. Analysts predict that Fortinet will post 2.78 earnings per share for the current year.

Insider Activity

In other news, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. The trade was a 0.30% decrease in their position. The sale was disclosed in a filing 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. Also, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the sale, the vice president owned 9,923,610 shares of the company's stock, valued at approximately $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 318,387 shares of company stock worth $43,403,063 in the last three months. 17.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Fortinet by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock worth $6,354,874,000 after purchasing an additional 2,894,355 shares during the last quarter. State Street Corp lifted its holdings in Fortinet by 1.6% in the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock worth $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Norges Bank acquired a new stake in Fortinet in the 4th quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp lifted its holdings in Fortinet by 6.6% in the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker's stock worth $1,151,810,000 after purchasing an additional 893,190 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Fortinet by 45.5% in the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker's stock worth $940,284,000 after purchasing an additional 3,598,487 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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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