Fortinet (NASDAQ:FTNT) Stock Price Expected to Rise, Mizuho Analyst Says

Key Points

• Mizuho raised its price target on Fortinet from $70 to $86 but kept an underperform rating (target implies ~4.4% downside); the consensus remains a Hold with an average target around $91.33 and mixed analyst views.
• Fortinet delivered a strong Q1 beat — revenue $1.85B (+20% YoY) and EPS $0.82 vs. $0.62 expected — raised FY‑26 guidance, and launched new FortiGate G series to secure AI workloads, underpinning product momentum.
• C-suite insiders Ken and Michael Xie sold shares under pre‑arranged Rule 10b5‑1 plans to cover taxes on vested awards (minor ownership declines), while institutional investors hold roughly 83.7% of the stock.

Fortinet (NASDAQ:FTNT - Get Free Report) had its price target boosted by equities researchers at Mizuho from $70.00 to $86.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "underperform" rating on the software maker's stock. Mizuho's target price points to a potential downside of 4.39% from the stock's previous close.

Several other analysts also recently weighed in on FTNT. Arete Research set a $104.00 price target on shares of Fortinet and gave the stock a "buy" rating in a research note on Monday, April 27th. Cantor Fitzgerald reissued a "neutral" rating and issued a $87.00 price target on shares of Fortinet in a research note on Tuesday, April 21st. Evercore set a $80.00 price target on shares of Fortinet in a research note on Friday, February 6th. Jefferies Financial Group set a $90.00 price objective on shares of Fortinet in a research note on Friday, February 6th. Finally, Citigroup reaffirmed a "neutral" rating and set a $90.00 price objective (up from $85.00) on shares of Fortinet in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-one have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $91.33.

Fortinet Trading Up 0.0%

NASDAQ:FTNT opened at $89.95 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17. The firm has a market cap of $65.85 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 3.08 and a beta of 0.92. Fortinet has a 52 week low of $70.12 and a 52 week high of $108.77. The firm has a 50-day moving average price of $82.32 and a two-hundred day moving average price of $81.81.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business posted $0.58 EPS. The company's revenue for the quarter was up 20.1% on a year-over-year basis. 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 analysts expect that Fortinet will post 2.63 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 2,478 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the transaction, the vice president directly owned 9,927,517 shares of the company's stock, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through 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 company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the transaction, the chief executive officer directly owned 52,978,004 shares of the company's stock, valued at approximately $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pinnacle Holdings LLC purchased a new position in shares of Fortinet during the third quarter valued at about $25,000. Steigerwald Gordon & Koch Inc. purchased a new position in shares of Fortinet during the third quarter valued at about $25,000. Ameriflex Group Inc. purchased a new position in shares of Fortinet during the third quarter valued at about $25,000. Wexford Capital LP purchased a new position in shares of Fortinet during the third 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 valued at $25,000 after buying an additional 245 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q1 results materially beat expectations — revenue $1.85B (+20% YoY), product revenue +41%, billings +31%, strong margins and record operating/free cash flow; company raised FY‑26 revenue and EPS targets, which is the main catalyst for the stock rally. Press Release: Q1 Results
• Positive Sentiment: Company launched new FortiGate G series (3500G/400G) aimed at securing AI workloads — product momentum and an AI‑security narrative support better long‑term demand. Product Launch
• Positive Sentiment: Market headlines and analyst notes highlighting the beat/guidance lift have amplified flows and momentum into the stock. Market Reaction
• Neutral Sentiment: C-suite insider sales (Ken Xie, Michael Xie) were executed under pre‑arranged 10b5‑1 plans to cover tax on vesting awards — common and not flagged as an operational concern, but investors may note timing. Insider Sales
• Neutral Sentiment: Several sell‑side firms are keeping neutral/hold stances despite the beat; consensus remains a Hold with mixed price targets — immediate reaction driven more by results than upgrades. Earnings Call / Analyst Commentary
• Negative Sentiment: Some analysts (cited by TipRanks/William Blair) and investors flag valuation as a restraint — a number of firms kept Hold ratings because the rally already prices high growth, which could cap upside if future quarters slip. Analyst: Hold on Valuation
• Negative Sentiment: Reported trimming by some institutional holders and a backdrop of mixed analyst targets could limit upside if investors rotate out after the initial post‑earnings pop. Institutional Positioning

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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