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Fortinet (FTNT) Stock Price, News & Analysis

$62.34
+0.91 (+1.48%)
(As of 05/20/2024 ET)
Today's Range
$60.86
$62.41
50-Day Range
$58.11
$71.34
52-Week Range
$44.12
$81.24
Volume
2.84 million shs
Average Volume
6.02 million shs
Market Capitalization
$47.62 billion
P/E Ratio
40.75
Dividend Yield
N/A
Price Target
$70.37

Fortinet MarketRank™ Stock Analysis

Analyst Rating
Hold
2.25 Rating Score
Upside/​Downside
12.9% Upside
$70.37 Price Target
Short Interest
Healthy
2.11% of Shares Sold Short
Dividend Strength
N/A
Sustainability
-0.69
Upright™ Environmental Score
News Sentiment
0.98mentions of Fortinet in the last 14 days
Based on 13 Articles This Week
Insider Trading
Selling Shares
$4.84 M Sold Last Quarter
Proj. Earnings Growth
10.27%
From $1.46 to $1.61 Per Share

Overall MarketRank

New Rank-Based ScoringMarketRank is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company's weighted average against that of other companies.

4.70 out of 5 stars

Computer And Technology Sector

63rd out of 588 stocks

Computer Peripheral Equipment, Not Elsewhere Classified Industry

1st out of 14 stocks

FTNT stock logo

About Fortinet Stock (NASDAQ:FTNT)

Fortinet Inc. is a leading provider of cybersecurity solutions for businesses, governments and service providers. The company's products and services help organizations protect their networks, data and applications from cyber threats. Fortinet was founded in 2000 and is headquartered in Sunnyvale, California. The company has offices in more than 40 countries and a customer base across industries.

Fortinet's solutions include network security, firewalls, VPNs, intrusion prevention systems and endpoint security, including antivirus and anti-malware protection. The company also offers cloud security, which helps customers secure their cloud environments and application security, which includes web application firewalls and API security solutions. Fortinet's products are designed to work together as a cohesive security system, providing customers with a comprehensive approach to cybersecurity.

Ken Xie is the founder, board chairman and CEO of Fortinet. He has over 25 years of experience in the networking and security industries and is widely recognized as a thought leader in cybersecurity. Other key management team members include Keith Jensen, who has been with Fortinet since 2014 and has nearly 30 years of experience in cloud-based software systems. 

Fortinet has been consistently profitable over the past few years, with revenue growing steadily. The company's net income has also been increasing steadily since 2017. Fortinet's profit margin has remained steady, at around 16% over the past few years. The company has a healthy balance sheet with nearly three times more assets than liabilities. Fortinet's price-to-earnings and price-to-book ratios outpace the industry average by approximately 25%. While Fortinet's valuation metrics are higher than the industry average, this is likely due to the company's strong growth prospects and market position. Fortinet's stock price has shown strong growth over the past few years, with the share price increasing from around $40 in early 2017 to a daily average of between $60 and $80 per share. The company's market capitalization has grown from approximately $6 billion in 2017 to over $60 billion in 2022. Fortinet's trading volume has also increased, reflecting growing investor interest.

The cybersecurity industry is growing rapidly, driven by the increasing threat of cyberattacks and the growing awareness of the importance of cybersecurity among businesses and individuals. Fortinet faces significant competition from other cybersecurity vendors, including Check Point Software Technologies, Palo Alto Networks and Cisco Systems. However, the company's broad range of solutions and a strong reputation for quality and reliability give it a competitive advantage.

The cybersecurity industry is also subject to various regulatory and political issues, including data privacy regulations and concerns over state-sponsored cyberattacks. Fortinet has proactively addressed these issues, working closely with governments and industry organizations to develop best practices and standards for cybersecurity.

Fortinet is well-positioned to benefit from the growing demand for cybersecurity solutions. The company's broad range of products and services gives it a competitive advantage. Fortinet has invested heavily in research and development, focusing on developing innovative solutions to address emerging threats.

With more businesses moving to the cloud, demand for cloud security solutions is growing rapidly. Fortinet has expanded its cloud security offerings, including its FortiCASB solution, which helps customers secure their cloud environments. Customers have received Fortinet's cloud security solutions well, and Fortinet is well-positioned to benefit from the growing demand for cloud security solutions.

Another growth opportunity for Fortinet is in the area of managed security services. Businesses increasingly rely on technology to run their operations, so they contact third-party providers to address their cybersecurity needs. Fortinet has expanded its managed security services offerings, including its FortiGuard Managed Security Services, which provides customers with around-the-clock threat monitoring and management. Customers have received the company's managed security services well.

Like any company, Fortinet faces a range of risks and challenges. One critical risk is the increasing sophistication of cyber threats. Fortinet has invested heavily in research and development to stay ahead of emerging threats.

Another critical risk is the potential for regulatory and political issues to impact the cybersecurity industry. For example, changes in data privacy regulations or concerns over state-sponsored cyberattacks could impact the demand for cybersecurity solutions. Fortinet has proactively addressed these issues, but there is no guarantee that the company will navigate these challenges successfully.

Finally, Fortinet faces significant competition in the cybersecurity industry. While the company has a strong reputation and a broad range of solutions, many other cybersecurity vendors are vying for market share. Fortinet must continue to innovate and differentiate itself to remain competitive in the marketplace.

FTNT Stock Price History

FTNT Stock News Headlines

Apple, Amgen rise; Expedia, Fortinet fall, Friday, 5/3/2024
Stocks that are trading heavily or have substantial price changes Friday: Apple, Amgen rise; Expedia, Fortinet fall
Fortinet: Market Overreaction Seems Unwarranted
Is Fortinet Stock a Buy on the Dip?
See More Headlines
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Company Calendar

Last Earnings
5/02/2024
Today
5/20/2024
Next Earnings (Estimated)
8/01/2024
Fiscal Year End
12/31/2024

Industry, Sector and Symbol

Industry
Computer peripheral equipment, not elsewhere classified
Sub-Industry
Systems Software
Current Symbol
NASDAQ:FTNT
CUSIP
34959E10
Employees
13,568
Year Founded
2000

Price Target and Rating

Average Stock Price Target
$70.37
High Stock Price Target
$86.00
Low Stock Price Target
$54.00
Potential Upside/Downside
+12.9%
Consensus Rating
Hold
Rating Score (0-4)
2.25
Research Coverage
32 Analysts

Profitability

Net Income
$1.15 billion
Pretax Margin
25.72%

Debt

Sales & Book Value

Annual Sales
$5.40 billion
Cash Flow
$1.99 per share
Book Value
($0.60) per share

Miscellaneous

Free Float
626,429,000
Market Cap
$47.62 billion
Optionable
Optionable
Beta
1.08

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FTNT Stock Analysis - Frequently Asked Questions

Should I buy or sell Fortinet stock right now?

32 Wall Street equities research analysts have issued "buy," "hold," and "sell" ratings for Fortinet in the last year. There are currently 2 sell ratings, 20 hold ratings and 10 buy ratings for the stock. The consensus among Wall Street equities research analysts is that investors should "hold" FTNT shares. A hold rating indicates that analysts believe investors should maintain any existing positions they have in FTNT, but not buy additional shares or sell existing shares.
View FTNT analyst ratings
or view top-rated stocks.

What is Fortinet's stock price target for 2024?

32 Wall Street research analysts have issued 1-year price objectives for Fortinet's stock. Their FTNT share price targets range from $54.00 to $86.00. On average, they predict the company's share price to reach $70.37 in the next twelve months. This suggests a possible upside of 12.9% from the stock's current price.
View analysts price targets for FTNT
or view top-rated stocks among Wall Street analysts.

How have FTNT shares performed in 2024?

Fortinet's stock was trading at $58.53 at the beginning of the year. Since then, FTNT shares have increased by 6.5% and is now trading at $62.34.
View the best growth stocks for 2024 here
.

When is Fortinet's next earnings date?

The company is scheduled to release its next quarterly earnings announcement on Thursday, August 1st 2024.
View our FTNT earnings forecast
.

How were Fortinet's earnings last quarter?

Fortinet, Inc. (NASDAQ:FTNT) issued its earnings results on Thursday, May, 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The software maker earned $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative trailing twelve-month return on equity of 2,235.48% and a net margin of 22.23%. The business's revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 earnings per share.
Read the conference call transcript
.

When did Fortinet's stock split?

Shares of Fortinet split before market open on Thursday, June 23rd 2022. The 5-1 split was announced on Thursday, June 9th 2022. The newly minted shares were issued to shareholders after the market closes on Wednesday, June 22nd 2022. An investor that had 100 shares of stock prior to the split would have 500 shares after the split.

What guidance has Fortinet issued on next quarter's earnings?

Fortinet updated its second quarter 2024 earnings guidance on Friday, May, 3rd. The company provided EPS guidance of 0.390-0.410 for the period, compared to the consensus estimate of 0.390. The company issued revenue guidance of $1.4 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion.

What is Ken Xie's approval rating as Fortinet's CEO?

640 employees have rated Fortinet Chief Executive Officer Ken Xie on Glassdoor.com. Ken Xie has an approval rating of 95% among the company's employees. This puts Ken Xie in the top 30% of approval ratings compared to other CEOs of publicly-traded companies.

What other stocks do shareholders of Fortinet own?

Based on aggregate information from My MarketBeat watchlists, some companies that other Fortinet investors own include NVIDIA (NVDA), Alibaba Group (BABA), PayPal (PYPL), Salesforce (CRM), Walt Disney (DIS), Mastercard (MA), Netflix (NFLX), Block (SQ), Intel (INTC) and Adobe (ADBE).

Who are Fortinet's major shareholders?

Fortinet's stock is owned by a number of institutional and retail investors. Top institutional shareholders include Vanguard Group Inc. (8.92%), Price T Rowe Associates Inc. MD (4.60%), Bank of New York Mellon Corp (2.37%), Nordea Investment Management AB (1.15%), Jacobs Levy Equity Management Inc. (0.52%) and Bessemer Group Inc. (0.43%). Insiders that own company stock include John Whittle, Keith Jensen, Kelly Ducourty, Ken Xie, Michael Xie, Patrice Perche and William H Neukom.
View institutional ownership trends
.

How do I buy shares of Fortinet?

Shares of FTNT stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.
Compare Top Brokerages Here.

Does Fortinet have any subsidiaries?
The following companies are subsidiares of Fortinet: 3Crowd Technologies, AJ Holdings 1 K.K., AJ Holdings 2 K.K., ALAXALA Networks Corporation, AccelOps, Accelops China, Bradford Networks, Coyote Point Systems, CyberSponse, CyberSponse Inc., CyberSponse India Private Limited, Fortinet Austria GmbH, Fortinet BV, Fortinet Belgium BV, Fortinet Branch Holding Company, Fortinet Colombia S.A.S, Fortinet Denmark ApS, Fortinet Federal Inc., Fortinet Finland Oy, Fortinet GmbH, Fortinet Holding LLC, Fortinet Information Technology (Beijing) Co. Ltd., Fortinet International Inc., Fortinet Japan G.K., Fortinet Malaysia SDN. BHD., Fortinet Mexico S. de R.L. de C.V., Fortinet Network Security Brazil Limitada, Fortinet Networks Mauritius Ltd, Fortinet Networks Romania S.R.L., Fortinet Portugal Unipessoal Lda, Fortinet S.A.R.L., Fortinet Security Israel Ltd., Fortinet Security Italy S.R.L., Fortinet Security Korea Ltd., Fortinet Security LLC, Fortinet Security NZ Limited, Fortinet Security Network (Thailand) Ltd., Fortinet Security Philippines Inc., Fortinet Security Spain S.L., Fortinet Singapore Private Limited, Fortinet Switzerland GmbH, Fortinet Technologies (Canada) ULC, Fortinet Technologies India Private Limited, Fortinet Turkey Güvenlik Sistemleri Limited Şirketi, Fortinet UK Ltd., Holdings 1502 Enterprises Ltd., Holdings 1504 Enterprises Inc., IPLocks, IntruGuard, Linksys Cayman LLC, Linksys HK Limited, Linksys Holdings Inc., Linksys PTE LTD, Linksys Trading Shanghai Co. Ltd, Linksys UK Limited, Meru Networks, OPAQ Networks, OPAQ Networks Inc., PT Fortinet Indonesia Security, Panopta, Panopta Holdings LLC, Panopta LLC, Secure Element, ShieldX Networks, Sken.ai, TalkSwitch, Volon Cyber Security Private Limited, Woven Systems, ZoneFox, enSilo, enSilo Inc., and enSilo Ltd..
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This page (NASDAQ:FTNT) was last updated on 5/21/2024 by MarketBeat.com Staff

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