Fortinet (NASDAQ:FTNT) Hits New 12-Month High – Here’s What Happened

Fortinet, Inc. (NASDAQ:FTNT)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $126.61 and last traded at $126.50, with a volume of 5614132 shares. The stock had previously closed at $122.78.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Compass Point set a $100.00 price target on shares of Fortinet in a research note on Monday, May 4th. Rosenblatt Securities lifted their price target on shares of Fortinet from $105.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Citigroup raised their price objective on shares of Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. BMO Capital Markets raised their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock a “market perform” rating in a report on Monday, May 4th. Finally, UBS Group raised their price objective on shares of Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $100.45.

Fortinet Trading Up 3.0%

The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The business’s fifty day simple moving average is $88.36 and its two-hundred day simple moving average is $83.65. The company has a market cap of $92.68 billion, a price-to-earnings ratio of 48.84, a PEG ratio of 3.38 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter 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 analysts predict that Fortinet, Inc. will post 2.77 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 5,355 shares of Fortinet 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 directly owned 52,978,004 shares of the company’s stock, valued at $4,709,744,555.60. The trade was a 0.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction on 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 in the company, valued at $882,456,986.13. The trade was a 0.02% decrease in their ownership of the stock. 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. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Fortinet

A number of institutional investors have recently modified their holdings of the business. Bull Harbor Capital LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $1,345,000. Strategic Planning Inc. increased its holdings in shares of Fortinet by 7.2% in the 1st quarter. Strategic Planning Inc. now owns 46,951 shares of the software maker’s stock valued at $3,837,000 after acquiring an additional 3,151 shares during the period. Amundi increased its holdings in shares of Fortinet by 6.1% in the 1st quarter. Amundi now owns 3,843,328 shares of the software maker’s stock valued at $314,077,000 after acquiring an additional 221,682 shares during the period. EverSource Wealth Advisors LLC grew its position in Fortinet by 33.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,129 shares of the software maker’s stock valued at $828,000 after buying an additional 2,549 shares during the last quarter. Finally, Empowered Funds LLC grew its position in Fortinet by 108.3% in the 1st quarter. Empowered Funds LLC now owns 157,306 shares of the software maker’s stock valued at $12,855,000 after buying an additional 81,778 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

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.