Scotiabank Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price target increased by Scotiabank from $85.00 to $110.00 in a report published on Thursday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the software maker’s stock.

A number of other equities research analysts also recently issued reports on FTNT. JPMorgan Chase & Co. increased their price target on Fortinet from $72.00 to $73.00 and gave the stock an “underweight” rating in a research report on Friday, February 6th. Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 target price on shares of Fortinet in a report on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $100.00 target price on shares of Fortinet in a research note on Thursday. Royal Bank Of Canada reissued a “sector perform” rating and set a $107.00 price target (up from $90.00) on shares of Fortinet in a research note on Thursday. Finally, Compass Point set a $100.00 price objective on shares of Fortinet in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $99.04.

Fortinet Stock Performance

Shares of FTNT stock opened at $107.97 on Thursday. Fortinet has a 12 month low of $70.12 and a 12 month high of $112.39. The company’s fifty day simple moving average is $82.97 and its 200-day simple moving average is $81.98. The firm has a market cap of $79.04 billion, a PE ratio of 41.69, a P/E/G ratio of 3.08 and a beta of 0.92. The company has a quick ratio of 1.09, a current ratio of 1.17 and a debt-to-equity ratio of 0.40.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 149.52%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm earned $0.58 earnings per share. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities research analysts expect that Fortinet will post 2.63 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 2,478 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.90, for a total transaction of $476,059.50. Following the sale, the chief executive officer 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. 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. Corporate insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FTNT. Florida Financial Advisors LLC boosted its holdings in shares of Fortinet by 3.0% during the 1st quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker’s stock worth $309,000 after buying an additional 109 shares in the last quarter. Optimist Retirement Group LLC grew its holdings in Fortinet by 2.5% in the fourth quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker’s stock worth $398,000 after purchasing an additional 122 shares during the period. PDS Planning Inc increased its stake in Fortinet by 3.1% in the fourth quarter. PDS Planning Inc now owns 4,110 shares of the software maker’s stock valued at $326,000 after purchasing an additional 123 shares in the last quarter. GW&K Investment Management LLC raised its holdings in shares of Fortinet by 31.4% during the fourth quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock valued at $41,000 after purchasing an additional 123 shares during the period. Finally, Delta Investment Management LLC boosted its position in shares of Fortinet by 2.4% during the 4th quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock worth $417,000 after purchasing an additional 125 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q1 beat and guide-up: Fortinet reported stronger-than-expected Q1 results (revenue $1.85B, EPS $0.82) and raised Q2 and FY26 guidance, citing 20% revenue growth, 31% billings growth and record cash flow — a core driver of the rally. Fortinet Reports Strong First Quarter 2026 Financial Results
• Positive Sentiment: AI/data-center momentum: Management highlighted AI-security wins and data‑center traction (new FortiGate G-series ASIC hardware) that supports higher-margin product growth and positions Fortinet for increased demand around AI deployments. Fortinet Expands FortiGate G Series
• Positive Sentiment: Broker upgrades/price-target lifts: Multiple firms raised targets and ratings after the quarter (BTIG and Rosenblatt upgraded to buy; Piper, Scotiabank lifted targets), supporting momentum and buy-side interest. BTIG upgrades Fortinet (FTNT)
• Neutral Sentiment: Some analysts remain cautious: Barclays, Needham and other shops left hold/neutral ratings despite the beat, signaling valuation concerns even as fundamentals improve. Barclays Sticks to Its Hold Rating for Fortinet
• Negative Sentiment: Insider sale: A Fortinet VP sold about $220K of stock — a short-term negative signal investors may watch for additional insider activity. Fortinet VP Sells $220,269.42 in Stock
• Negative Sentiment: Persistent bearish/underweight views: JPMorgan and Mizuho left underweight/underperform stances (even with some target tweaks), showing there is still material downside risk priced in by some institutions. Benzinga coverage of analyst moves

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.