FTNT Stock - Fortinet, Inc.
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $5.96B | $5.30B | $4.42B | $3.34B | $2.59B |
| Gross Profit | $4.80B | $4.07B | $3.33B | $2.56B | $2.02B |
| Gross Margin | 80.6% | 76.7% | 75.4% | 76.6% | 78.0% |
| Operating Income | $1.80B | $1.24B | $969.60M | $650.40M | $531.80M |
| Net Income | $1.75B | $1.15B | $857.30M | $606.80M | $488.50M |
| Net Margin | 29.3% | 21.6% | 19.4% | 18.2% | 18.8% |
| EPS | $2.28 | $1.47 | $1.08 | $0.74 | $0.60 |
Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers their end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender, a hardware appliance; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides central and scalable management solution for its FortiGate products. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; FortiClient that provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall; FortiToken and FortiAuthenticator product families for multi-factor authentication to safeguard systems, assets, and data; and FortiEDR/XDR, an endpoint protection solution that provides both comprehensive machine-learning anti-malware execution and real-time post-infection protection. It provides security subscription, technical support, professional, and training services. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. It has strategic alliance with Linksys. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 17th 2025 | JP Morgan | Downgrade | Underweight | $75 |
| November 12th 2025 | Daiwa Securities | Downgrade | Neutral | $86 |
| September 2nd 2025 | Morgan Stanley | Downgrade | Underweight | $67 |
| August 14th 2025 | Erste Group | Downgrade | Hold | - |
| August 8th 2025 | DZ Bank | Upgrade | Buy | $85 |
| August 7th 2025 | KeyBanc Capital Markets | Downgrade | Sector Weight | - |
| August 7th 2025 | Piper Sandler | Downgrade | Neutral | $90 |
| August 7th 2025 | Morgan Stanley | Downgrade | Equal Weight | $78 |
| August 7th 2025 | BMO Capital Markets | Reiterated | Market Perform | $90← $110 |
| August 7th 2025 | TD Cowen | Downgrade | Hold | $105 |
| August 7th 2025 | Rosenblatt | Downgrade | Neutral | $85 |
| May 8th 2025 | BMO Capital Markets | Reiterated | Market Perform | $110← $122 |
| May 6th 2025 | DZ Bank | Downgrade | Sell | $95 |
| April 23rd 2025 | Roth Capital | Initiation | Neutral | $103 |
| April 1st 2025 | Stephens | Initiation | Equal Weight | $108 |
Earnings History & Surprises
FTNTEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | May 5, 2026 | — | — | — | — |
Q1 2026 | Feb 5, 2026 | $0.74 | — | — | — |
Q4 2025 | Nov 5, 2025 | $0.63 | $0.74 | +17.3% | ✓ BEAT |
Q3 2025 | Aug 6, 2025 | $0.59 | $0.64 | +8.5% | ✓ BEAT |
Q2 2025 | May 7, 2025 | $0.53 | $0.58 | +9.2% | ✓ BEAT |
Q1 2025 | Feb 6, 2025 | $0.60 | $0.74 | +23.3% | ✓ BEAT |
Q4 2024 | Nov 7, 2024 | $0.52 | $0.63 | +21.2% | ✓ BEAT |
Q3 2024 | Aug 6, 2024 | $0.41 | $0.57 | +39.0% | ✓ BEAT |
Q2 2024 | May 2, 2024 | $0.38 | $0.43 | +13.2% | ✓ BEAT |
Q1 2024 | Feb 6, 2024 | $0.43 | $0.51 | +18.6% | ✓ BEAT |
Q4 2023 | Nov 2, 2023 | $0.36 | $0.41 | +13.9% | ✓ BEAT |
Q3 2023 | Aug 3, 2023 | $0.34 | $0.38 | +11.8% | ✓ BEAT |
Q2 2023 | May 4, 2023 | $0.29 | $0.34 | +17.2% | ✓ BEAT |
Q1 2023 | Feb 7, 2023 | $0.39 | $0.44 | +12.8% | ✓ BEAT |
Q4 2022 | Nov 2, 2022 | $0.27 | $0.33 | +22.2% | ✓ BEAT |
Q3 2022 | Aug 3, 2022 | $0.22 | $0.24 | +9.1% | ✓ BEAT |
Q2 2022 | May 4, 2022 | $0.16 | $0.19 | +18.8% | ✓ BEAT |
Q1 2022 | Feb 3, 2022 | $0.23 | $0.25 | +8.7% | ✓ BEAT |
Q4 2021 | Nov 4, 2021 | $0.19 | $0.20 | +5.3% | ✓ BEAT |
Q3 2021 | Jul 29, 2021 | $0.18 | $0.19 | +5.6% | ✓ BEAT |
Latest News
Morgan Stanley Maintains Underweight on Fortinet, Raises Price Target to $70
➖ NeutralFortinet shares are trading lower after JP Morgan downgraded the stock from Neutral to Underweight and lowered its price target from $85 to $75.
📉 NegativeJP Morgan Downgrades Fortinet to Underweight, Lowers Price Target to $75
📉 NegativeFortinet Announces Solution Featuring FortiGate VM Running On NVIDIA BlueField-3
📈 PositiveClimb Launches Strategic Partnership With Fortinet, Expanding Its Global Security Solution Stack For Resellers
📈 PositiveTERAGO Partners With Fortinet To Provide Tailored Network Services Throughout Canada
📈 PositiveShares of software stocks are trading higher after Fed Governor Waller called for a December rate cut.
📈 PositiveShares of broader software stocks are trading lower. The tech sector has been under pressure amid AI valuation uncertainty and profit taking.
📉 NegativeJP Morgan Maintains Neutral on Fortinet, Lowers Price Target to $85
➖ NeutralJefferies Maintains Hold on Fortinet, Lowers Price Target to $80
➖ NeutralUBS Maintains Neutral on Fortinet, Lowers Price Target to $80
➖ NeutralTD Cowen Maintains Hold on Fortinet, Lowers Price Target to $100
➖ NeutralTD Cowen Maintains Hold on Fortinet, Lowers Price Target to $100
➖ NeutralBaird Maintains Neutral on Fortinet, Lowers Price Target to $86
➖ NeutralMizuho Maintains Underperform on Fortinet, Lowers Price Target to $72
📉 NegativeRBC Capital Maintains Sector Perform on Fortinet, Lowers Price Target to $85
📉 NegativePiper Sandler Maintains Neutral on Fortinet, Lowers Price Target to $85
➖ NeutralFortinet falls on outlook as analysts say it needs to increase Services revenue
📉 NegativeBarclays Maintains Equal-Weight on Fortinet, Lowers Price Target to $88
➖ NeutralWedbush Maintains Outperform on Fortinet, Lowers Price Target to $90
📈 PositiveFrequently Asked Questions about FTNT
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