Thirty-four research firms currently cover Fortinet, with three assigning sell ratings, twenty-four recommending holds, six advocating buys and one granting a strong buy assessment. In recent weeks, Weiss Ratings reaffirmed a hold (c) designation on December 29, Morgan Stanley maintained an underweight view while raising its target, Barclays trimmed its objective and confirmed an equal weight stance on November 6, UBS lowered its neutral target the same day, and JPMorgan Chase & Co. reiterated an underweight opinion on December 17.

On November 3, CEO Ken Xie sold 158,485 shares, reducing his stake by approximately 0.31%, and now holds 51,391,879 shares. Vice President Michael Xie disposed of 3,546 shares on the same date, a 0.03% decrease, leaving him with 10,492,018 shares. Collectively, company insiders retain 17.20% of total outstanding stock, according to the latest SEC filings.

During the latest reporting periods, Vanguard Group increased its position by 4.0% to 75,581,275 shares, State Street Corp grew its stake by 1.6% to 29,660,558 shares, and Geode Capital Management expanded holdings by 5.2% to 16,916,974 shares. Norges Bank initiated a new position valued at approximately $1.64 billion, while Invesco Ltd. boosted its holdings by 17.0% to 10,816,519 shares. Overall, hedge funds and institutional investors account for 83.71% of the company’s equity.

In its latest quarterly report, Fortinet delivered earnings per share of $0.74, surpassing consensus by $0.11, and reported revenue of $1.72 billion versus estimates of $1.70 billion, marking a 14.4% year-over-year increase. The company achieved a net margin of 28.58% and a return on equity of 118.27%. For fiscal 2025, management projects annual EPS between 2.660 and 2.700, and Q4 EPS of 0.730 to 0.750, while analysts currently forecast full-year EPS of 2.09.