Fortinet's Price Target Adjusted to $70 by Truist Financial Amid Mixed Results
Fortinet's Price Target Adjusted by Truist Financial
On May 3, 2024, Junaid Siddiqui of Truist Financial adjusted the price target for Fortinet (FTNT) to $70, marking a 14% increase from its current price of $61.43, as reported by TheFly. This revision reflects a more cautious outlook from a previous target of $80, taking into account recent financial performances and market dynamics. Fortinet, a leading cybersecurity solutions provider, has seen its stock price fluctuate following its latest earnings report, which revealed mixed results in terms of billings and revenue, alongside projections that did not fully meet Wall Street expectations.
Fortinet Inc (NASDAQ:FTNT) reported a 6% year-over-year decrease in billings for the first quarter, totaling $1.41 billion, which fell short of the anticipated $1.43 billion. This decline in billings is significant as it reflects the company's ability to generate future revenue, a key metric for investors. Despite this setback, Fortinet's total revenue increased by 7.2% to reach $1.35 billion, exceeding the expected $1.33 billion. This indicates that while the company faced challenges in expanding its billings, it managed to grow its revenue, showcasing resilience in its core business operations.
However, the earnings per share (EPS) for the same period stood at $0.34, missing the forecasted $0.38. This discrepancy between actual earnings and expectations could raise concerns among investors regarding the company's profitability and cost management. Looking ahead, Fortinet has provided guidance for the second quarter, projecting revenue in the range of $1.38 billion to $1.44 billion, aligning with estimates of $1.39 billion. The EPS forecast ranges from $0.39 to $0.41, closely matching the estimated $0.39, suggesting a potential recovery in profitability.
For the full year, Fortinet anticipates EPS to be between $1.73 and $1.79, with revenue projections ranging from $5.76 billion to $5.85 billion. These figures compare favorably to the consensus estimates of $1.70 for EPS and $5.78 billion for revenue, indicating optimism about the company's long-term growth trajectory. Despite the near-term challenges, such as reduced enterprise spending and increased competition, Fortinet's guidance reflects confidence in its market position and product offerings.
The stock's performance, with a notable decline of 8.07% to close at $59.94, reflects investor reaction to the mixed financial results and cautious guidance. The fluctuation in Fortinet's stock price, alongside the broader market dynamics, underscores the importance of closely monitoring the company's operational efficiency, competitive landscape, and macroeconomic factors. Fortinet's ability to navigate these challenges while continuing to grow its revenue and manage costs will be crucial for achieving its revised price target and sustaining investor confidence.
| Symbol | Price | %chg |
|---|---|---|
| 4338.HK | 1600 | 0 |
| 377300.KS | 62800 | 1.11 |
| CYBR.JK | 985 | -1.02 |
| MSFT.NE | 36.5 | -0.11 |
Fortinet Inc. (NASDAQ:FTNT) Faces Downgrade Amid Market Concerns
- Cowen & Co. downgraded Fortinet Inc. (NASDAQ:FTNT) from a Buy to a Hold rating due to concerns over future product upgrades.
- Despite exceeding earnings expectations, Fortinet's stock declined by 20%, influenced by broader market selloffs and specific worries about its firewall product line.
- The company's third-quarter revenue projection falls short of Wall Street expectations, further impacting its stock price amidst global trade tensions.
Fortinet Inc. (NASDAQ:FTNT) is a prominent player in the cybersecurity industry, known for its comprehensive suite of security solutions, including firewall products. The company competes with other cybersecurity firms like Palo Alto Networks and Check Point Software Technologies. On August 7, 2025, Cowen & Co. downgraded Fortinet from a Buy to a Hold rating, with the stock priced at $96.58 at the time.
Despite Fortinet's earnings surpassing expectations, the stock experienced a significant 20% decline. This drop is largely due to investor concerns about future upgrades to Fortinet's firewall products. Such apprehensions have led to a downgrade, affecting the stock's performance, as highlighted by Barrons. This trend is not unique to Fortinet, as other companies with positive earnings are also facing market selloffs.
Fortinet's third-quarter revenue projection falls below Wall Street expectations, contributing to the stock's decline. Businesses are cutting spending amid global trade tensions, adding to the uncertainty. Following this announcement, Fortinet's shares dropped by 12% in extended trading, reflecting the market's reaction to the forecast.
Currently, Fortinet's stock is priced at $96.58, with a slight increase of 0.38% or $0.37 today. The stock has fluctuated between $96.30 and $97.58 during the trading day. Over the past year, it has reached a high of $114.82 and a low of $67.97. Fortinet's market capitalization stands at approximately $73.92 billion, with a trading volume of 6,482,832 shares on the NASDAQ exchange.
Fortinet, Inc. (NASDAQ:FTNT) Stock Analysis: A Look into the Cybersecurity Giant's Performance and Future Prospects
- Fortinet, Inc. (NASDAQ:FTNT) has been set a price target of $110 by Barclays, indicating a potential increase of 11.04% from its current price.
- The company is expected to report an earnings per share (EPS) of $0.59, a 3.51% increase from the same quarter last year, with revenue forecasted to reach $1.62 billion, up 12.94%.
- Despite a recent decline of 6.92% in its last trading session, FTNT's shares have risen by 5.52% over the past month, showcasing its resilience and growth potential in the cybersecurity market.
Fortinet, Inc. (NASDAQ:FTNT) is a prominent player in the cybersecurity industry, providing a wide range of security solutions to protect networks, data, and applications. The company competes with other cybersecurity firms like Palo Alto Networks and Check Point Software Technologies. On July 14, 2025, Saket Kalia from Barclays set a price target of $110 for FTNT, suggesting an 11.04% potential increase from its current price of $99.06.
In the latest trading session, FTNT closed at $100.20, marking a 6.92% decline from the previous day. This drop contrasts with the broader market's performance, where the S&P 500 gained 0.28%, the Dow increased by 0.43%, and the Nasdaq rose by 0.09%. Despite this decline, FTNT's shares have risen by 5.52% over the past month, although this lags behind the Computer and Technology sector's gain of 6.2% and the S&P 500's increase of 4.37%.
Investors are eagerly awaiting Fortinet's upcoming earnings release on August 6, 2025. The company is expected to report an earnings per share (EPS) of $0.59, a 3.51% increase from the same quarter last year. Additionally, the Zacks Consensus Estimate forecasts Fortinet's revenue to reach $1.62 billion, marking a 12.94% rise from the previous year. These figures highlight Fortinet's growth potential in the cybersecurity market.
FTNT's stock has experienced fluctuations, with a recent trading range between $98.70 and $100.62. Over the past year, the stock reached a high of $114.82 and a low of $54.57. The company's market capitalization stands at approximately $75.8 billion, with a trading volume of 4,131,965 shares. Despite recent volatility, Fortinet's strong market position and growth prospects make it a stock to watch in the cybersecurity sector.
Fortinet Inc. (NASDAQ:FTNT) Stock Update and Future Outlook
- Roth Capital sets a price target of $103 for Fortinet, indicating a potential upside.
- Fortinet's stock shows resilience with a modest increase, outperforming the broader Computer and Technology sector.
- Upcoming earnings report expected to show significant growth with an EPS increase of 23.26% and revenue growth of 13.52%.
Fortinet Inc. (NASDAQ:FTNT) is a leading name in the cybersecurity industry, offering a comprehensive suite of security solutions to safeguard networks, data, and applications. The company stands in competition with other cybersecurity giants such as Palo Alto Networks and Check Point Software Technologies. On April 22, 2025, Roth Capital set a price target of $103 for FTNT, suggesting a potential increase of approximately 9.14% from its current price of $94.37.
Recently, Fortinet's stock closed at $96.13, marking a slight increase of 0.06% from the previous trading session. This performance was marginally below the S&P 500's gain of 0.13%. In contrast, the Dow Jones Industrial Average saw a decline of 1.33%, while the Nasdaq experienced a minor decrease of 0.13%. Despite these market fluctuations, Fortinet's stock has demonstrated resilience over the past month, decreasing by only 2.14%, which is a notably better performance compared to the Computer and Technology sector's loss of 9.27% and the S&P 500's decline of 6.3%.
Investors are keenly awaiting Fortinet's upcoming earnings report, scheduled for release on May 7, 2025. The company's earnings per share (EPS) is projected to be $0.53, marking a significant increase of 23.26% from the same quarter last year. Additionally, the consensus estimate for Fortinet's revenue is $1.54 billion, representing a 13.52% rise from the previous year's quarter. These projections indicate strong growth potential for the company.
Currently, Fortinet's stock is priced at $94.37, reflecting an increase of 1.65, or 1.78%, from the previous trading session. The stock has fluctuated between a low of $91.24 and a high of $95.04 today. Over the past year, FTNT has reached a high of $114.82 and a low of $54.57. With a market capitalization of approximately $72.57 billion and a trading volume of 3,984,492 shares, Fortinet remains a significant player in the cybersecurity market.
Fortinet Inc. (NASDAQ:FTNT) Stock Update and Future Outlook
- Roth Capital sets a price target of $103 for Fortinet, indicating a potential upside.
- Fortinet's stock shows resilience with a modest increase, outperforming the broader Computer and Technology sector.
- Upcoming earnings report expected to show significant growth with an EPS increase of 23.26% and revenue growth of 13.52%.
Fortinet Inc. (NASDAQ:FTNT) is a leading name in the cybersecurity industry, offering a comprehensive suite of security solutions to safeguard networks, data, and applications. The company stands in competition with other cybersecurity giants such as Palo Alto Networks and Check Point Software Technologies. On April 22, 2025, Roth Capital set a price target of $103 for FTNT, suggesting a potential increase of approximately 9.14% from its current price of $94.37.
Recently, Fortinet's stock closed at $96.13, marking a slight increase of 0.06% from the previous trading session. This performance was marginally below the S&P 500's gain of 0.13%. In contrast, the Dow Jones Industrial Average saw a decline of 1.33%, while the Nasdaq experienced a minor decrease of 0.13%. Despite these market fluctuations, Fortinet's stock has demonstrated resilience over the past month, decreasing by only 2.14%, which is a notably better performance compared to the Computer and Technology sector's loss of 9.27% and the S&P 500's decline of 6.3%.
Investors are keenly awaiting Fortinet's upcoming earnings report, scheduled for release on May 7, 2025. The company's earnings per share (EPS) is projected to be $0.53, marking a significant increase of 23.26% from the same quarter last year. Additionally, the consensus estimate for Fortinet's revenue is $1.54 billion, representing a 13.52% rise from the previous year's quarter. These projections indicate strong growth potential for the company.
Currently, Fortinet's stock is priced at $94.37, reflecting an increase of 1.65, or 1.78%, from the previous trading session. The stock has fluctuated between a low of $91.24 and a high of $95.04 today. Over the past year, FTNT has reached a high of $114.82 and a low of $54.57. With a market capitalization of approximately $72.57 billion and a trading volume of 3,984,492 shares, Fortinet remains a significant player in the cybersecurity market.
Fortinet’s Price Target Cut at Barclays
Barclays analysts adjusted their price target for Fortinet (NASDAQ:FTNT), lowering it to $70 from $75 while maintaining an Equalweight rating.
The analysts outlined three main points ahead of Fortinet's Q2 earnings report. First, they expect the company's Q2 billings to align with its guidance of an approximate 1% year-over-year decline, facing a tough comparison due to an estimated $50 million backlog benefit in Q2/23. When adjusted for this, the implied bookings growth is around 2% year-over-year, with mixed insights from checks.
Second, the analysts anticipate that Fortinet will maintain its full 2024-year billings guidance organically, potentially incorporating contributions from the recent Lacework acquisition. They project a 10% year-over-year growth in bookings for the second half of 2024, which aligns with his forecast of an 11% growth in fiscal 2025 billings. Notably, their estimates for 2025 billings and revenue are below the consensus.
Third, with Fortinet offering SASE for free with FortiAP this quarter, the analysts are interested in how billings will be divided between Secure Networking and SASE and what impact this could have on renewals. They also noted headlines about some vulnerabilities during the quarter but mentioned that their checks did not indicate a significant impact.
Fortinet’s Price Target Cut at Barclays
Barclays analysts adjusted their price target for Fortinet (NASDAQ:FTNT), lowering it to $70 from $75 while maintaining an Equalweight rating.
The analysts outlined three main points ahead of Fortinet's Q2 earnings report. First, they expect the company's Q2 billings to align with its guidance of an approximate 1% year-over-year decline, facing a tough comparison due to an estimated $50 million backlog benefit in Q2/23. When adjusted for this, the implied bookings growth is around 2% year-over-year, with mixed insights from checks.
Second, the analysts anticipate that Fortinet will maintain its full 2024-year billings guidance organically, potentially incorporating contributions from the recent Lacework acquisition. They project a 10% year-over-year growth in bookings for the second half of 2024, which aligns with his forecast of an 11% growth in fiscal 2025 billings. Notably, their estimates for 2025 billings and revenue are below the consensus.
Third, with Fortinet offering SASE for free with FortiAP this quarter, the analysts are interested in how billings will be divided between Secure Networking and SASE and what impact this could have on renewals. They also noted headlines about some vulnerabilities during the quarter but mentioned that their checks did not indicate a significant impact.
