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. The company 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. The company was founded in 2000 and is headquartered in Sunnyvale, California.
IPO Year: 2009
Exchange: NASDAQ
Website: fortinet.com
Date | Price Target | Rating | Analyst |
---|---|---|---|
8/8/2024 | $65.00 | Sell → Hold | DZ Bank |
8/7/2024 | $59.00 | Reduce → Hold | HSBC Securities |
7/29/2024 | Buy → Neutral | Guggenheim | |
7/18/2024 | $75.00 | Hold → Buy | TD Cowen |
2/13/2024 | $75.00 | Neutral → Outperform | Daiwa Securities |
2/8/2024 | Hold → Sell | DZ Bank | |
2/7/2024 | $57.00 | Hold → Reduce | HSBC Securities |
1/18/2024 | $65.00 | Mkt Perform | Bernstein |
1/17/2024 | $62.00 | Buy → Neutral | Daiwa Securities |
1/17/2024 | Overweight → Equal Weight | CapitalOne |
DZ Bank upgraded Fortinet from Sell to Hold and set a new price target of $65.00
HSBC Securities upgraded Fortinet from Reduce to Hold and set a new price target of $59.00
Guggenheim downgraded Fortinet from Buy to Neutral
TD Cowen upgraded Fortinet from Hold to Buy and set a new price target of $75.00
Daiwa Securities upgraded Fortinet from Neutral to Outperform and set a new price target of $75.00
DZ Bank downgraded Fortinet from Hold to Sell
HSBC Securities downgraded Fortinet from Hold to Reduce and set a new price target of $57.00
Bernstein initiated coverage of Fortinet with a rating of Mkt Perform and set a new price target of $65.00
Daiwa Securities downgraded Fortinet from Buy to Neutral and set a new price target of $62.00
CapitalOne downgraded Fortinet from Overweight to Equal Weight
SUNNYVALE, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- News SummaryFortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, announced that it will hold a conference call to discuss its third quarter 2024 financial results on Thursday, November 7, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Fortinet's financial results conference call will be broadcast live in listen-only mode on the company's investor relations website at http://investor.fortinet.com. While not required, it is recommended that you join at least 10 minutes prior to the event start. The CEO and CFO's prepared remarks, supplemental slides and a call replay will be
Record quarterly GAAP and Non-GAAP operating margins Raises 2024 revenue and Non-GAAP operating margin guidanceContinuing to invest in the fast-growing Unified SASE and Security Operations markets Second Quarter 2024 Highlights Total revenue of $1.43 billion, up 11% year over yearService revenue of $982 million, up 20% year over yearRecord GAAP operating margin of 30.5%Record Non-GAAP operating margin of 35.1%1Cash flow from operations of $342 million SUNNYVALE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the second quarter ended June 30, 2024.
SUNNYVALE, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- News SummaryFortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced that it has completed the acquisition of Lacework, a cloud security and cloud-native application protection platform (CNAPP) trailblazer, effective August 1, 2024. "The addition of Lacework aligns with Fortinet's commitment to protect our customers with innovative solutions that provide consistent security across on-premises and cloud environments," said Ken Xie, Founder, Chairman of the Board, and CEO at Fortinet. "Integrating Lacework's organically developed cloud-native platform with the Forti
SUNNYVALE, Calif., July 02, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, announced that it will hold a conference call to discuss its second quarter 2024 financial results on Tuesday, August 6, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Fortinet's financial results conference call will be broadcast live in listen-only mode on the company's investor relations website at http://investor.fortinet.com. While not required, it is recommended that you join at least 10 minutes prior to the event start. The CEO and CFO's prepared remarks, supplemental slides and a call replay will be a
First Quarter 2024 Highlights Total revenue of $1.35 billion, up 7% year over yearService revenue of $944 million, up 24% year over yearGAAP operating margin of 23.7%Non-GAAP operating margin of 28.5%1Cash flow from operations of $830 millionFree cash flow of $609 million1 SUNNYVALE, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2024. "We are diligently executing on our strategy announced six months ago to leverage our scale, go-to-market capabilities, customer-first focus, and engineering expertise to capitalize on
SUNNYVALE, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, announced that it will hold a conference call to discuss its first quarter 2024 financial results on Thursday, May 2, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Fortinet's financial results conference call will be broadcast live in listen-only mode on the company's investor relations website at http://investor.fortinet.com. While not required, it is recommended that you join at least 10 minutes prior to the event start. The CEO and CFO's prepared remarks, supplemental slides and a call replay will be acc
Fourth Quarter 2023 Highlights Total revenue of $1.42 billion, up 10.3% year over yearBillings of $1.86 billion, up 8.5% year over year1GAAP operating income of $385 millionNon-GAAP operating income of $454 million1GAAP operating margin of 27.2% Non-GAAP operating margin of 32.0%1Cash paid for share repurchases of $896 million Full Year 2023 Highlights Total revenue of $5.30 billion, up 20% year over yearService revenue of $3.38 billion, up 28% year over yearBillings of $6.40 billion, up 14% year over year1Deferred revenue of $5.74 billion, up 24% year over yearGAAP operating income of $1.24 billion, up 28% year over yearNon-GAAP operating income of $1.51 billion, up 25% year over year1GA
SUNNYVALE, Calif., Jan. 02, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, announced that it will hold a conference call to discuss its fourth quarter and Full Year 2023 financial results on Tuesday, February 6, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Fortinet's financial results conference call will be broadcast live in listen-only mode on the company's investor relations website at http://investor.fortinet.com. While not required, it is recommended that you join at least 10 minutes prior to the event start. The CEO and CFO's prepared remarks, supplemental slides and a call
Third Quarter 2023 Highlights Total revenue of $1.33 billion, up 16% year over yearService revenue of $868.7 million, up 28% year over yearBillings of $1.49 billion, up 6% year over year1Deferred revenue of $5.29 billion, up 26% year over yearGAAP operating income of $303.2 million, up 14% year over yearNon-GAAP operating income of $371.4 million, up 14% year over year1GAAP operating margin of 22.7%Non-GAAP operating margin of 27.8%1GAAP diluted net income per share attributable to Fortinet, Inc. of $0.41, up 41% year over yearNon-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.41, up 24% year over year1Cash flow from operations of $551.2 millionFree cash flow of $481
SUNNYVALE, Calif., Oct. 02, 2023 (GLOBE NEWSWIRE) -- News SummaryFortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, announced that it will hold a conference call to discuss its third quarter 2023 financial results on Thursday, November 2, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Fortinet's financial results conference call will be broadcast live in listen-only mode on the company's investor relations website at http://investor.fortinet.com. While not required, it is recommended that you join at least 10 minutes prior to the event start. The CEO and CFO's prepared remarks, supplemental slides and a call replay will be
SUNNYVALE, Calif., Oct. 04, 2024 (GLOBE NEWSWIRE) -- John Maddison, Chief Marketing Officer at Fortinet"Fortinet has once again been named a Leader in the Gartner Magic Quadrant for SD-WAN, which we believe highlights our commitment to empowering customers with cutting-edge solutions. Fortinet is the only vendor recognized across five separate Magic Quadrant reports: SD-WAN, SSE, Single-Vendor SASE, Network Firewalls, and Enterprise Wired and Wireless LAN. And we will continue innovating across the Fortinet Security Fabric to meet the unique needs of the hundreds of thousands of customers that trust Fortinet around the world." News Summary Fortinet® (NASDAQ:FTNT), the global cybersecuri
SUNNYVALE, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- News SummaryFortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, announced that it will hold a conference call to discuss its third quarter 2024 financial results on Thursday, November 7, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Fortinet's financial results conference call will be broadcast live in listen-only mode on the company's investor relations website at http://investor.fortinet.com. While not required, it is recommended that you join at least 10 minutes prior to the event start. The CEO and CFO's prepared remarks, supplemental slides and a call replay will be
SUNNYVALE, Calif., Sept. 25, 2024 (GLOBE NEWSWIRE) -- John Maddison, Chief Marketing Officer at Fortinet"Through our longstanding investments to address the cyber talent shortage, Fortinet continues to grow and expand our programs and strategic partnerships by delivering an award-winning cybersecurity training and certification program. Addressing the cyber skills gap is vital to enhancing our society's collective cyber resiliency and we are committed to developing the current and future cyber workforce through the Fortinet Training Institute. As part of this effort, we remain focused on our pledge to train 1 million individuals in cyber by 2026." News Summary Fortinet®
SUNNYVALE, Calif., Sept. 20, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced it has been named a winner in the prestigious 2024 SC Awards. Fortinet has been recognized in the Best Professional Certification Program category, for its Network Security Expert (NSE) Certification Program, which plays a crucial role in addressing the widening cybersecurity talent gap. View the full list of 2024 SC Awards winners here: https://www.scmagazine.com/sc-awards The SC Awards, now in its 27th year, recognize the solutions, organizations, and individuals that have demonstrated outstanding achi
CHICAGO, Sept. 10, 2024 (GLOBE NEWSWIRE) -- John Whittle, Chief Operating Officer at Fortinet "Our investment in Chicago reflects Fortinet's long-term commitment to delivering top-tier solutions and support for our enterprise customers across the United States and globally, always with a ‘built to last' approach in mind. As we roll out new Innovation Hubs in strategic locations throughout 2025 and beyond, we will continue to enhance our infrastructure and innovation to provide unmatched experiences and solutions to protect our customers around the world." News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today a
SUNNYVALE, Calif., Aug. 27, 2024 (GLOBE NEWSWIRE) -- John Maddison, Chief Marketing Officer at Fortinet "Many vendors today are packaging up fragmented SASE capabilities and calling it ‘unified SASE.' Fortinet is the only vendor with a unified SASE solution united by one data lake, one operating system, and AI-driven security that also offers customers unparalleled deployment flexibility. Not only are we offering a truly integrated solution, but we're also adding more flexibility and simplicity with the introduction of sovereign SASE and new generative AI features." News SummaryFortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, t
SUNNYVALE, Calif., Aug. 20, 2024 (GLOBE NEWSWIRE) -- News SummaryJuventus Football Club and Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, have signed a sponsorship agreement through which Fortinet becomes the new Official Cybersecurity Partner for the next two seasons, through 2026. Juventus has also chosen Fortinet's industry-leading Security Fabric platform to reduce complexity and streamline the identification and resolution of network and security issues across the club's facilities. Home to Juventus football and its fans, Allianz Stadium has been a leader in sustainability and serves as one of the premier entertainm
Record quarterly GAAP and Non-GAAP operating margins Raises 2024 revenue and Non-GAAP operating margin guidanceContinuing to invest in the fast-growing Unified SASE and Security Operations markets Second Quarter 2024 Highlights Total revenue of $1.43 billion, up 11% year over yearService revenue of $982 million, up 20% year over yearRecord GAAP operating margin of 30.5%Record Non-GAAP operating margin of 35.1%1Cash flow from operations of $342 million SUNNYVALE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the second quarter ended June 30, 2024.
SUNNYVALE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced that it has acquired Next DLP, a leader in insider risk and data protection. With this acquisition, Fortinet will improve its position in the standalone enterprise data loss prevention (DLP) market and strengthen its leadership in integrated DLP markets within endpoint and SASE in alignment with Fortinet's business strategy. "The acquisition of Next DLP supports our goal of steadily and strategically enhancing our solutions to continue protecting enterprises with the top security solutions on the m
SUNNYVALE, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- John Maddison, Chief Marketing Officer at Fortinet "As more operational infrastructure becomes connected, the attack surface increases, leading to greater cyber risk. Traditional information technology (IT) security tools are ineffective and worse, cannot even be deployed in an operational technology (OT) environment. Fortinet has been building an industry-leading OT security platform for 20+ years and today we are proud to announce many enhancements across the platform." News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced updates to its OT security
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Fortinet's (NYSE:FTNT) short percent of float has risen 12.83% since its last report. The company recently reported that it has 16.06 million shares sold short, which is 2.55% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.2 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Short interest is i
The drive for consolidation is evident: with cybersecurity threats becoming more frequent and severe, companies and governments are compelled to bolster their defenses. As large IT firms and private equity investors snap up cybersecurity specialists, the industry is poised for significant growth and transformation. Google’s acquisition of Wiz is a major step in this direction, heralding a future where cybersecurity giants dominate the field, offering more robust and integrated protection solutions. Google’s Wiz Acquisition Could Trigger A Consolidation Wave Google parent Alphabet Inc‘s (NASDAQ:GOOGL) (NASDAQ:GOOG) $23 billion acquisition of Wiz is shaking up the cybersecurity landsc
CrowdStrike Holdings, Inc.’s (NASDAQ:CRWD) pain has become a gain for its cybersecurity peers and the latter as a group are seen advancing strongly in premarket trading on Friday. Microsoft Corp. (NASDAQ:MSFT) properties experienced a significant outage, causing disruptions for banks, airlines, media companies, and emergency services worldwide. The outage was reportedly caused by an update from CrowdStrike. CrowdStrike’s CEO George Kurtz informed via social-media platform X that the issue has been identified and a fix has been deployed. “This is not a security incident or cyberattack,” he clarified. CrowdStrike is actively working with customers impacted by a defect found in a single
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page. TD Cowen analyst Shaul Eyal upgraded the rating for Fortinet, Inc. (NASDAQ:FTNT) from Hold to Buy and announced a price target of $75. Fortinet shares fell 0.6% to settle at $59.11 on Wednesday. See how other analysts view this stock. See how other analysts view this stock. Mizuho analyst Dan Dolev upgraded Toast, Inc. (NYSE:TOST) from Neutral to Outperform, while raising the price target from $21 to $33. Toast shares fell 2.5% to close at $26.62 on Wednesday. See how other analysts vi
TD Cowen analyst Shaul Eyal upgrades Fortinet (NASDAQ:FTNT) from Hold to Buy and announces $75 price target.
Morgan Stanley analyst Hamza Fodderwala maintains Fortinet (NASDAQ:FTNT) with a Overweight and lowers the price target from $73 to $69.
On CNBC's “Mad Money Lightning Round,” Jim Cramer said Fortinet, Inc. (NASDAQ:FTNT) is not his favorite. He added that we own Palo Alto Networks, Inc. (NASDAQ:PANW) for the charitable trust. On July 11, Barclays analyst Saket Kalia maintained Fortinet with an Equal-Weight and lowered the price target from $75 to $70. When asked about Air Products and Chemicals, Inc. (NYSE:APD), Cramer said Linde plc (NASDAQ:LIN) is a “much better run company, and that's why Air Products isn't doing as well, and Linde's doing spectacularly.” On July 16, Air Products named Eric Guter as vice president of Investor Relations effective Sept. 30 succeeding Sidd Manjeshwar. Sarepta Therapeutics, Inc. (N
Fortinet (NASDAQ:FTNT) has outperformed the market over the past 10 years by 17.61% on an annualized basis producing an average annual return of 28.59%. Currently, Fortinet has a market capitalization of $45.96 billion. Buying $1000 In FTNT: If an investor had bought $1000 of FTNT stock 10 years ago, it would be worth $12,550.08 today based on a price of $60.16 for FTNT at the time of writing. Fortinet's Performance Over Last 10 Years Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time. This article was generated by Benzinga's automated content engine an
Barclays analyst Saket Kalia maintains Fortinet (NASDAQ:FTNT) with a Equal-Weight and lowers the price target from $75 to $70.
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SUNNYVALE, Calif., July 10, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced that KDDI leveraged Fortinet Unified SASE as a new managed secure access service edge (SASE) service. The service from KDDI utilizes Fortinet's industry-leading Unified SASE solution as the core product for its Global SASE Platform Service by Fortinet offering. The Global SASE Platform Service by Fortinet unifies and centrally manages different security policies and standards, simplifying complex networks that require highly secure hybrid work environments from any location globally. In addition, by
SUNNYVALE, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- RSA Conference 2024 Jim Richberg, Head of Cyber Policy and Global Field CISO at Fortinet "At Fortinet, we have a long-standing commitment to being a role model in ethical and responsible product development and vulnerability disclosure. As part of this dedication, Fortinet has proactively aligned to international and industry best practices and upholds the highest security standards in every aspect of our business. We applaud CISA's continued call to the industry to follow suit and appreciate CISA's willingness to collaborate with Fortinet on the development of these important goals. We strongly encourage others in the technology communi