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 |
|---|---|---|---|
| 11/19/2024 | $88.00 → $100.00 | Market Perform | BMO Capital Markets |
| 11/11/2024 | $83.00 → $111.00 | Hold → Buy | HSBC Securities |
| 10/17/2024 | $68.00 | Neutral → Underperform | Mizuho |
| 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 |
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SUNNYVALE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the addition of Janet Napolitano to the company's board of directors, adding further national security and public policy expertise to the board. Appointing Janet to the board of directors builds on Fortinet's ongoing commitment to advancing cybersecurity for society at large through its product development principles and strategic partnerships. Janet will help advance Fortinet's public and private sector initiatives, advise on the company's ongoing efforts related to CISA's Secure by Design Pledge, and strengthen
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
BMO Capital Markets reiterated coverage of Fortinet with a rating of Market Perform and set a new price target of $100.00 from $88.00 previously
HSBC Securities upgraded Fortinet from Hold to Buy and set a new price target of $111.00 from $83.00 previously
Mizuho downgraded Fortinet from Neutral to Underperform and set a new price target of $68.00
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
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ATLANTA, Nov. 15, 2024 (GLOBE NEWSWIRE) -- John Whittle, Chief Operating Officer at Fortinet "With our new space in Atlanta set to become one of our global Innovation Hubs, we'll be able to better serve our growing customer base in this region as we build on the partnerships created across industries in Georgia over the past 24 years. Through our global Innovation Hubs, Fortinet is committed to enhancing our infrastructure and innovation to continue to deliver unmatched experiences and solutions to customers worldwide. We're excited to be part of this vibrant community, helping to contribute to Atlanta's position as a hub for business and technology." News Summary Fortinet® (NASDA
SUNNYVALE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the addition of Janet Napolitano to the company's board of directors, adding further national security and public policy expertise to the board. Appointing Janet to the board of directors builds on Fortinet's ongoing commitment to advancing cybersecurity for society at large through its product development principles and strategic partnerships. Janet will help advance Fortinet's public and private sector initiatives, advise on the company's ongoing efforts related to CISA's Secure by Design Pledge, and strengthen
SUNNYVALE, Calif., Nov. 11, 2024 (GLOBE NEWSWIRE) -- Ken Xie, Founder, Chairman of the Board, and Chief Executive Officer at Fortinet"As we celebrate the 15th year anniversary of our IPO, we reflect on the leading role Fortinet has played in shaping the continued evolution of cybersecurity. Innovation has been in our DNA since our inception more than 20 years ago, and with our customers at the center of everything we do, we've built a world-class team, developed an industry-leading portfolio of integrated solutions, and forged meaningful partnerships to strengthen global cyber resilience. Looking ahead, we remain committed to driving innovation, fostering trust, and delivering lasting va
Highlights Total revenue up 13% year over year; service revenue up 19% year over yearBillings1 and product revenue returns to growthStrong billings growth in Unified SASE and Security OperationsRecord GAAP operating margin of 31.2%Record Non-GAAP operating margin of 36.1%1Cash flow from operations of $608 million; Free cash flow of $572 million1Raising 2024 revenue and non-GAAP operating margin guidanceShare repurchase authorization increased by $1 billion; remaining authorization of $2 billion SUNNYVALE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results fo
SUNNYVALE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- News SummaryFortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the expansion of generative AI (GenAI) capabilities across its product portfolio with the launch of two new integrations with FortiAI, Fortinet's AI-powered security assistant that uses GenAI to guide, simplify, and automate security analyst activities. "Our commitment to AI innovation is reflected in our expansion of generative AI, which now enhances seven different products across our portfolio," said John Maddison, Chief Marketing Officer at Fortinet. "By integrating FortiAI in such a broad range
SUNNYVALE, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Derek Manky, Chief Security Strategist and VP of Global Threat Intelligence at Fortinet "In today's interconnected world, the fight against cybercrime requires a unified front. Public-private partnerships are vital for sharing threat intelligence, resources, and innovations that collectively help organizations worldwide stay ahead of digital adversaries. The World Economic Forum's Annual Meeting on Cybersecurity continues to offer a unique opportunity for collaboration where fellow cybersecurity leaders share effective strategies and develop real-world solutions for disrupting cybercrime." News Summary Fortinet® (NASDAQ:FTNT), the glo
USA News Group CommentaryIssued on behalf of Scope AI Corp. VANCOUVER, BC, Oct. 30, 2024 /CNW/ -- The ongoing artificial intelligence (AI) revolution comes with many promises of benefits to society and the global economy. However, with growing use of AI comes risks, including more sophisticated cybercrime. According to a report from Cybersecurity Ventures, cybercrime is not only evolving rapidly thanks to AI, but it's estimated that cyber attacks will cost the global economy $9.5 trillion in 2024, and $10.5 trillion in 2025. Already in 2024, some big names have been hit, including Disney, AT&T, Ticketmaster, Dell, and Bank of America. In order to meet the cybersecurity needs of small busines
SUNNYVALE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the general availability of FortiDLP, a next-generation data loss prevention (DLP) and insider risk management solution. Based on Next DLP's innovative technology and integration into the Fortinet Security Fabric, the new solution bolsters Fortinet's overall portfolio of DLP capabilities. FortiDLP enables effective management of data security, dynamic enforcement of data protection, and enhanced visibility of insider threats at scale for large enterprise customers. "In an
Strategic partnership unifies AI-native endpoint security and next-generation firewall protection to secure organizations across networks, applications and endpoints CrowdStrike (NASDAQ:CRWD) today announced a strategic partnership with Fortinet to unify best-in-class endpoint and firewall protection. By integrating AI-native endpoint security from the CrowdStrike Falcon® cybersecurity platform and Fortinet's FortiGate next-generation firewalls (NGFW), customers and partners gain the flexibility, visibility and security across networks, applications and endpoints to stop breaches. Best-of-Breed Device and Network Security The speed and sophistication of modern threats requires a multi-la
SUNNYVALE, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Derek Manky, Chief Security Strategist and VP of Global Threat Intelligence at Fortinet "As the 2024 U.S. presidential election approaches, it's critical to recognize and understand the cyberthreats that may impact the integrity and trustworthiness of the election process and the welfare of the participating citizens. Cyber adversaries, including state-sponsored actors and hacktivist groups, are increasingly active leading up to major events like elections. Remaining vigilant and identifying and analyzing potential cyberthreats and vulnerabilities is crucial for preparing and safeguarding against the lures and targeted cyberattacks tha
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.
Highlights Total revenue up 13% year over year; service revenue up 19% year over yearBillings1 and product revenue returns to growthStrong billings growth in Unified SASE and Security OperationsRecord GAAP operating margin of 31.2%Record Non-GAAP operating margin of 36.1%1Cash flow from operations of $608 million; Free cash flow of $572 million1Raising 2024 revenue and non-GAAP operating margin guidanceShare repurchase authorization increased by $1 billion; remaining authorization of $2 billion SUNNYVALE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results fo
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