Fortinet (FTNT)

• Market cap: $61.5B
• 1 day: 0.64%
• 5 days: 0.31%
• 1 month: -0.58%
• 3 months: -21.96%
• 6 months: -16.94%
• Year to date: -15.26%
• 1 year: 6.19%
• 5 years: 248.03%
• 10 years: 788.16%
• Sector: Technology
• Industry: Software - Infrastructure

About: Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world.

Employees: 14,898

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

43% more first-time investments, than exits

New positions opened: 160 | Existing positions closed: 112

22% more repeat investments, than reductions

Existing positions increased: 554 | Existing positions reduced: 455

12% more capital invested

Capital invested by funds: $48.5B [Q1] → $54.2B (+$5.73B) [Q2]

2% more funds holding

Funds holding: 1,334 [Q1] → 1,360 (+26) [Q2]

1.69% more ownership

Funds ownership: 65.56% [Q1] → 67.25% (+1.69%) [Q2]

1% less call options, than puts

Call options by funds: $606M | Put options by funds: $614M

19% less funds holding in top 10

Funds holding in top 10: 26 [Q1] → 21 (-5) [Q2]

Research analyst outlook

18 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $67
• Avg. target: $87
• High target: $110

18 analyst ratings

• positive: 3 17%
• neutral: 13 72%
• negative: 2 11%

Morgan Stanley Meta Marshall	$67	Underweight Downgraded	2 Sep 2025
Citigroup Fatima Boolani	$85	Neutral Maintained	18 Aug 2025
Evercore ISI Group Amit Daryanani	$78	In-Line Maintained	8 Aug 2025
JP Morgan Brian Essex	$87	Neutral Maintained	7 Aug 2025
Scotiabank Patrick Colville	$85	Sector Outperform Maintained	7 Aug 2025