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Fortinet

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 700,000 customers across the world.

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Fortinet Inc

Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) has outperformed the market over the past 15 years by 19.59% on an annualized basis producing an average annual return of 31.87%. Currently, Fortinet has a market capitalization of $77.18 billion. 
Buying $100 In FTNT: If an investor had bought $100 of FTNT stock 15 years ago, it would be worth $6,429.57 today based on a price of $100.70 for FTNT at the time of writing.
<h3>Fortinet's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738361716_0.png" alt="comp_fig" />
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 and reviewed by an editor.

$100 Invested In Fortinet 15 Years Ago Would Be Worth This Much Today

WIIM

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OKTA

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PLTR

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Shares of software stocks are trading higher amid a rebound in broader tech stocks, which sold off on Monday amid AI competition concerns from China.

In the last three months, 37 analysts have published ratings on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), offering a diverse range of perspectives from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">9</td>
<td align="right">12</td>
<td align="right">15</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">2</td>
<td align="right">2</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">3</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">7</td>
<td align="right">9</td>
<td align="right">11</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $98.59, a high estimate of $120.00, and a low estimate of $78.00. Marking an increase of 14.35%, the current average surpasses the previous average price target of $86.22. 
<img src="https://www.benzinga.com/files/images/story/2025/1737752416_0.png" alt="price target chart" />
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
The analysis of recent analyst actions sheds light on the perception of Fortinet by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$115.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$115.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$101.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$120.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Gabriela Borges</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$114.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Joseph Gallo</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Hold</td>
<td>$105.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Eric Heath</td>
<td>Keybanc</td>
<td>Announces</td>
<td>Overweight</td>
<td>$115.00</td>
<td>-</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$103.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Brian Essex</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$99.00</td>
</tr>
<tr>
<td>Gregg Moskowitz</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Underperform</td>
<td>$78.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Joel Fishbein</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$105.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$110.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$100.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Tal Liani</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$104.00</td>
<td>$87.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$100.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Shaul Eyal</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Buy</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Keith Bachman</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$100.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$97.00</td>
<td>$82.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$85.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$90.00</td>
<td>$84.00</td>
</tr>
<tr>
<td>Jonathan Ruykhaver</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$95.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$100.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$106.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Brad Zelnick</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$90.00</td>
<td>$77.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$95.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Stephen Bersey</td>
<td>HSBC</td>
<td>Raises</td>
<td>Buy</td>
<td>$111.00</td>
<td>$83.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$90.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Saket Kalia</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$95.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Adam Tindle</td>
<td>Raymond James</td>
<td>Raises</td>
<td>Outperform</td>
<td>$95.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Roger Boyd</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$83.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$90.00</td>
<td>$78.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$85.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$80.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$88.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$85.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Yi Fu Lee</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$88.00</td>
<td>$65.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Fortinet. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Fortinet compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Fortinet's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Fortinet's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Fortinet analyst ratings.</a>
<h2>About Fortinet</h2>
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 700,000 customers across the world.
<h3>Financial Milestones: Fortinet's Journey</h3>
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
Revenue Growth: Fortinet's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 13.0%. This signifies a substantial increase in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector.
Net Margin: Fortinet's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 35.8% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 90.26%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Fortinet's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 6.39% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Fortinet's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 1.09.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Fortinet Stock: A Deep Dive Into Analyst Perspectives (37 Ratings)

Guggenheim analyst John Difucci reiterates Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) from Neutral to Neutral.

Reiteration

Guggenheim Reiterates Neutral on Fortinetto Neutral

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Baird raised the price target for Amphenol Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APH#NYSE">APH</a>) from $85 to $89. Baird analyst Luke Junk maintained an Outperform rating. Amphenol shares closed at $77.84 on Wednesday. <a href="https://www.benzinga.com/quote/APH/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Rosenblatt increased Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) price target from $100 to $115. Rosenblatt analyst Catharine Trebnick maintained a Buy rating. Fortinet shares closed at $98.24 on Wednesday. <a href="https://www.benzinga.com/quote/FTNT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Mizuho raised the price target for Tractor Supply Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSCO#NASDAQ">TSCO</a>) from $60 to $62. Mizuho analyst David Bellinger maintained an Outperform rating. Tractor Supply shares closed at $57.47 on Wednesday. <a href="https://www.benzinga.com/quote/TSCO/analyst-ratings">See how other analysts view this stock.</a></li>
<li>HC Wainwright &amp; Co raised the price target for Nuvation Bio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUVB#NYSE">NUVB</a>) from $10 to $11. HC Wainwright &amp; Co. analyst Robert Burns maintained a Buy rating. Nuvation Bio shares closed at $2.65 on Wednesday. <a href="https://www.benzinga.com/quote/NUVB/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan boosted International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) price target from $227 to $233. JP Morgan analyst Brian Essex maintained a Neutral rating. IBM shares settled at $223.26 on Wednesday. <a href="https://www.benzinga.com/quote/IBM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler raised Aptiv PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APTV#NYSE">APTV</a>) price target from $53 to $65. Piper Sandler analyst Alexander Potter upgraded the stock from Underweight to Neutral. Aptiv shares closed at $62.73 on Wednesday. <a href="https://www.benzinga.com/quote/APTV/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Keefe, Bruyette &amp; Woods increased Nicolet Bankshares, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIC#NYSE">NIC</a>) price target from $110 to $115. Keefe, Bruyette &amp; Woods analyst Damon Delmonte maintained a Market Perform rating. Nicolet Bankshares shares closed at $110.22 on Tuesday.  <a href="https://www.benzinga.com/quote/NIC/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sach cut the price target for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) from $286 to $280. Goldman Sachs analyst Michael Ng maintained a Buy rating. Apple shares settled at $223.83 on Wednesday. <a href="https://www.benzinga.com/quote/AAPL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies cut DENTSPLY SIRONA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRAY#NASDAQ">XRAY</a>) price target from $30 to $20. Jefferies analyst Glen Santangelo downgraded the stock from Buy to Hold. DENTSPLY SIRONA shares closed at $19.36 on Wednesday. <a href="https://www.benzinga.com/quote/XRAY/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities increased Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) price target from $660 to $710. B of A Securities analyst Justin Post maintained a Buy rating. Meta shares closed at $623.50 on Wednesday. <a href="https://www.benzinga.com/quote/META/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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Price Target

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Apple To $280? Here Are 10 Top Analyst Forecasts For Thursday

Rosenblatt analyst Catharine Trebnick maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and raises the price target from $100 to $115.

Rosenblatt Maintains Buy on Fortinet, Raises Price Target to $115

Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) has outperformed the market over the past 5 years by 20.28% on an annualized basis producing an average annual return of 33.54%. Currently, Fortinet has a market capitalization of $74.35 billion. 
Buying $100 In FTNT: If an investor had bought $100 of FTNT stock 5 years ago, it would be worth $411.90 today based on a price of $97.00 for FTNT at the time of writing.
<h3>Fortinet's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737502210_0.png" alt="comp_fig" />
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 and reviewed by an editor.

$100 Invested In Fortinet 5 Years Ago Would Be Worth This Much Today

Scotiabank analyst Patrick Colville maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Sector Outperform and raises the price target from $110 to $115.

Scotiabank Maintains Sector Outperform on Fortinet, Raises Price Target to $115

Citigroup analyst Fatima Boolani maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and raises the price target from $100 to $101.

Citigroup Maintains Neutral on Fortinet, Raises Price Target to $101

Popular generative AI security analyst can now be used to speed cybersecurity investigations and simplify threat hunting across a growing list of native and third-party sources
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The company also introduced multilingual support for Purple AI, complementing its popular English-language version with new support for natural language queries and summaries in Spanish, French, German, Italian, Dutch, Arabic, Japanese, Korean, Thai, Malay, Indonesian and more.

MSFT

SentinelOne Brings The Power Of Purple AI To Zscaler, Okta, Palo Alto Networks, Proofpoint, Fortinet And Microsoft Data

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 <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Baird analyst Peter Arment downgraded the rating for General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) from Outperform to Neutral and lowered the price target from $345 to $283. General Dynamics shares closed at $263.67 on Monday. <a href="https://www.benzinga.com/quote/GD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Raymond James analyst Adam Tindle downgraded the rating for Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) from Outperform to Market Perform. Fortinet shares closed at $93.83 on Monday. <a href="https://www.benzinga.com/quote/FTNT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley analyst Stephen Grambling downgraded Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>) from Overweight to Equal-Weight and cut the price target from $54 to $51. Las Vegas Sands shares closed at $46.87 on Monday. <a href="https://www.benzinga.com/quote/LVS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Seaport Global analyst Jeff Cantwell downgraded the rating for Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) from Buy to Neutral. Mastercard shares closed at $504.91 on Monday. <a href="https://www.benzinga.com/quote/MA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities analyst Salvator Tiano downgraded Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>) from Neutral to Underperform and slashed the price target from $63 to $54. Archer-Daniels Midland er shares closed at $52.12 on Monday. <a href="https://www.benzinga.com/quote/ADM/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying MA stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="580" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14090807/image-89-1024x580.png" alt="" class="wp-image-732521" style="width:551px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14090807/image-89-1024x580.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14090807/image-89-300x170.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14090807/image-89-768x435.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14090807/image-89.png 1122w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Downgrades

This Mastercard Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Tuesday

Raymond James analyst Adam Tindle downgrades Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) from Outperform to Market Perform.

Raymond James Downgrades Fortinet to Market Perform

China-linked <a href="https://www.benzinga.com/24/12/42713217/nine-telecommunication-companies-hacked-as-part-of-salt-typhoon">Salt Typhoon hackers </a>breached nine companies, <a href="https://www.benzinga.com/24/12/42477300/russian-state-backed-hackers-target-ukrainian-military-devices-via-spacexs-starlink-microsoft-report-reveals">Russian-backed groups</a> targeted Ukrainian military devices via Starlink, and <a href="https://www.benzinga.com/24/12/42712841/google-chrome-users-beware-this-holiday-season-cyber-security-firms-browser-extension-hijacked-by-attackers">Cyberhaven&#8217;s browser extension</a> fell victim to hijacking.
These headlines kept newsrooms abuzz during the holiday season. Evidently, cybercrimes are here to stay and getting increasingly sophisticated to boot, thus necessitating larger investments in <a href="https://www.benzinga.com/topic/cybersecurity">cybersecurity</a> measures.
Here are three ETFs with exposure to cybersecurity companies for&nbsp;investors&nbsp;who don&#8217;t want to choose specific stocks, but want to reap the benefits of a hot market:
Global X Cybersecurity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BUG#NASDAQ">BUG</a>) boasts assets of $806.52 million under management and an expense ratio of 0.50%. Its impressive portfolio of stocks includes the biggest names in the cybersecurity sector across the U.S., Israel, Japan and South Korea. 
Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>),  Zscalar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>), Palo Alto Networks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), and CyberArk Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>) are among the top 10 holdings, with 6.92%, 6.76%, 5.85%, 5.75%, 5.68%, and 5.14% allocations, respectively. Coming to some numbers, a Return on Equity of 17.80% and a drop in the P/E ratio from 48.06 in 2023 to 33.93 in 2024 might interest investors looking to cash in on the rising trend in cybersecurity.
The "O.G." cybersecurity-focused fund, the Amplify Cybersecurity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HACK#NYSE">HACK</a>) was the first ETF to hop on the cybersecurity niche bandwagon. It derives its investment strategies from the Nasdaq ISE Cyber Security Select Index, and has $1.93 billion assets under management. 81.5% of the fund is dedicated to large-cap ($10 billion and more) stocks. 
Broadcom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), with its plethora of cybersecurity products, currently holds the biggest piece of the pie at almost 14%. Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), Palo Alto, CrowdStrike, and Fortinet also hold significant portions of the fund. The ETF's expense ratio is 0.60%.
iShares Cybersecurity and Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHAK#NYSE">IHAK</a>) is owned by one of the largest financial institutions in the world, BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>). With an expense ratio of 0.47%, it is relatively cheaper than its peers. Though not entirely cybersecurity-focused, the fund with an AUM of $930 million, includes significant investments in security plays like CyberArk, Fortinet, CrowdStrike, Check Point and Palo Alto. The fund mirrors the NYSE FactSet Global Cyber Security Index, which is composed of cybersecurity companies. 
Why Investing in Cybersecurity is Important
The growth in the number of generative A.I. tools and platforms is opening doors for information technology reinvention. Simultaneously, cybercriminals have been adopting the same upgraded technology to up their games. 
In May, the FBI warned that attackers are now using A.I. tools to upgrade phishing methods. "As technology continues to evolve, so do cybercriminals&#8217; tactics. Attackers are leveraging AI to craft highly convincing voice or video messages and emails to enable fraud schemes against individuals and businesses alike," said FBI Special Agent in Charge Robert Tripp.
&#8220;These sophisticated tactics can result in devastating financial losses, reputational damage, and compromise of sensitive data," read an <a href="https://www.fbi.gov/contact-us/field-offices/sanfrancisco/news/fbi-warns-of-increasing-threat-of-cyber-criminals-utilizing-artificial-intelligence">excerpt</a> from its note to media last May.
Moreover, Statista <a href="https://www.statista.com/forecasts/1280009/cost-cybercrime-worldwide">projects </a>that the global &#8220;Estimated Cost of Cybercrime&#8221; will rise consistently between 2024 and 2029, increasing by $6.4 trillion (69.41%) to reach a peak of $15.63 trillion by 2029.
With critical infrastructure, government data, education, and personal data caught in the crosshairs, investments in cybersecurity have become the need of the hour, bringing exponential growth potential to this market.
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Photo: Shutterstock

Sector ETFs

Specialty ETFs

Emerging Market ETFs

Tech

ETFs

AVGO

CHKP

CSCO

CYBR

HACK

IHAK

Cybercrime Surge Fuels Demand For Cybersecurity ETFs

Fortinet shares are trading higher after Piper Sandler upgraded the stock from Neutral to Overweight and raised its price target from $100 to $120.

Across the recent three months, 37 analysts have shared their insights on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), expressing a variety of opinions spanning from bullish to bearish.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">10</td>
<td align="right">11</td>
<td align="right">14</td>
<td align="right">2</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">3</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">6</td>
<td align="right">9</td>
<td align="right">10</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $96.22, a high estimate of $120.00, and a low estimate of $68.00. This upward trend is apparent, with the current average reflecting a 15.19% increase from the previous average price target of $83.53.
<img src="https://www.benzinga.com/files/images/story/2025/1736164840_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Fortinet. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$120.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Gabriela Borges</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$114.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Joseph Gallo</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Hold</td>
<td>$105.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Eric Heath</td>
<td>Keybanc</td>
<td>Announces</td>
<td>Overweight</td>
<td>$115.00</td>
<td>-</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$103.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Brian Essex</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$99.00</td>
</tr>
<tr>
<td>Gregg Moskowitz</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Underperform</td>
<td>$78.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Joel Fishbein</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$105.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$110.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$100.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Tal Liani</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$104.00</td>
<td>$87.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$100.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Shaul Eyal</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Buy</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Keith Bachman</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$100.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$97.00</td>
<td>$82.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$85.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$90.00</td>
<td>$84.00</td>
</tr>
<tr>
<td>Jonathan Ruykhaver</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$95.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$100.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$106.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Brad Zelnick</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$90.00</td>
<td>$77.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$95.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Stephen Bersey</td>
<td>HSBC</td>
<td>Raises</td>
<td>Buy</td>
<td>$111.00</td>
<td>$83.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$90.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Saket Kalia</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$95.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Adam Tindle</td>
<td>Raymond James</td>
<td>Raises</td>
<td>Outperform</td>
<td>$95.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Roger Boyd</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$83.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$90.00</td>
<td>$78.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$85.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$80.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$88.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$85.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Yi Fu Lee</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$88.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Joel Fishbein</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$85.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Gregg Moskowitz</td>
<td>Mizuho</td>
<td>Maintains</td>
<td>Underperform</td>
<td>$68.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Shaul Eyal</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Buy</td>
<td>$90.00</td>
<td>$75.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Fortinet. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Fortinet compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Fortinet's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Fortinet's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Fortinet analyst ratings.</a>
<h2>Delving into Fortinet's Background</h2>
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 700,000 customers across the world.
<h3>Fortinet: Financial Performance Dissected</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Growth: Fortinet's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 13.0%. This signifies a substantial increase in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector.
Net Margin: Fortinet's net margin excels beyond industry benchmarks, reaching 35.8%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Fortinet's ROE stands out, surpassing industry averages. With an impressive ROE of 90.26%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Fortinet's ROA stands out, surpassing industry averages. With an impressive ROA of 6.39%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Fortinet's debt-to-equity ratio surpasses industry norms, standing at 1.09. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
Breaking: Wall Street's Next Big Mover
Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. <a href="https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=Tu1tu3arja3be22tu36&amp;utm_source=benzinga-insights">Click here for urgent details</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

37 Analysts Assess Fortinet: What You Need To Know

Piper Sandler analyst Rob Owens upgrades Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) from Neutral to Overweight and raises the price target from $100 to $120.

Upgrades

Piper Sandler Upgrades Fortinet to Overweight, Raises Price Target to $120

Goldman Sachs analyst Gabriela Borges maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and raises the price target from $100 to $114.

Goldman Sachs Maintains Buy on Fortinet, Raises Price Target to $114

Jefferies analyst Joseph Gallo maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Hold and raises the price target from $95 to $105.

Jefferies Maintains Hold on Fortinet, Raises Price Target to $105

35 analysts have shared their evaluations of Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">9</td>
<td align="right">10</td>
<td align="right">14</td>
<td align="right">2</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">4</td>
<td align="right">4</td>
<td align="right">9</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">4</td>
<td align="right">5</td>
<td align="right">4</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Fortinet, presenting an average target of $94.46, a high estimate of $115.00, and a low estimate of $68.00. Observing a 15.28% increase, the current average has risen from the previous average price target of $81.94. 
<img src="https://www.benzinga.com/files/images/story/2024/1734613221_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Fortinet. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Eric Heath</td>
<td>Keybanc</td>
<td>Announces</td>
<td>Overweight</td>
<td>$115.00</td>
<td>-</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$103.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Brian Essex</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$99.00</td>
</tr>
<tr>
<td>Gregg Moskowitz</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Underperform</td>
<td>$78.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Joel Fishbein</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$105.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$110.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$100.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Tal Liani</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$104.00</td>
<td>$87.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$100.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Shaul Eyal</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Buy</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Keith Bachman</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$100.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$97.00</td>
<td>$82.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$85.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$90.00</td>
<td>$84.00</td>
</tr>
<tr>
<td>Jonathan Ruykhaver</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$95.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$100.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$106.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Brad Zelnick</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$90.00</td>
<td>$77.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$95.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Stephen Bersey</td>
<td>HSBC</td>
<td>Raises</td>
<td>Buy</td>
<td>$111.00</td>
<td>$83.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$90.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Saket Kalia</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$95.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Adam Tindle</td>
<td>Raymond James</td>
<td>Raises</td>
<td>Outperform</td>
<td>$95.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Roger Boyd</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$83.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$90.00</td>
<td>$78.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$85.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Rob Owens</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$80.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$88.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$85.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Yi Fu Lee</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$88.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Joel Fishbein</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$85.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Gregg Moskowitz</td>
<td>Mizuho</td>
<td>Maintains</td>
<td>Underperform</td>
<td>$68.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Shaul Eyal</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Buy</td>
<td>$90.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Saket Kalia</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$85.00</td>
<td>$74.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Fortinet. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Fortinet compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of Fortinet's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Fortinet's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Fortinet analyst ratings.</a>
<h2>Get to Know Fortinet Better</h2>
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 700,000 customers across the world.
<h3>Financial Insights: Fortinet</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Revenue Growth: Over the 3 months period, Fortinet showcased positive performance, achieving a revenue growth rate of 13.0% as of 30 September, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Information Technology sector.
Net Margin: Fortinet's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 35.8%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Fortinet's ROE excels beyond industry benchmarks, reaching 90.26%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Fortinet's ROA stands out, surpassing industry averages. With an impressive ROA of 6.39%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: With a high debt-to-equity ratio of 1.09, Fortinet faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Expert Outlook: Fortinet Through The Eyes Of 35 Analysts

Keybanc analyst Eric Heath upgrades Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) from Sector Weight to Overweight and announces $115 price target.

Keybanc Upgrades Fortinet to Overweight, Announces $115 Price Target

Cybersecurity firms safeguard the digital world by addressing emerging threats like quantum risks and identity-based attacks, driving market growth and making them strong investment options. Therefore, it could be wise to consider strong cybersecurity stocks like CyberArk Software (CYBR), Fortinet (FTNT), and Check Point Software Technologies (CHKP). Read on... As digital transformation accelerates, cybersecurity firms are tackling challenges such as AI-driven threats and post-quantum risks, solidifying their critical role in today's tech-driven world. This growing importance fuels investor confidence in the sector's potential.
Against this dynamic backdrop, cybersecurity leaders like CyberArk Software Ltd. (<a href="https://stocknews.com/stock/CYBR/">CYBR</a>), Fortinet, Inc. (<a href="https://stocknews.com/stock/FTNT/">FTNT</a>), and Check Point Software Technologies Ltd. (<a href="https://stocknews.com/stock/CHKP/">CHKP</a>), emerge as compelling investment options.
The growing demand for cybersecurity arises from the increasing prevalence of identity-based attacks, driving organizations to adopt zero-trust security models, risk-based authentication, and continuous verification to protect sensitive assets. According to Statista, the global cybersecurity market is projected to reach an impressive <a href="https://www.statista.com/outlook/tmo/cybersecurity/worldwide">$203 billion by 2025</a>, highlighting the sector's critical role.
Notably, companies are proactively developing quantum-resilient cryptographic strategies to address emerging risks, ensuring their solutions remain secure and future-ready. By embedding security into organizational frameworks, cybersecurity firms are fostering innovation, enhancing resilience, and delivering long-term risk mitigation while aligning their strategies with business objectives.
As a result, global information security spending is expected to reach $212 billion by 2025, <a href="https://www.gartner.com/en/newsroom/press-releases/2024-08-28-gartner-forecasts-global-information-security-spending-to-grow-15-percent-in-2025">up 15.1% from 2024</a>, driven by regulatory reforms and compliance needs. This growth underscores the critical role of cybersecurity firms and enhances investor confidence in the sector's future potential. Let's now dive into the fundamentals of the three <a href="https://stocknews.com/category/software-security/">Software - Security</a> stocks highlighted above, starting with number three.
Stock #3: CyberArk Software Ltd. (<a href="https://stocknews.com/stock/CYBR/">CYBR</a>)
Headquartered in Petah Tikva, Israel, CYBR and its subsidiaries develop, market, and sell software-based identity security solutions and services internationally. Its solutions include Privileged Access Manager, Vendor Privileged Access Manager, Dynamic Privileged Access, Endpoint Privilege Manager, and Secure Desktop.
On January 15, 2025, CYBR announced an integration between its Privileged Access Manager and Microsoft Defender for Identity, providing organizations with enhanced identity security, streamlined privileged access workflows, and improved threat response capabilities.
This integration helps Security Operations teams detect, investigate, and mitigate advanced identity-based threats across hybrid and multi-cloud environments.
In terms of the trailing-12-month <a href="https://www.investopedia.com/terms/g/gross_profit_margin.asp">gross profit margin</a>, CYBR's 81.07% is 61.7% higher than the 50.14% industry average.
CYBR's total revenue for the fiscal third quarter ended September 30, 2024, increased 25.6% year-over-year to $240.10 million. Its non-GAAP gross profit was $200.33 million, up 26.7% year-over-year. Additionally, its non-GAAP net income and net income per share were $45.14 million and $0.94, respectively, reflecting 130.2% and 123.8% increases compared to the prior-year quarter.
Street expects CYBR's revenue for the quarter ended December 31, 2024, to increase 35.1% year-over-year to $301.47 million. Its EPS for the quarter ending March 31, 2025, is expected to grow 2.6% year-over-year to $0.77. It surpassed the consensus EPS estimates in each of the trailing four quarters. Over the past year, the stock has gained 55.1% to close the last trading session at $359.46.
CYBR's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect strong prospects. It has an overall rating of B, which translates to a Buy in our proprietary system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
It has an A grade for Growth and a B for Sentiment and Quality. Within the B-rated <a href="https://stocknews.com/category/software-security/">Software - Security</a> industry, CYBR is ranked #10 out of 20 stocks. To access additional grades for CYBR's Value, Momentum, and Stability ratings, <a href="https://stocknews.com/stock/CYBR/">click here</a>.
Stock #2: Check Point Software Technologies Ltd. (<a href="https://stocknews.com/stock/CHKP/">CHKP</a>)
CHKP develops, markets, and supports a range of products and services for IT security worldwide. The company offers a multilevel security architecture, as well as solutions for cloud, network, mobile devices, endpoints, information, and IoT.
On November 20, 2024, CHKP introduced Quantum Firewall Software R82, powered by AI to block 99.8% of zero-day threats. It enhances threat prevention, simplifies DevOps, and offers features like post-quantum cryptography and scalable enterprise network solutions.
In terms of the trailing-12-month net income margin, CHKP's 33.17% is 759.8% higher than the 3.86% industry average. Its 15.19% trailing-12-month Return on Total Assets is 648.7% higher than the 2.03% industry average. Also, its 34.60% trailing-12-month EBIT margin is 530.5% higher than the industry average of 5.49%.
During the third quarter ended September 30, 2024, CHKP's total revenues increased 6.5% year-over-year to $635.10 million. The company's non-GAAP operating income grew 1.9% from the year-ago value to $274 million. Similarly, CHKP's non-GAAP net income and EPS were $255.40 million and $2.25, reflecting increases of 5.4% and 8.7%, respectively, from the prior year's quarter.
For the quarter ended December 31, 2024, CHKP's EPS is expected to increase 3.3% year-over-year to $2.65. Its revenue for the same quarter is expected to rise 5.3% year-over-year to $698.82 million. CHKP surpassed the Street EPS estimates in three of the trailing four quarters. Over the past nine months, the stock has gained 31.1% to close the last trading session at $198.20.
CHKP's positive outlook is reflected in its POWR Ratings. It has an overall rating of B, equating to a Buy in our proprietary rating system.
It is ranked #8 in the same industry. It has an A grade for Quality. To see CHKP's Growth, Value, Momentum, Stability, and Sentiment ratings, <a href="https://stocknews.com/stock/CHKP/">click here</a>.
Stock #1: Fortinet, Inc. (<a href="https://stocknews.com/stock/FTNT/">FTNT</a>)
FTNT provides cybersecurity and converged networking and security solutions worldwide. It offers secure networking solutions focused on the integration of networking and security; network firewall solutions, including FortiGate data center, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions.
On December 3, 2024, FTNT launched FortiAppSec Cloud, a unified platform for web app security and performance. It integrates API protection, bot defense, and load balancing, streamlining security and management for hybrid and multi-cloud environments.
In terms of the trailing-12-month Return on Common Equity margin, FTNT's 311.53% is significantly higher than the 4.41% industry average. Similarly, its 28.86% trailing-12-month levered FCF margin is 156.1% higher than the 11.27% industry average. Additionally, its 26.79% trailing-12-month net income margin is 594.5% higher than the 3.86% industry average.
For the third quarter ended September 30, 2024, FTNT's total revenue increased 13% year-over-year to $1.51 billion. Its non-GAAP operating income rose 46.7% from the year-ago value to $544.70 million. During the same period, the company's non-GAAP net income and non-GAAP net income per share grew 50.7% and 53.7%, respectively, to $487.60 million and $0.63.
Analysts expect FTNT's EPS and revenue for the quarter ended December 31, 2024, to increase 19.1% and 12.8% year-over-year to $0.61 and $1.60 billion, respectively. It surpassed the consensus EPS estimates in each of the trailing four quarters. Over the past six months, the stock has gained 69.8% to close the last trading session at $96.77.
FTNT's strong fundamentals are reflected in its POWR Ratings. It has an overall rating of B, equating to a Buy in our proprietary rating system.
It has an A grade for Quality and a B for Sentiment. It is ranked #5 in the Software – Security industry. Beyond what we stated above, we also have given FTNT grades for Growth, Value, Momentum, and Security. Get all the FTNT ratings <a href="https://stocknews.com/stock/FTNT/">here</a>.
What To Do Next?
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<hr />
FTNT shares were trading at $99.38 per share on Tuesday afternoon, up $2.61 (+2.70%). Year-to-date, FTNT has gained 5.19%, versus a 3.05% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Abhishek Bhuyan</h2> <img src='https:/wp-content/uploads/2023/07/ABhuyan.jpg' style="float:left; padding:5px;width:125px;">Abhishek embarked on his professional journey as a financial journalist due to his keen interest in discerning the fundamental factors that influence the future performance of financial instruments.<a href="https://stocknews.com/authors/?author=abhishek-bhuyan">More...</a>The post <a href=https://stocknews.com/news/ftnt-chkp-cybr-3-cybersecurity-firms-safeguarding-the-digital-world/>3 Cybersecurity Firms Safeguarding the Digital World</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Cybersecurity Firms Safeguarding the Digital World

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Fortinet (FTNT – Research Report) received a Hold rating and price target from Robert W. Baird analyst Shrenik Kothari yesterday. The company's sha...

Robert W. Baird downgrades Fortinet (FTNT) to a Hold

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Fortinet downgraded to Neutral from Outperform at Baird

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Earnings

Press Releases

Fortinet Reports Third Quarter 2024 Financial Results

Fortinet to Host Analyst Day on its 15-Year IPO Anniversary

Management

Fortinet Appoints Distinguished Public Sector Leader Janet Napolitano to its Board of Directors

General

Fortinet Expands Global Presence with New Company-Owned Innovation Hub in Atlanta

Vancouver Canucks Hockey Team Announces Fortinet as Its "Preferred Partner," Selects Fortinet Security Fabric Platform and Secure SD-WAN

Fortinet Elevates Web Application Security and Performance with New Unified Platform

Fortinet Achieves the Highest Possible "AAA" Rating on the Industry's Only Independent, Third-Party Security Service Edge Test

Fortinet to Announce Fourth Quarter and Full Year 2024 Financial Results

Fortinet to Collaborate and Share Insights with Global Leaders at World Economic Forum Annual Meeting

The Pittsburgh Steelers Name Fortinet a "Proud Partner," Leverage the Fortinet Security Fabric Platform

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