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FORTINET INC

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 800,000 customers across the world.

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Fortinet Inc

<p>Cantor Fitzgerald  analyst Jonathan Ruykhaver   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 $110.</p>


Price Target

Cantor Fitzgerald Maintains Neutral on Fortinet, Raises Price Target to $110

<p>14 analysts have expressed a variety of opinions on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.</p>
<p>Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.</p>
<table>
<thead>
<tr>
<th></th>
<th align="right"><strong>Bullish</strong></th>
<th align="right"><strong>Somewhat Bullish</strong></th>
<th align="right"><strong>Indifferent</strong></th>
<th align="right"><strong>Somewhat Bearish</strong></th>
<th align="right"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td align="right">1</td>
<td align="right">4</td>
<td align="right">9</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>2M Ago</strong></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><strong>3M Ago</strong></td>
<td align="right">0</td>
<td align="right">4</td>
<td align="right">8</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
<p>In the assessment of 12-month price targets, analysts unveil insights for Fortinet, presenting an average target of $108.14, a high estimate of $125.00, and a low estimate of $95.00. Observing a downward trend, the current average is 7.45% lower than the prior average price target of $116.85. </p>
<p><img src="https://www.benzinga.com/files/images/story/2025/1752516057_0.png" alt="price target chart" /></p>
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
<p>A clear picture of Fortinet's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<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>Saket Kalia</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$110.00</td>
<td>$103.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Maintains</td>
<td>Buy</td>
<td>$125.00</td>
<td>$125.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$120.00</td>
<td>$130.00</td>
</tr>
<tr>
<td>Roger Boyd</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$105.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Eric Heath</td>
<td>Keybanc</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$115.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Outperform</td>
<td>$115.00</td>
<td>$135.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$95.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Lowers</td>
<td>Hold</td>
<td>$95.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$108.00</td>
<td>$113.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Neutral</td>
<td>$113.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Jonathan Ruykhaver</td>
<td>Cantor Fitzgerald</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$100.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Taz Koujalgi</td>
<td>Roth Capital</td>
<td>Announces</td>
<td>Neutral</td>
<td>$103.00</td>
<td>-</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$105.00</td>
<td>$123.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Fortinet. This offers insight into analysts' perspectives on the current state of the company.</li>
<li><strong>Rating:</strong> Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Fortinet compared to the broader market.</li>
<li><strong>Price Targets:</strong> Analysts navigate through adjustments in price targets, providing estimates for Fortinet's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
<p>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.</p>
<p><a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage"><strong>Stay up to date on Fortinet analyst ratings.</strong></a></p>
<h2>All You Need to Know About Fortinet</h2>
<p>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.</p>
<h3>Fortinet: A Financial Overview</h3>
<p><strong>Market Capitalization Analysis:</strong> Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.</p>
<p><strong>Revenue Growth:</strong> Fortinet's revenue growth over a period of 3M has been noteworthy. As of 31 March, 2025, the company achieved a revenue growth rate of approximately <strong>13.77%</strong>. This indicates a substantial increase in the company's top-line earnings. When compared to others in the Information Technology sector, the company excelled with a growth rate higher than the average among peers.</p>
<p><strong>Net Margin:</strong> Fortinet's net margin excels beyond industry benchmarks, reaching <strong>28.15%</strong>. This signifies efficient cost management and strong financial health.</p>
<p><strong>Return on Equity (ROE):</strong> Fortinet's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of <strong>25.08%,</strong> the company showcases efficient use of equity capital and strong financial health.</p>
<p><strong>Return on Assets (ROA):</strong> Fortinet's ROA stands out, surpassing industry averages. With an impressive ROA of <strong>4.3%</strong>, the company demonstrates effective utilization of assets and strong financial performance.</p>
<p><strong>Debt Management:</strong> Fortinet's debt-to-equity ratio is below the industry average. With a ratio of <b>0.51</b>, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.</p>
<h2>Understanding the Relevance of Analyst Ratings</h2>
<p>Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.</p>
<p>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.</p>
<p><strong>Which Stocks Are Analysts Recommending Now?</strong></p>
<p>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;adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage"><strong>Click here to stay ahead of the market</strong></a>.</p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


14 Analysts Have This To Say About Fortinet

WIIM

Fortinet shares are trading higher after Barclays raised its price target on the stock from $103 to $110.

<p>Barclays  analyst Saket Kalia   maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Equal-Weight and raises the price target from $103 to $110.</p>


Barclays Maintains Equal-Weight on Fortinet, Raises Price Target to $110

<p><strong>Fortinet's</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NYSE">FTNT</a>) short percent of float has risen 12.27% since its last report. The company recently reported that it has <strong>19.79 million shares sold short</strong>, which is 3.11% of all regular shares that are available for trading. Based on its trading volume, <strong>it would take traders 4.7 days to cover their short positions on average.</strong></p>
<h3>Why Short Interest Matters</h3>
<p>Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> 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.</p>
<p>Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.</p>
<p><strong>See Also:</strong> <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage"><strong>List of the most shorted stocks</strong></a></p>
<h3>Fortinet Short Interest Graph (3 Months)</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1752249622_0.png" alt="short_fig" /></p>
<p>As you can see from the chart above the percentage of shares that are sold short for Fortinet has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.</p>
<h3>Comparing Fortinet's Short Interest Against Its Peers</h3>
<p>Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.</p>
<p>According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Fortinet's peer group average for short interest as a percentage of float is 7.20%, which means the company has <strong>less</strong> short interest than most of its peers.</p>
<p>Did you know that increasing short interest can actually be <strong>bullish</strong> for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage"><strong>This post by Benzinga Money explains how you can profit from it.</strong></a></p>
<p><em>This article was generated by Benzinga's automated content engine and was reviewed by an editor.</em></p>


Short Sellers

What's Driving the Market Sentiment Around Fortinet?

<p>Deep-pocketed investors have adopted a bullish approach towards Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in FTNT usually suggests something big is about to happen.</p>
<p>We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for Fortinet. This level of activity is out of the ordinary.</p>
<p>The general mood among these heavyweight investors is divided, with 78% leaning bullish and 7% bearish. Among these notable options, 2 are puts, totaling $109,710, and 12 are calls, amounting to $810,389.</p>
<h3>Projected Price Targets</h3>
<p>After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $50.0 and $140.0 for Fortinet, spanning the last three months.</p>
<h3>Insights into Volume &amp; Open Interest</h3>
<p>Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Fortinet's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale trades within a strike price range from $50.0 to $140.0 in the last 30 days. </p>
<h3>Fortinet 30-Day Option Volume &amp; Interest Snapshot</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1751918473_0.png" alt="Options Call Chart" /></p>
<h3>Biggest Options Spotted:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/19/25</td>
<td>$6.6</td>
<td>$6.2</td>
<td>$6.6</td>
<td>$120.00</td>
<td>$127.3K</td>
<td>694</td>
<td>0</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/20/26</td>
<td>$4.5</td>
<td>$4.05</td>
<td>$4.5</td>
<td>$140.00</td>
<td>$121.5K</td>
<td>89</td>
<td>270</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/15/25</td>
<td>$5.7</td>
<td>$5.55</td>
<td>$5.55</td>
<td>$105.00</td>
<td>$77.7K</td>
<td>638</td>
<td>167</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/11/25</td>
<td>$0.32</td>
<td>$0.17</td>
<td>$0.3</td>
<td>$111.00</td>
<td>$75.5K</td>
<td>1.2K</td>
<td>2.5K</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/11/25</td>
<td>$0.71</td>
<td>$0.52</td>
<td>$0.65</td>
<td>$109.00</td>
<td>$69.5K</td>
<td>645</td>
<td>1.2K</td>
</tr>
</tbody>
</table>
</p>
<h3>About Fortinet</h3>
<p>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.</p>
<p>After a thorough review of the options trading surrounding Fortinet, we move to examine the company in more detail. This includes an assessment of its current market status and performance.</p>
<h3>Current Position of Fortinet</h3>
<ul>
<li>Currently trading with a volume of 3,315,788, the FTNT's price is down by -0.1%, now at $105.55. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 30 days.</li>
</ul>
<h3>Expert Opinions on Fortinet</h3>
<p>1 market experts have recently issued ratings for this stock, with a consensus target price of $125.0.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.<br />
&#x2A; Maintaining their stance, an analyst from Rosenblatt continues to hold a Buy rating for Fortinet, targeting a price of $125. </p>
<p>Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Fortinet with <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> for real-time alerts.</p>


Options

Unpacking the Latest Options Trading Trends in Fortinet

<p>When your cell phone suddenly freezes on your way to grab your morning coffee, it may not be just a technical glitch, but the warning sign of the <a href="https://www.benzinga.com/topic/cyber-security">cyber thievery of the new age</a>. </p>
<p>The <strong>CrowdStrike 2025 Global Threat Report</strong> found that: </p>
<ul class="wp-block-list">
<li>Vishing (short for &#8220;voice phishing&#8221;) attacks have increased 442%</li>
<li>Close to 80% of intrusions no longer sneak in with any malware, and </li>
<li>China-associated hackers are upping their game with a 150% jump in activity.</li>
</ul>
<p>For individual investors who want to ride this cyber mayhem, <a href="https://www.benzinga.com/etfs">cybersecurity ETFs</a> provide a useful and effective means to tap into the digital defense boom.</p>
<p><strong>Also Read: <a href="https://www.benzinga.com/etfs/new-etfs/25/06/46080190/quantum-volatility-tradrs-new-etfs-qubx-rgtu-are-built-for-it-says-matt-markiewicz">Quantum Volatility? Tradr&#8217;s New ETFs QUBX, RGTU Are Built for It, Says Matt Markiewicz</a></strong></p>
<h3 class="wp-block-heading">Why Cybersecurity, Why Now?</h3>
<p>Hackers are getting quicker and cleverer, cracking networks in 51 seconds or less, frequently without malware. Instead, they use AI-powered phishing emails, take advantage of misconfigured clouds, and steal passwords. It&#8217;s digital jiu-jitsu, and businesses are scrambling to protect themselves.</p>
<p>This explosion of advanced attacks has translated into a multi-billion-dollar cybersecurity boom, and investors are sitting up and taking notice. </p>
<h3 class="wp-block-heading">The ETFs That Let You Invest In Digital Defense</h3>
<p>If selecting individual <a href="https://www.benzinga.com/topic/cybersecurity">cybersecurity stocks</a> seems intimidating, these ETFs provide a diversified method to ride the wave:</p>
<p><strong>First Trust Nasdaq Cybersecurity ETF</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIBR#NASDAQ">CIBR</a>)</p>
<ul class="wp-block-list">
<li>Assets under management: ~$10 billion</li>
<li>Top holdings: <strong>Palo Alto Networks</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), <strong>Cisco </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), <strong>Fortinet </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), <strong>CrowdStrike </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>)</li>
<li>Expense ratio: 0.59%</li>
<li>CIBR is the biggest and most liquid cybersecurity ETF on the market. It&#8217;s based on the <strong>Nasdaq CTA Cybersecurity Index</strong> and provides exposure to pure-play cyber companies as well as larger tech giants with large, healthy security segments. It&#8217;s an excellent choice for investors looking for liquidity and a diversified, weighted basket of companies that are protecting the frontlines.</li>
</ul>
<p><strong>Amplify Cybersecurity ETF</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HACK#NYSE">HACK</a>)</p>
<ul class="wp-block-list">
<li>Assets under management: ~$2.27 billion</li>
<li>Top holdings: <strong>Broadcom </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Palo Alto Networks, Cisco, Crowdstrike, Fortinet, <strong>Cloudflare&nbsp;</strong>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>)</li>
<li>Expense ratio: 0.60%</li>
<li>HACK led the way in the space and has a slightly different methodology, it follows the <strong><strong>ISE Cyber Security Select Index</strong></strong> focused on revenue exposure to cybersecurity. That is to say, it frequently includes boutique players in consulting, military-grade defense, and forensic analysis. If you want more &#8220;boots-on-the-ground&#8221; exposure, HACK delivers that tactical taste.</li>
</ul>
<p><strong>Global X Cybersecurity ETF</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BUG#NASDAQ">BUG</a>)</p>
<ul class="wp-block-list">
<li>Assets under management: ~$1.14 billion</li>
<li>Leading holdings: CrowdStrike, Palo Alto Networks, <strong>Zscaler </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>), Fortinet, <strong>Okta </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>)</li>
<li>Expense ratio: 0.51%</li>
<li>BUG emphasizes high-growth, next-generation players and plays more towards firms focused on endpoint security, cloud-native defenses, and AI-driven threat detection. It&#8217;s slightly more volatile, but for those with a higher-risk appetite, BUG connects to the more innovative edge of the space.</li>
</ul>
<h2 class="wp-block-heading">Why It&#8217;s Not Too Late</h2>
<p>While these ETFs have become increasingly popular, analysts suggest the cybersecurity trade isn&#8217;t yet crowded. Why? Because the threats are expanding at record pace. </p>
<p>A June <a href="https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165">report </a>by Fortune Business Insights projects the global cybersecurity market size to grow from an estimated $193.73 billion in 2024 to $562.72 billion by 2032, realizing a CAGR of 14.3% during the period.</p>
<p>With data emerging as the most valuable currency and threats more sophisticated, cybersecurity is becoming one of the most defensive trades in your portfolio.</p>
<p>Cyber ETFs enable individual investors to ride this megatrend without the hassle of stock-picking. If you&#8217;re a conservative investor seeking stability or a tech-loving trader seeking growth, chances are there&#8217;s a cybersecurity ETF out there that&#8217;s your style.</p>
<p><strong>Read Next: </strong></p>
<ul class="wp-block-list">
<li><strong><a href="https://www.benzinga.com/etfs/new-etfs/25/06/46078207/blackrock-launch-ishares-texn-etf-texas-based-stocks">BlackRock Debuts iShares TEXN ETF For Retail Investors Eyeing Texas-Based Stocks</a></strong></li>
</ul>
<p><em>Image: Shutterstock</em></p>


Sector ETFs

ETFs

AVGO

CIBR

CRWD

CSCO

HACK

OKTA

PANW

3 Cybersecurity ETFs To Gain Ground As Threats Go Malware-Free, China Gets Bolder

LDOS

CNBC Halftime Report Final Trades: Global X Cybersecurity ETF, CrowdStrike, Leidos Holdings, Fortinet

<p>During the last three months, 15 analysts shared their evaluations of Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), revealing diverse outlooks from bullish to bearish.</p>
<p>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.</p>
<table>
<thead>
<tr>
<th></th>
<th align="right"><strong>Bullish</strong></th>
<th align="right"><strong>Somewhat Bullish</strong></th>
<th align="right"><strong>Indifferent</strong></th>
<th align="right"><strong>Somewhat Bearish</strong></th>
<th align="right"><strong>Bearish</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Total Ratings</strong></td>
<td align="right">1</td>
<td align="right">4</td>
<td align="right">10</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>Last 30D</strong></td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>1M Ago</strong></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><strong>2M Ago</strong></td>
<td align="right">0</td>
<td align="right">3</td>
<td align="right">8</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td><strong>3M Ago</strong></td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
<p>Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $107.8, along with a high estimate of $125.00 and a low estimate of $95.00. Observing a downward trend, the current average is 8.47% lower than the prior average price target of $117.77. </p>
<p><img src="https://www.benzinga.com/files/images/story/2025/1750165224_0.png" alt="price target chart" /></p>
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
<p>A comprehensive examination of how financial experts perceive Fortinet is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.</p>
<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>Maintains</td>
<td>Buy</td>
<td>$125.00</td>
<td>$125.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$120.00</td>
<td>$130.00</td>
</tr>
<tr>
<td>Roger Boyd</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$105.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Eric Heath</td>
<td>Keybanc</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$115.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Outperform</td>
<td>$115.00</td>
<td>$135.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$95.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Adam Borg</td>
<td>Stifel</td>
<td>Lowers</td>
<td>Hold</td>
<td>$95.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$108.00</td>
<td>$113.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Neutral</td>
<td>$113.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Jonathan Ruykhaver</td>
<td>Cantor Fitzgerald</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$100.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Taz Koujalgi</td>
<td>Roth Capital</td>
<td>Announces</td>
<td>Neutral</td>
<td>$103.00</td>
<td>-</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$105.00</td>
<td>$123.00</td>
</tr>
<tr>
<td>Todd Weller</td>
<td>Stephens &amp; Co.</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$108.00</td>
<td>-</td>
</tr>
<tr>
<td>Joseph Gallo</td>
<td>Jefferies</td>
<td>Lowers</td>
<td>Hold</td>
<td>$105.00</td>
<td>$115.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li><strong>Action Taken:</strong> 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><strong>Rating:</strong> Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Fortinet compared to the broader market.</li>
<li><strong>Price Targets:</strong> Analysts navigate through adjustments in price targets, providing estimates for Fortinet's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
<p>To gain a panoramic view of Fortinet's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.</p>
<p><a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage"><strong>Stay up to date on Fortinet analyst ratings.</strong></a></p>
<h2>Discovering Fortinet: A Closer Look</h2>
<p>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.</p>
<h3>Financial Insights: Fortinet</h3>
<p><strong>Market Capitalization Analysis:</strong> Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.</p>
<p><strong>Positive Revenue Trend:</strong> Examining Fortinet's financials over 3M reveals a positive narrative. The company achieved a noteworthy revenue growth rate of <strong>13.77%</strong> as of 31 March, 2025, showcasing a substantial increase in top-line earnings. As compared to its peers, the company achieved a growth rate higher than the average among peers in Information Technology sector.</p>
<p><strong>Net Margin:</strong> Fortinet's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive <strong>28.15%</strong> net margin, the company effectively manages costs and achieves strong profitability.</p>
<p><strong>Return on Equity (ROE):</strong> Fortinet's ROE excels beyond industry benchmarks, reaching <strong>25.08%</strong>. This signifies robust financial management and efficient use of shareholder equity capital.</p>
<p><strong>Return on Assets (ROA):</strong> Fortinet's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive <strong>4.3%</strong> ROA, the company effectively utilizes its assets for optimal returns.</p>
<p><strong>Debt Management:</strong> Fortinet's debt-to-equity ratio is below the industry average at <strong>0.51</strong>, reflecting a lower dependency on debt financing and a more conservative financial approach.</p>
<h2>Analyst Ratings: What Are They?</h2>
<p>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. </p>
<p>Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.</p>
<p><strong>Which Stocks Are Analysts Recommending Now?</strong></p>
<p>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;adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage"><strong>Click here to stay ahead of the market</strong></a>.</p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


The Analyst Verdict: Fortinet In The Eyes Of 15 Experts

<p>Rosenblatt  analyst Catharine Trebnick   maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and maintains $125 price target.</p>


Rosenblatt Maintains Buy on Fortinet, Maintains $125 Price Target

AMAT

APPS

ARQQ

BLBX

BNAI

BTDR

DGNX

DOMO

FSLR

GRRR

IREN

KLAC

MOBBW

MRVL

NTRP

ORKT

PHUN

PONY

PRCH

SAIL

SHMD

SHOP

SMSI

SNPS

SONM

TSSI

VRSN

ZETA

Shares of companies within the broader technology sector are trading higher, supported by broad market strength, after better-than-expected nonfarm payrolls data eased concerns about an imminent economic slowdown.

<p><strong>Fortinet's</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NYSE">FTNT</a>) short percent of float has fallen 23.08% since its last report. The company recently reported that it has <strong>15.88 million shares sold short</strong>, which is 2.5% of all regular shares that are available for trading. Based on its trading volume, <strong>it would take traders 2.62 days to cover their short positions on average.</strong></p>
<h3>Why Short Interest Matters</h3>
<p>Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> 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.</p>
<p>Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.</p>
<p><strong>See Also:</strong> <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage"><strong>List of the most shorted stocks</strong></a></p>
<h3>Fortinet Short Interest Graph (3 Months)</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1749150042_0.png" alt="short_fig" /></p>
<p>As you can see from the chart above the percentage of shares that are sold short for Fortinet has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.</p>
<h3>Comparing Fortinet's Short Interest Against Its Peers</h3>
<p>Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.</p>
<p>According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Fortinet's peer group average for short interest as a percentage of float is 6.51%, which means the company has <strong>less</strong> short interest than most of its peers.</p>
<p>Did you know that increasing short interest can actually be <strong>bullish</strong> for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage"><strong>This post by Benzinga Money explains how you can profit from it.</strong></a></p>
<p><em>This article was generated by Benzinga's automated content engine and was reviewed by an editor.</em></p>


Peering Into Fortinet's Recent Short Interest

<p>When <strong>Victoria&#8217;s Secret</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) reported a cybersecurity breach on Tuesday that caused it to take its website offline for three days in late May, the fashion industry hardly batted an eyelash. </p>
<p>But shareholders ought to take heed. The attack is just the latest in an increasingly high tide of corporate cyberattacks that are stripping revenues, reputations, and sometimes entire business models, away. </p>
<p>As cyber threats keep pace with AI adoption, investors are increasingly looking to <a href="https://www.benzinga.com/etfs">cybersecurity ETFs</a>.</p>
<p><strong>See Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/06/45755138/small-caps-surge-dollar-general-stock-eyes-best-day-crude-hits-2-week-highs-whats-driving-markets-tuesday">Small Caps Surge, Dollar General Stock Eyes Best Day, Crude Hits 2-Week Highs: What&#8217;s Driving Markets Tuesday?</a></strong></p>
<h3 class="wp-block-heading">Cybersecurity ETFs To Consider</h3>
<p>The worldwide cybersecurity industry is <a href="https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165">projected </a>to grow to $562.72 billion by 2032, registering a CAGR of 14.3%, as per Fortune Business Insights. This broader secular trend has yielded compelling opportunities for investors through sector-specific ETFs. A brief summary of the major players follows:</p>
<ul class="wp-block-list">
<li><strong>First Trust NASDAQ Cybersecurity ETF</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIBR#NASDAQ">CIBR</a>): With a one-day average volume of around 565,000 shares, this is the most liquid cybersecurity ETF. It has returned 39% over the past year, making it a strong contender for both active traders and long-term holders. The fund carries an expense ratio of 0.59%.</li>
</ul>
<ul class="wp-block-list">
<li><strong>Amplify Cybersecurity ETF</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HACK#NYSE">HACK</a>): Another top-performing ETF, up 41% in the past year. From <strong>Broadcom </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and <strong>Cisco </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) to <strong>Palo Alto Networks</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) and <strong>Fortinet </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), HACK offers diversified exposure to cybersecurity firms globally. The ETF carries an expense ratio of 0.6%.</li>
</ul>
<ul class="wp-block-list">
<li><strong>iShares Cybersecurity &amp; Tech ETF</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHAK#NYSE">IHAK</a>) and Global X Cybersecurity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BUG#NASDAQ">BUG</a>): Good choices for those seeking diversified, low-cost exposure with a bias toward tech. The funds have expense ratios of 0.47% and 0.51%, respectively. The ETFs are up 18% and 29% in the past year, respectively.</li>
</ul>
<p>As per a <strong>Statista</strong> <a href="https://www.statista.com/statistics/675399/us-government-spending-cyber-security/">report</a>, for FY 2025, the US government has put forward close to $13 billion of budgetary spending on cybersecurity, an increase of 10% from last fiscal year. It&#8217;s a sign that cybersecurity is now viewed as core infrastructure.</p>
<h3 class="wp-block-heading"><strong>Back To Victoria&#8217;s Secret</strong></h3>
<p>Although Victoria&#8217;s Secret denies the three-day website shutdown affected Q1 profits, the company highlights one of the most important risks that have become far too commonplace: digital-platform-based businesses are one hack away from customer pandemonium and market cap loss.</p>
<p>Retail is not singular. Marks &amp; Spencer was recently hit by a ransomware <a href="https://www.bbc.com/news/articles/c0el31nqnpvo">attack </a>that froze online orders for weeks. The company lost an estimated £300 million, cutting its profits by nearly a third. That is not merely a technology problem, it is a complete financial debacle.</p>
<p>And then there&#8217;s the health sector, with 440+ ransomware attacks in 2024, the highest in any of the key infrastructure sectors, <a href="https://edition.cnn.com/2025/05/20/politics/ransomware-attack-medical-centers">according </a>to CNN, deducing from IC3 report. In 2024, losses <a href="https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf">reported </a>to IC3 totaled a staggering $16.6 billion, with ransomware as the most &#8220;pervasive threat to critical infrastructure, with complaints rising 9% from 2023.&#8221;</p>
<p>The irony? A lot of the risk is being fueled by the same technology companies are adopting to improve operations: AI. As companies use AI tools to automate processes and track customer behavior, they simultaneously create new <a href="https://www.ic3.gov/PSA/2024/PSA241203">threats</a>.</p>
<p>That duality is fueling both fear and money, and ETF investors are surfing that trend.</p>
<p><strong>Bottom Line</strong>: The cybersecurity theme has matured from a defensive hedge to a bona fide growth opportunity. Investors who want to future-proof their portfolios would do well to consider investing in ETFs that target this sector. Whether retail, healthcare, or geopolitics, cyberattacks aren&#8217;t disappearing. But with the proper investments, the prospect of returns could be just as enduring.</p>
<p><strong>Read Next: </strong></p>
<ul class="wp-block-list">
<li><strong><a href="https://www.benzinga.com/etfs/new-etfs/25/06/45753210/first-trust-launches-balanced-income-etf-ftbi-with-3-pronged-strategy-across-stocks-bonds-gold">First Trust Launches Balanced Income ETF (FTBI) With 3-Pronged Strategy Across Stocks, Bonds &amp; Gold</a></strong></li>
</ul>
<p><em>Image: Shutterstock</em></p>


Tech

IHAK

VSCO

Why Victoria's Secret's Breach Is A Wake-Up Call For Cybersecurity ETF Investors

<p>Baird  analyst Shrenik Kothari   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 $112 to $115.</p>


Baird Maintains Neutral on Fortinet, Raises Price Target to $115

<p>Whales with a lot of money to spend have taken a noticeably bullish stance on <strong>Fortinet</strong>.</p>
<p>Looking at options history for Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) we detected 9 trades.</p>
<p>If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 44% with bearish.</p>
<p>From the overall spotted trades, 3 are puts, for a total amount of $84,218 and 6, calls, for a total amount of $936,230.</p>
<h3>Expected Price Movements</h3>
<p>After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $97.5 and $140.0 for Fortinet, spanning the last three months.</p>
<h3>Insights into Volume &amp; Open Interest</h3>
<p>Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.</p>
<p>This data can help you track the liquidity and interest for Fortinet's options for a given strike price.</p>
<p>Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Fortinet's whale activity within a strike price range from $97.5 to $140.0 in the last 30 days. </p>
<h3>Fortinet Option Volume And Open Interest Over Last 30 Days</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1747857726_0.png" alt="Options Call Chart" /></p>
<h3>Largest Options Trades Observed:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/15/27</td>
<td>$25.45</td>
<td>$25.1</td>
<td>$25.05</td>
<td>$100.00</td>
<td>$751.5K</td>
<td>6.1K</td>
<td>310</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$15.9</td>
<td>$15.7</td>
<td>$15.8</td>
<td>$100.00</td>
<td>$50.5K</td>
<td>896</td>
<td>58</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$8.5</td>
<td>$8.4</td>
<td>$8.4</td>
<td>$97.50</td>
<td>$46.2K</td>
<td>725</td>
<td>65</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$6.75</td>
<td>$6.5</td>
<td>$6.75</td>
<td>$100.00</td>
<td>$33.7K</td>
<td>2.6K</td>
<td>50</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/23/25</td>
<td>$0.55</td>
<td>$0.42</td>
<td>$0.42</td>
<td>$102.00</td>
<td>$29.4K</td>
<td>1.6K</td>
<td>1.0K</td>
</tr>
</tbody>
</table>
</p>
<h3>About Fortinet</h3>
<p>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.</p>
<p>After a thorough review of the options trading surrounding Fortinet, we move to examine the company in more detail. This includes an assessment of its current market status and performance.</p>
<h3>Where Is Fortinet Standing Right Now?</h3>
<ul>
<li>Currently trading with a volume of 2,955,154, the FTNT's price is down by -1.66%, now at $103.05. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 76 days.</li>
</ul>
<h3>What The Experts Say On Fortinet</h3>
<p>5 market experts have recently issued ratings for this stock, with a consensus target price of $107.2.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.<br />
&#x2A; An analyst from Roth Capital downgraded its action to Neutral with a price target of $103.<br />
&#x2A; An analyst from Baird has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $108.<br />
&#x2A; An analyst from Scotiabank has decided to maintain their Sector Outperform rating on Fortinet, which currently sits at a price target of $115.<br />
&#x2A; An analyst from Stifel persists with their Hold rating on Fortinet, maintaining a target price of $95.<br />
&#x2A; An analyst from Keybanc has decided to maintain their Overweight rating on Fortinet, which currently sits at a price target of $115. </p>
<p>Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Fortinet options trades with real-time alerts from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.</p>


Smart Money Is Betting Big In FTNT Options

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Shares of companies within the broader tech sector are trading higher amid overall market strength following softer-than-expected April inflation readings. Additionally, investors continue to weigh US-China trade progress and President Trump's Middle East trip.

<p>High-rolling investors have positioned themselves bullish on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), and it's important for retail traders to take note.<br />
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in FTNT often signals that someone has privileged information.</p>
<p>Today, Benzinga's options scanner spotted 9 options trades for Fortinet. This is not a typical pattern.</p>
<p>The sentiment among these major traders is split, with 55% bullish and 44% bearish. Among all the options we identified, there was one put, amounting to $27,060, and 8 calls, totaling $666,934.</p>
<h3>What's The Price Target?</h3>
<p>After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $90.0 and $135.0 for Fortinet, spanning the last three months.</p>
<h3>Volume &amp; Open Interest Development</h3>
<p>In today's trading context, the average open interest for options of Fortinet stands at 767.0, with a total volume reaching 522.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Fortinet, situated within the strike price corridor from $90.0 to $135.0, throughout the last 30 days.</p>
<h3>Fortinet Option Volume And Open Interest Over Last 30 Days</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1747072872_0.png" alt="Options Call Chart" /></p>
<h3>Significant Options Trades Detected:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th align="right"><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/13/25</td>
<td>$3.15</td>
<td>$3.1</td>
<td>$3.15</td>
<td>$100.00</td>
<td>$149.0K</td>
<td>7</td>
<td align="right">1</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/13/25</td>
<td>$3.15</td>
<td>$3.1</td>
<td>$3.15</td>
<td>$100.00</td>
<td>$149.0K</td>
<td>7</td>
<td align="right">1</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$5.2</td>
<td>$4.9</td>
<td>$5.2</td>
<td>$97.50</td>
<td>$104.0K</td>
<td>924</td>
<td align="right">202</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$4.0</td>
<td>$3.85</td>
<td>$4.0</td>
<td>$100.00</td>
<td>$79.6K</td>
<td>2.5K</td>
<td align="right">69</td>
</tr>
<tr>
<td>FTNT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>05/30/25</td>
<td>$6.3</td>
<td>$5.6</td>
<td>$5.85</td>
<td>$95.00</td>
<td>$58.5K</td>
<td>162</td>
<td align="right">100</td>
</tr>
</tbody>
</table>
</p>
<h3>About Fortinet</h3>
<p>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.</p>
<p>Having examined the options trading patterns of Fortinet, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance</p>
<h3>Where Is Fortinet Standing Right Now?</h3>
<ul>
<li>Trading volume stands at 3,224,225, with FTNT's price up by 3.71%, positioned at $101.03.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 85 days.</li>
</ul>
<h3>Professional Analyst Ratings for Fortinet</h3>
<p>A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $105.6.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage"><strong>Click here for access</strong></a>.<br />
&#x2A; Consistent in their evaluation, an analyst from Cantor Fitzgerald keeps a Neutral rating on Fortinet with a target price of $100.<br />
&#x2A; An analyst from UBS has decided to maintain their Neutral rating on Fortinet, which currently sits at a price target of $105.<br />
&#x2A; An analyst from Scotiabank has decided to maintain their Sector Outperform rating on Fortinet, which currently sits at a price target of $115.<br />
&#x2A; An analyst from Roth Capital downgraded its action to Neutral with a price target of $103.<br />
&#x2A; Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Fortinet, targeting a price of $105. </p>
<p>Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.</p>
<p>If you want to stay updated on the latest options trades for Fortinet, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.</p>


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Core Scientific, Inc. - Class A Common Stock

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MAWSON INFRSTRUCTURE GRP by Mawson Infrastructure Group Inc.

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Next Technology Holding Inc. - Ordinary Shares

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Shares of software stocks are trading higher amid overall market strength after the US and China agreed to a temporary reduction in most tariffs on each other's goods.

<p>UBS  analyst Roger Boyd   maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and lowers the price target from $115 to $105.</p>


UBS Maintains Neutral on Fortinet, Lowers Price Target to $105

<p><strong>Fortinet Inc. </strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) shares are trading lower Thursday after the company reported <a href="https://www.benzinga.com/news/earnings/25/05/45268852/fortinet-stock-sinks-after-q1-results-earnings-beat-revenues-in-line"> first-quarter 2025 financial results</a>.</p>
<p><strong>What To Know</strong>: While adjusted earnings of 58 cents per share came in above the 53-cent consensus estimate, revenue of $1.54 billion was just in line with analyst expectations, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.</p>
<p>Slightly soft guidance at the midpoint appears to be weighing on shares. Fortinet guided for second-quarter revenue of $1.59 billion to $1.65 billion, or $1.62 billion at the midpoint, versus estimates of $1.63 billion. The company also reaffirmed full-year guidance of $6.65 billion to $6.85 billion versus estimates of $6.76 billion.</p>
<p>Fortinet guided for second-quarter adjusted earnings of 58 cents to 60 cents per share, versus estimates of 58 cents per share, and raised its full-year earnings forecast to $2.43 to $2.49 per share versus estimates of $2.47 per share. </p>
<p>Product revenue increased 12.3% year-over-year to $459.1 million and service revenue rose 14.4% to $1.08 billion. Total billings reached $1.6 billion, representing a 13.5% increase from the year-ago period, while remaining performance obligations climbed 11.7% to $6.49 billion. </p>
<p>&#8220;We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking,&#8221; said <strong>Ken Xie</strong>, founder, chairman and CEO of Fortinet. </p>
<p>&#8220;Leveraging our deep expertise in networking and security convergence, a strong track record of AI-driven innovation, and seamless product development and integration through our FortiOS operating system, we have established ourselves as the leader in organic innovation and will continue setting the industry standard in cybersecurity.&#8221;</p>
<p>Several analysts also lowered price targets on Thursday, which is adding to the weakness in shares. </p>
<ul>
<li>Baird analyst Shrenik Kothari maintained a Neutral rating and lowered the price target from $113 to $108.</li>
</ul>
<ul>
<li>Stifel analyst Adam Borg maintained a Hold rating and lowered the price target from $115 to $95.</li>
</ul>
<ul>
<li>Wells Fargo analyst Andrew Nowinski maintained an Equal-Weight rating and lowered the price target from $105 to $95.</li>
</ul>
<ul>
<li>Scotiabank analyst Patrick Colville maintained a Sector Outperform rating and lowered the price target from $135 to $115.</li>
</ul>
<ul>
<li>Keybanc analyst Eric Heath maintained an Overweight rating and lowered the price target from $120 to $115.</li>
</ul>
<p><strong>FTNT Price Action:</strong> Fortinet shares were down 8.43% at $97.72 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga Pro.</a></p>
<p><strong>Read Next:</strong></p>
<ul>
<li><strong><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45285797/forget-rate-cuts-this-year-bank-of-america-warns-after-powells-hawkish-tone">Forget Rate Cuts This Year, Bank Of America Warns After Powell&#8217;s Hawkish Tone</a></strong></li>
</ul>
<p><em>Image via Shutterstock.</em></p>


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