What is KeyCorp’s Estimate for Fortinet FY2025 Earnings?

Fortinet, Inc. (NASDAQ:FTNT) – Analysts at KeyCorp boosted their FY2025 earnings per share estimates for shares of Fortinet in a research report issued to clients and investors on Monday, January 12th. KeyCorp analyst E. Heath now forecasts that the software maker will post earnings per share of $2.37 for the year, up from their previous estimate of $2.18. The consensus estimate for Fortinet’s current full-year earnings is $2.09 per share. KeyCorp also issued estimates for Fortinet’s Q4 2025 earnings at $0.65 EPS, Q1 2026 earnings at $0.57 EPS, Q2 2026 earnings at $0.60 EPS, Q3 2026 earnings at $0.64 EPS, Q4 2026 earnings at $0.74 EPS and FY2026 earnings at $2.55 EPS.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the company earned $0.63 earnings per share. The company’s revenue for the quarter was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS.

Several other brokerages also recently issued reports on FTNT. Daiwa America downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Jefferies Financial Group reduced their target price on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Daiwa Capital Markets downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target on the stock. in a research note on Wednesday, November 12th. Hsbc Global Res cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. Finally, Piper Sandler reissued a “neutral” rating and issued a $90.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $90.30.

Fortinet Price Performance

NASDAQ FTNT opened at $75.38 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03. The stock has a market cap of $56.06 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 2.67 and a beta of 1.07. The business has a 50 day simple moving average of $80.65 and a 200 day simple moving average of $85.42. Fortinet has a 52-week low of $70.12 and a 52-week high of $114.82.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Fortinet in the second quarter valued at about $1,640,900,000. Vanguard Group Inc. grew its stake in Fortinet by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock valued at $6,354,874,000 after buying an additional 2,894,355 shares during the last quarter. Van ECK Associates Corp raised its holdings in Fortinet by 62.1% in the 3rd quarter. Van ECK Associates Corp now owns 5,564,558 shares of the software maker’s stock valued at $467,868,000 after acquiring an additional 2,132,109 shares during the period. First Trust Advisors LP lifted its position in Fortinet by 30.9% during the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock worth $636,962,000 after acquiring an additional 1,790,033 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock worth $909,453,000 after acquiring an additional 1,568,337 shares during the period. 83.71% of the stock is owned by institutional investors.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: KeyCorp raised multiple near‑term and full‑year EPS forecasts (Q4 2025–Q4 2026 and FY2025–FY2026), lifting FY2026 to $2.55 and trimming quarterly variance — a direct fundamental tailwind to earnings expectations (no link provided).
• Positive Sentiment: Zacks highlights Fortinet as a “strong growth stock,” emphasizing growth/style scores that may attract momentum and growth-oriented investors. Here’s Why Fortinet (FTNT) is a Strong Growth Stock
• Positive Sentiment: Forbes notes a long‑term bullish trendline and a sectorwide tailwind from semiconductor earnings (TSM) that could help FTNT break out of recent consolidation — a technical catalyst for a recovery move. Long-Term Bullish Trendline Could Help Fortinet Stock Break Out
• Neutral Sentiment: InsiderMonkey summarizes recent analyst activity: RBC reiterated a Hold (PT $85) while Piper Sandler adjusted its target — useful context but not a clear directional driver. Here’s What Analysts Think About Fortinet (FTNT)
• Neutral Sentiment: UBS issued a Hold on FTNT — a conservative stance that keeps shares range‑bound unless upgraded. Fortinet (FTNT) Gets a Hold from UBS
• Neutral Sentiment: Globe and Mail ran an analyst roundup on Fortinet — additional commentary but no single decisive call. Analysts Offer Insights on Technology Companies: Fortinet (FTNT) and Veritone (VERI)
• Negative Sentiment: J.P. Morgan maintained a Sell rating, citing elevated memory costs and margin risk and keeping a $75 price target — a notable bearish view that pressures sentiment and could limit upside. Fortinet Downgraded: Elevated Memory Costs and Margin Risk Drive Sustained Sell Rating
• Negative Sentiment: Recent market commentary notes FTNT has declined more than the market in recent sessions and remains materially below its 50/200‑day moving averages, underscoring near‑term technical weakness. Fortinet (FTNT) Declines More Than Market: Some Information for Investors

Fortinet Company Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.