Fortinet, Inc. (FTNT)

Fortinet's stock price increased by 5.95% between October 28, 2024, and October 24, 2025. On August 6, 2025, the stock price dropped by more than 22% due to Q3 revenue guidance missing expectations. A class-action lawsuit was filed against Fortinet on behalf of investors who purchased common stock between November 8, 2024, and August 6, 2025, alleging misrepresentation regarding a FortiGate firewall refresh cycle.

Fortinet's demand can experience some seasonality, with a muted seasonal budget flush likely impacting Q4 growth in 2024. Despite this, Fortinet anticipates that the firewall cycle is expected to see improving demand throughout the year. The company's shift towards subscription-based services helps build long-term revenue visibility and predictability, potentially mitigating some of the impact of hardware cyclicality.

Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California, operating within the Information Technology sector, specializing in security solutions like firewalls and intrusion detection systems. Its major products and services are built around the Fortinet Security Fabric platform, which provides broad, integrated, and automated protection. Key products include FortiGate NGFW, FortiSwitch, FortiAP, FortiWeb, FortiSIEM, FortiSandbox, FortiClient, FortiManager & FortiAnalyzer, FortiEDR, FortiAuthenticator, FortiDeceptor, FortiNAC, FortiGate VM, FortiPAM, FortiCamera, FortiVoice, FortiMail, FortiSOAR, FortiADC, FortiCASB, FortiDDoS, FortiToken, and FortiDLP. Fortinet also provides services such as antivirus programs, intrusion-prevention systems, antispyware, antispam, VPN, wireless security, application control, and web filtering. The company's revenue is primarily generated through product sales and service offerings, with services accounting for approximately 69% of revenue as of Q2 2025.

Fortinet is headquartered in Sunnyvale, California, and has a significant global presence with offices worldwide, including the US, Canada, and the UK. Its business operations span the Americas, Europe, the Middle East, Africa, and the Asia-Pacific regions.

Fortinet has a strong brand reputation for innovation and leadership in the cybersecurity industry, recognized as a Leader in Gartner's 2023 Magic Quadrant for Network Firewalls and receiving accolades like Frost & Sullivan's 2020 KSA Network Security Company of the Year Award. However, the class-action lawsuit filed in October 2025 could potentially impact Fortinet's brand reputation.

Fortinet, Inc. is largely controlled by institutional shareholders, who collectively own between 69% and 72% of the company. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., State Street Corp, Geode Capital Management, Llc, Invesco Qqq Trust, Series 1, Norges Bank, Bank of New York Mellon Corp and Morgan Stanley. Individual ownership, primarily by co-founders Ken Xie and Michael Xie, accounts for approximately 15-16% of the stock. The general public and retail investors hold around 15% to 40.85% of the company's stock.