Fortinet, Inc. (FTNT)

Fortinet's stock price has declined by 24.32% over the past six months as of January 12, 2026. Between January 8, 2025, and January 7, 2026, the share price decreased by 16.68%. On January 14, 2026, the stock saw a 2% dip following a Reuters report suggesting that China had imposed restrictions impacting the company. Citigroup increased its price target for Fortinet to $85.00, citing the company's 25% market share in the firewall sector. Easing hardware demand headwinds and an anticipated hardware renewal "supercycle" in 2026 and 2027 could present a significant upgrade opportunity.

Demand for Fortinet's products and services can exhibit cyclical patterns. The company experienced accelerated product growth in 2021 and 2022, driven by supply chain congestion, which led to many customers being well-supplied with FortiGates. A significant portion of Fortinet's installed base is expected to reach its end-of-service in 2026 and 2027, presenting a substantial upgrade opportunity. The easing of hardware demand headwinds and an increase in Fortinet's hiring activities suggest a strengthening demand environment.

Fortinet, Inc. is a cybersecurity company that develops and sells security products and provides Unified Threat Management (UTM) network security solutions. Their product portfolio is built around Secure Networking, Unified Secure Access Service Edge (SASE), and Security Operations. Key products include FortiGate Next-Generation Firewalls (NGFW), FortiSwitch, FortiAP, FortiWeb, FortiSIEM, FortiSandbox, FortiClient, FortiEDR, FortiMail, FortiADC, FortiCASB, FortiGuard Security Services, and FortiOS.

Fortinet is headquartered in Sunnyvale, California, with offices in the US, Canada, and the UK, serving customers across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific regions. The company has expanded its network reach to over 100 global locations through strategic partnerships and investments in its own SASE locations. Their FortiGuard IP Geolocation service allows Fortinet devices to query cloud-based servers for the location of public IP addresses for geography-based policy enforcement.

Fortinet has maintained a strong brand reputation over the past year, marked by several industry recognitions and positive reports. Fortinet was honored as a winner of the 2024 SC Awards for Best Professional Certification Program. The company has been consistently recognized as a Gartner Peer Insights™ Customers' Choice for Enterprise WWLAN and for Security Service Edge. Fortinet was also named a Challenger in the 2025 Gartner® Magic Quadrant™ for Email Security. A Forrester study highlighted the business impact of Fortinet's Secure LAN Edge, indicating a 308% Return on Investment (ROI).

Fortinet, Inc. is largely controlled by institutional shareholders, who collectively own about 70% of the company. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., State Street Corp, Geode Capital Management, Llc, Invesco Qqq Trust, Series 1, Bank of New York Mellon Corp, Invesco Ltd., and Morgan Stanley. Insiders also hold a significant proportion of the company, with ownership ranging from approximately 14.95% to 17.20%. Ken Xie, the Founder, Chairman of the Board, and Chief Executive Officer, is a major individual shareholder, owning about 7.82% of the company's shares. Michael Xie, the co-founder and CTO, also holds a substantial stake.