Fortinet, Inc. (FTNT)

Fortinet's stock price has been impacted by several events in the past six months. Fortinet faced challenges with critical vulnerabilities in its FortiGate firewalls, including a zero-day vulnerability in January 2025 and the uncovering of a post-exploitation technique in April 2025. In January 2025, a threat actor allegedly published Fortinet FortiGate firewall data from 15,000 organizations on the dark web. In August 2023, Fortinet's stock plunged after a mixed second-quarter report, but investors awaited the May 7, 2025 earnings report with projected growth. Fortinet has been active in acquisitions, acquiring Lacework and Next DLP in August 2024.

Fortinet's management has indicated a return to more normal seasonality for the company's revenue and billings. Historically, Fortinet has experienced consistent revenue growth, reflecting the growing global demand for cybersecurity solutions. The cybersecurity industry itself remains highly relevant, with CIOs prioritizing cyber spending, which provides solid long-term demand drivers for Fortinet.

Fortinet, Inc. is an American cybersecurity company founded in 2000, headquartered in Sunnyvale, California. It operates within the Technology sector, focusing on cybersecurity and the convergence of networking and security. Fortinet's mission is to secure people, devices, and data everywhere, offering a comprehensive portfolio of security solutions through its integrated platform, the Fortinet Security Fabric. Its major products and services include Next-Generation Firewalls (NGFW), Secure Networking, Unified Secure Access Service Edge (SASE), AI-driven Security Operations (SecOps), Threat Intelligence and Response, Application Security, and other products and services. Fortinet serves a wide range of market verticals, including financial services, retail, healthcare, operational technology, communication and security service providers, government organizations, and small and medium-sized businesses.

Fortinet has a significant global presence with operations across the Americas, Europe, the Middle East, Africa (EMEA), and Asia-Pacific (APAC). The company is headquartered in Sunnyvale, California, USA, and has 56 office locations worldwide. Its end-customers are located in over 100 countries, and revenue growth has been consistent across all geographic areas, with notable momentum in the Asia Pacific region after 2019.

Fortinet generally maintains a strong brand reputation as a leader in network and security, ranking #7 in Forbes' Most Trusted Companies list in 2024. Customers praise its FortiGate Next-Generation Firewalls for robust security, excellent threat protection, ease of use, and integrated features. However, its reputation has been affected by vulnerabilities and breaches, including frequent vulnerabilities requiring patching, zero-day exploits, backdoors, and a data leak in January 2025. Despite these challenges, Fortinet's swift action in issuing patches and communicating with affected customers has helped mitigate the fallout.

Fortinet's ownership structure includes institutional, retail, and individual investors. Institutions hold a significant portion of Fortinet's shares, ranging from approximately 50% to 69%. Individual investors hold a notable portion, around 15% to 32.89% of the company. Company insiders hold a significant stake, approximately 14.31% to 16% of the company's stock, with Ken Xie being the largest individual shareholder.