Fortinet, Inc. (FTNT)

Fortinet's stock price has experienced movements in the past six months (April 2025 - October 2025), reaching a 52-week high of $114.82 on February 17, 2025, and a 52-week low of $70.12 on August 7, 2025. On August 6, 2025, Fortinet's stock price dropped by 22% after the company disclosed that it was already "approximately 40% to 50% of the way through the 2026 upgrade cycle" for its FortiGate firewalls by the end of the second quarter of 2025. A class-action lawsuit was filed against Fortinet on September 22, 2025, alleging violations of securities laws. In November 2024, Fortinet provided conservative fourth-quarter 2024 guidance, which led to a slight dip in the stock price.

Fortinet's product and service demand exhibits some seasonality, influenced by hardware refresh cycles and a broader shift in the cybersecurity market. A significant firewall refresh cycle for FortiGate products is anticipated to commence in the second half of 2025 and continue into 2026, which is expected to drive sales momentum. There is an ongoing shift in Fortinet's revenue mix towards services, and demand for high-growth segments like Unified SASE and Security Operations has been strong.

Fortinet, Inc. is an American cybersecurity company that develops and markets security solutions, providing broad, integrated, and automated cybersecurity solutions to enterprises, service providers, and government organizations worldwide. The company's core business revolves around protecting against evolving cyber threats across various domains, including network security, endpoint security, and cloud security. Major products and services include FortiGate Firewalls that provide advanced threat protection, intrusion prevention, and secure connectivity. FortiGuard Security Services provide real-time threat intelligence, antivirus, intrusion prevention, and web filtering. Fortinet offers Secure SD-WAN solutions that integrate networking and security functionalities to optimize performance and reduce costs. Fortinet's SASE solutions combine SD-WAN capabilities with cloud-delivered security services. The Security Operations platform integrates technologies for threat detection, response, and mitigation. Products like FortiEDR and FortiClient safeguard devices against malware. Fortinet provides solutions such as FortiWeb, FortiCWP, and FortiCASB to protect workloads and applications in cloud environments. The company's portfolio also includes FortiSwitch, FortiAP, FortiMail, FortiAnalyzer, FortiManager, FortiAI, FortiToken, and various other security and networking functions.

Fortinet has a significant global presence, operating across the Americas, Europe, the Middle East and Africa (EMEA), and Asia Pacific (APAC). The company maintains offices and serves customers in over 100 countries worldwide, including major locations in the US, Canada, and the UK.

In the past year, Fortinet's brand reputation has been impacted by a cybersecurity incident in September 2024, where a hacker group breached Fortinet's Microsoft Azure SharePoint environment and exfiltrated sensitive internal data. Despite this, Fortinet continues to be recognized as a leader in the cybersecurity industry, being named an "Overall Leader" in the IT/OT Network Protection Platform Navigator report by Westlands Advisory and included in Newsweek's America's Greatest Companies 2025.

Fortinet's ownership structure is a mix of institutional, insider, and retail investors. Institutional investors hold approximately 68.36% to 70% of the company's shares, with major holders including Vanguard Group Inc., BlackRock, Inc., and State Street Corp. Individual insider ownership is also significant, with insiders holding around 8.09% to 15% of the stock. The largest individual shareholder is Ken Xie, the company's CEO, who owns approximately 7.60% to 7.9% of the common stock.