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Fortinet, Inc. (FTNT), headquartered in Sunnyvale, California, focuses on providing network security appliances and unified threat management network security solutions to enterprises, service providers, and government entities. With a market cap of $74.4 billion, Fortinet operations span various countries in North America, Latin America, EMEA, and Asia-Pacific.
Companies worth $10 billion or more are generally described as "large-cap stocks," Fortinet fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the software infrastructure industry.
Fortinet has slipped 2.5% from its 52-week high of $100.59 achieved on Nov. 13. However, FTNT stock has gained 27.9% over the past three months, outpacing the Technology Select Sector SPDR Fund's (XLK) rise of 10% during the same period.
Over the longer term, FTNT’s appeal looks even more promising. It has gained 82.8% over the past 52 weeks and 67.5% in 2024, surpassing XLK’s 24.4% rise this year and 27.1% gain over the past 52 weeks.
To confirm the recent bullish trend, FTNT has traded above its 50-day and 200-day moving averages since early August.
On Nov. 7, Fortinet released its Q3 earnings and its shares popped more than 9% in the following trading session. The company posted revenue of $1.51 billion, which beat the analysts' estimates of $1.48 billion. Fortinet has raised its fiscal year 2024 revenue guidance to a range of $5.86 billion to $5.92 billion, an increase from its previous forecast of $5.8 billion to $5.9 billion. The updated outlook aligns with the average analyst estimate of $5.86 billion.
Fortinet’s competitor, Palo Alto Networks, Inc. (PANW), gained 32.9% over the past 52 weeks and 35.1% in 2024, lagging behind FTNT’s robust returns over the same time frames.
Among the 37 analysts covering the FTNT stock, the consensus rating is a “Moderate Buy.” Although FTNT is trading above its mean price target of $95.13, the Street-high target of $111 represents a potential upside of 13.2% from current price levels.
