Ultime notizie per Fortinet (NASDAQ:FTNT) Azioni

Fortinet

Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.

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Fortinet Inc

Needham analyst Matt Dezort reiterates Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Hold.

Reiteration

Analyst Ratings

Needham Reiterates Hold on Fortinet

Truist Securities analyst Joel Fishbein reiterates Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and raises the price target from $85 to $105.

Price Target

Truist Securities Reiterates Buy on Fortinet, Raises Price Target to $105

Scotiabank analyst Patrick Colville maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Sector Outperform and raises the price target from $85 to $110.

Scotiabank Maintains Sector Outperform on Fortinet, Raises Price Target to $110

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Macquarie boosted the price target for Trip.com Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>) from $75.4 to $80.8. Macquarie analyst Ellie Jiang maintained an Outperform rating. Trip.com shares closed at $62.74 on Tuesday. <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital increased the price target for Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) from $43 to $45. RBC Capital analyst Scott Hanold downgraded the stock from Outperform to Sector Perform. Northern Oil and Gas shares closed at $41.08 on Tuesday. <a href="https://www.benzinga.com/quote/NOG/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Chardan Capital raised Arbutus Biopharma Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABUS#NASDAQ">ABUS</a>) price target from $4.5 to $5. Chardan Capital analyst Keay Nakae maintained a Buy rating. Arbutus Biopharma shares settled at $3.49 on Tuesday. <a href="https://www.benzinga.com/quote/ABUS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>HC Wainwright &amp; Co. cut Super League Enterprise, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLE#NASDAQ">SLE</a>) price target from $3 to $2. HC Wainwright &amp; Co. analyst Scott Buck maintained a Buy rating. Super League Enterprise shares closed at $0.6811 on Tuesday. <a href="https://www.benzinga.com/quote/SLE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Jefferies slashed AeroVironment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>) price target from $240 to $230. Jefferies analyst Greg Konrad upgraded the stock from Hold to Buy. AeroVironment shares closed at $194.89 on Tuesday.  <a href="https://www.benzinga.com/quote/AVAV/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JP Morgan boosted Energizer Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENR#NYSE">ENR</a>) price target from $32 to $39. JP Morgan analyst Andrea Teixeira upgraded the stock from Underweight to Neutral. Energizer shares closed at $37.25 on Tuesday. See how other analysts view this stock.</li>
<li>Telsey Advisory Group boosted the price target for Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) from $92 to $100. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating. Walmart shares settled at $86.60 on Tuesday. <a href="https://www.benzinga.com/quote/WMT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Rosenblatt boosted Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) price target from $90 to $100. Rosenblatt analyst Catharine Trebnick maintained a Buy rating. Fortinet shares closed at $90.79 on Tuesday. <a href="https://www.benzinga.com/quote/FTNT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Rosenblatt increased the price target for Dolby Laboratories, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLB#NYSE">DLB</a>) from $98 to $100. Rosenblatt analyst Steven Frankel maintained a Buy rating. Dolby shares closed at $70.91 on Tuesday. <a href="https://www.benzinga.com/quote/DLB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird boosted Keysight Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>) price target from $163 to $180. Baird analyst Richard Eastman maintained an Outperform rating. Fortinet shares closed at $152.13 on Tuesday. <a href="https://www.benzinga.com/quote/KEYS/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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<li><a href="https://www.benzinga.com/analyst-ratings/price-target/24/11/42069785/wall-streets-most-accurate-analysts-weigh-in-on-3-defensive-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Defensive Stocks With Over 5% Dividend Yields</a></li>
</ul>

Pre-Market Outlook

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AVAV

KEYS

TCOM

Walmart To Rally More Than 15%? Here Are 10 Top Analyst Forecasts For Wednesday

Rosenblatt analyst Catharine Trebnick maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and raises the price target from $90 to $100.

Rosenblatt Maintains Buy on Fortinet, Raises Price Target to $100

On November 7, Fortinet reported <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41828399/fortinet-q3-earnings-revenue-beat-eps-beat-billings-up-6-shares-slide" rel="noreferrer noopener">third-quarter revenue</a> of $1.51 billion, up 13%, topping the&nbsp;consensus estimate&nbsp;of $1.48 billion. Product revenue was up 1.7% to $473.9 million. Service revenue grew 19.1% to $1.03 billion. Billings of $1.58 billion were up 6.1%.
The company expects fourth-quarter revenue of $1.56 billion-$1.62 billion versus a consensus of $1.59 billion.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42061321/vipshop-q3-earnings-revenue-beats-estimates-despite-order-decline-strong-margins-amid-soft-sales-reveals-q4-guidance-and-share-buybacks" rel="noreferrer noopener">Vipshop Beats Q3 Estimates Despite Sales Dip, Focuses On Long-Term Resilience</a>
Several Wall Street analysts rerated Fortinet, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) after attending the 2024 analyst day.
<ul>
<li>Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated Fortinet with a Neutral and raised the <a href="https://www.benzinga.com/quote/FTNT/analyst-ratings" target="_blank" rel="noreferrer noopener">price target from $88 to $95</a>.</li>
<li>RBC Capital analyst Dan Bergstrom maintained Fortinet with a Sector Perform and raised the price target from $82 to $97.</li>
<li>BMO Capital analyst Keith Bachman raised the price target on Fortinet to $100 from $88 and reiterated a Market Perform rating on the shares.</li>
<li>BofA Securities analyst Tal Liani raised the price target on Fortinet to $104 from $87 and maintained a Buy rating on the shares.</li>
<li>Piper Sandler analyst Rob Owens reiterated a Hold rating on Fortinet and set a price target of $100, up from $80.</li>
<li>Goldman Sachs analyst Gabriela Borges maintained a Buy rating on Fortinet with a price target of $100, up from $91.</li>
</ul>
Cantor Fitzgerald: Ruykhaver maintained a neutral rating for Fortinet following its well-attended analyst day in New York, highlighting significant updates to long-term financial targets, product refresh insights, and robust growth strategies. The price target boost reflects an improved demand outlook and execution strength.
Fortinet expects approximately 25% of its installed base, representing 650,000 devices, to reach end-of-support in 2026. Customers will likely begin device upgrades in the first half of 2025, contributing an estimated $400 million–$450 million in additional product revenue.
This refresh could boost overall revenue by 4%–5%. Further upside may stem from Fortinet&#8217;s strategy of transitioning customers away from competitor contracts and additional cycles projected for 2027, with 350,000 more devices reaching end-of-support.
The company introduced its new &#8220;Rule of 45&#8221; target, combining revenue growth and operating margins to exceed 45%. Fortinet outlined goals of a 12% compound annual revenue growth rate (CAGR) and operating margins above 30%. Ruykhaver anticipates Fortinet surpassing this benchmark in fiscal 2025 and fiscal 2026, forecasting combined metrics of 46.3% and 48.2%, respectively, showcasing its commitment to long-term operational excellence.
Fortinet continues to gain traction among large enterprises, with 70% adopting SD-WAN functionality, 60% deploying hybrid virtual machines, and 8% adding security service edge (SSE) solutions.
Over 70% of enterprise customers have integrated firewalls, switches, and access points, supporting Fortinet&#8217;s convergence strategy. The company also cited consolidation benefits, with some organizations reducing security solutions from 200 to 60 by adopting Fortinet&#8217;s unified platform.
Fortinet reaffirmed its 2024 margin guidance of 80.8% gross margins and 33.4% operating margins. However, higher marketing investments to drive growth may result in slight margin reductions, with long-term gross margins normalizing to 79%–80%.
The analyst said Fortinet&#8217;s relatively low 26% U.S. revenue share compared to a commanding 70% firewall market share in Latin America. Expansion in the U.S. enterprise market is seen as a critical growth opportunity.
Fortinet outlined ambitious three-to-five-year targets, including 12% billings and revenue CAGR, 30% operating margins, mid-to-high 30% adjusted free cash flow (FCF) margins, and Rule of 45 compliance.
Ruykhaver projected fiscal 2025 revenue of $6.64 billion and EPS of $2.54. He projected fiscal 2026 revenue of $7.50 billion and EPS of $2.87.
RBC Capital: Bergstrom expressed optimism about Fortinet following its investor day, highlighting key growth opportunities and updates to financial targets.
The focus was on the customer journey across Secure Networking, Unified SASE, AI-driven SecOps, and the upcoming product refresh. Despite mixed reactions to the medium-term targets, the analysis emphasized a compelling long-term outlook, leading to an increased price target, reflecting the calendar year 2025 EV/FCF multiple of 32.5x.
Fortinet detailed cross-sell and upsell opportunities in Secure Networking, SASE, and SecOps. The analyst noted significant revenue potential, with Secure Networking starting from Data Center Firewalls and expanding through products like LAN/WLAN and 5G/OT for up to a 5x upsell.
Similarly, SASE growth builds from Edge Firewalls to Secure SD-WAN, culminating in Universal ZTNA for a 3x upsell. SecOps growth strategies revolve around advanced subscriptions and AI-driven SecOps, presenting up to a 4x upsell.
Bergstrom is optimistic about Fortinet&#8217;s 2025-2026 product refresh cycle, noting a significant increase in end-of-life units by 2026, which is expected to drive substantial upgrade activity.
With over 700,000 end-of-life units projected for 2026—10x the historical average—the refresh cycle could deliver robust product and service revenue. An additional refresh in 2027 with 350,000 units is expected to sustain growth.
Fortinet set medium-term targets, including 12%+ annual billings and revenue growth, operating margins exceeding 30%, and FCF margins in the mid-to-high 30% range.
The analyst updated his 2025 revenue estimate to $6.59 billion, with EPS adjusted to $2.21. 2026 revenue projections increased to $7.38 billion, with EPS revised to $2.40. These adjustments align with Fortinet&#8217;s focus on achieving the Rule of 45—a combination of revenue growth and operating margins.
BMO Capital: Bachman retained a neutral stance on Fortinet following its 2024 analyst day, emphasizing its medium-term growth prospects, significant refresh opportunities, and investments in emerging technologies.
The price target boost reflects increased confidence in Fortinet&#8217;s long-term strategy and growth potential.
Fortinet outlined three- to five-year targets, including a 12% compound annual growth rate (CAGR) for billings and revenue, operating margins exceeding 30%, and adjusted free cash flow (FCF) margins in the mid-to-high 30% range.
The analyst noted Fortinet&#8217;s efforts to achieve the &#8220;Rule of 45,&#8221; where the sum of revenue growth and operating margin meets or exceeds 45%. While near-term margins may face headwinds from increased R&amp;D and go-to-market (GTM) investments, these efforts are expected to bolster long-term growth.
The 2026 refresh cycle involves 650,000 devices reaching end-of-support, representing $400–450 million in potential product revenue over two years. Bachman anticipates incremental revenue growth from upsell opportunities as customers upgrade low-end firewalls and adopt Fortinet&#8217;s broader solutions.
Additional refresh cycles are expected in 2027, involving even larger device volumes, creating sustained revenue opportunities through the decade&#8217;s end.
Fortinet highlighted Unified Secure Access Service Edge (SASE) as a key growth area, targeting its installed base of 40,000 SD-WAN customers. Analysts view SASE functionality embedded in FortiGates and FortiOS as a competitive advantage, enabling seamless upsell opportunities.
While Secure Networking contributes most of Fortinet&#8217;s billings (67%), SASE and Secure Service Edge (SSE) offerings are growing faster, positioning the company for increased billings in these categories.
Fortinet increased its total addressable market (TAM) projection from $183 billion in 2024 to $284 billion by 2028.
Security Operations now represents 57% of this TAM, highlighting its growing importance. The remaining TAM is divided among Secure Networking (26%) and Unified SASE (16%), with respective CAGRs of 13%, 7%, and 16% through 2028. Bachman noted Fortinet&#8217;s solutions can outpace market growth in these segments.
Fortinet continues to expand its network of points of presence (PoPs), aiming to provide cost-efficient, localized infrastructure for customers. Management anticipates these investments will take 5–10 years to deliver substantial returns, but early adoption by 70% of customers highlights their cost-effectiveness.
While PoPs may weigh on near-term free cash flow margins, they are expected to strengthen Fortinet&#8217;s long-term competitive positioning. Bachman projected fiscal 2025 revenue of $6.7 billion and EPS of $2.61.
BofA Securities: Liani remains optimistic about Fortinet&#8217;s long-term growth potential following its recent analyst day.
The company outlined strong three- to five-year guidance, supported by upcoming firewall refresh cycles, robust Unified SASE and Security Operations growth, and expanding recurring revenue streams. The price target boost reflects improved business trends and a higher valuation multiple.
Fortinet expects a substantial revenue boost from the 2026 end-of-support cycle for 650,000 FortiGate units, translating to a $400–$450 million product revenue opportunity.
An additional 350,000 units are projected to reach end-of-support in 2027. The analyst highlighted the company&#8217;s history of strong refresh-driven growth, including a 30% year-over-year product revenue increase in 2022, excluding acquisitions.
Despite management&#8217;s lack of 2025 guidance, analysts anticipate product revenue growth exceeding Street estimates of 6.6%.
New product initiatives are gaining traction, with Unified SASE annual recurring revenue (ARR) growing 22% year-over-year and Security Operations ARR rising 64% last quarter. Secure Service Edge (SSE), a minor component of SASE, posted a remarkable 500% ARR growth from a low base.
Fortinet plans to enhance disclosures of remaining performance obligations (RPO), which grew 15% year-over-year last quarter, reflecting its increasing SaaS revenue mix.
The company set long-term goals for 12% annual revenue and billings growth, aligning with blended market rates but exceeding competitors across all product categories in recent years.
Liani noted potential upside as Fortinet consistently outpaces market growth. The updated Rule of 45 targets (revenue growth plus operating margin) further underscores the company&#8217;s focus on profitability, replacing the previous Rule of 40 benchmarks.
Management projects gross margins of 79–80% over the long term, slightly below the 2024 guidance of 80.8%, due to a higher product revenue mix.
Operating margins are expected to stabilize around 32–33%, driven by investments in sales, marketing, and the integration of the Lacework acquisition. Adjusted free cash flow margins are projected to exceed 35% long term, with near-term margins potentially higher, despite cloud infrastructure investments.
Liani projects fiscal 2025 revenue of $6.61 billion and EPS of $2.42. The analyst expects fiscal 2026 revenue of $7.43 billion and EPS of $2.69.
Piper Sandler: Owens came away from Fortinet&#8217;s recent analyst day with a deeper understanding of the company&#8217;s growth strategies, long-term targets, and product refresh opportunities. While the updated guidance aligns broadly with expectations, analysts remain cautious about the near-term impact of initiatives.
Fortinet&#8217;s unified operating system and custom ASIC architecture remain foundational to its success. This approach strengthens its ability to cross-sell newer solutions within its large customer base while offering a distinct value proposition compared to competitors.
Owens noted this strategy positions Fortinet for continued market share growth.
Fortinet expects significant contributions from its upcoming firewall refresh cycle. With 650,000 FortiGate units set to reach end-of-support in 2026, management forecasts $400–$450 million in incremental product revenue from these upgrades over two years, with another 350,000 units due for a refresh in 2027.
The refresh is also expected to drive cross-sell opportunities, introducing customers to Fortinet&#8217;s expanding portfolio.
Fortinet updated its medium-term targets, projecting over 12% annual growth in revenue and billings, more than 30% operating margins, and free cash flow margins in the low-to-mid 30% range.
These figures support the company&#8217;s ambition to maintain a Rule of 45 profile, combining growth and margin efficiency. Owens considers these targets achievable, given the strong underlying market dynamics.
Unified SASE annual recurring revenue (ARR) grew 22% year-over-year in Q3 to $984 million, with a total addressable market (TAM) expected to reach $46 billion by 2028.
SecOps ARR increased by 64% year-over-year to $444 million, with a TAM forecasted to grow to $163 billion in the same period. Analysts see these offerings as critical to Fortinet&#8217;s capture of enterprise market share.
Fortinet plans to strengthen its position among large enterprise customers, especially in the U.S., which currently accounts for 40% of its business. Efforts include increased direct sales hiring, smaller territories for a more profound account focus, and strategic marketing initiatives. Fortinet&#8217;s organically developed platform differentiates it from competitors relying on acquisitions for growth.
The updates provide a more precise roadmap for Fortinet&#8217;s enterprise-level expansion and momentum in SASE and SecOps. However, the benefits of the refresh cycle and go-to-market investments may take time to materialize, keeping analysts cautious in the short term.
Owens expects fiscal 2025 revenue of $6.62 billion and EPS of $2.35. The analyst projects fiscal 2026 revenue of $7.48 billion and EPS of $2.64.
Goldman Sachs: Borges is optimistic about Fortinet following its recent analyst day in New York, highlighting promising long-term growth opportunities and a strategic focus on emerging products beyond its core firewall business.
The updated price target reflects expectations for both cyclical and secular growth drivers.
Fortinet shared its updated 3-5 year growth targets, projecting over 12% revenue and billings CAGR, with operating margins exceeding 30%. The analyst said these targets are conservative, given Fortinet&#8217;s historical outperformance and proven ability to gain market share in secure networking and firewalls.
Free cash flow (FCF) margins are forecasted in the mid-to-high 30% range, supported by continued growth across its product portfolio.
A significant refresh cycle is expected to begin in 2025, as approximately 25% of Fortinet&#8217;s installed base—around 650,000 units—reaches end-of-support by 2026. Management anticipates $400–$450 million in additional revenue from these upgrades over two years.
Borges noted that the upsell opportunity for low-end firewalls remains substantial, with management estimating a $12 incremental revenue potential for every $1 in firewall sales.
This includes $5 from secure networking, $3 from SASE, and $4 from Security Operations.
Fortinet continues to expand its footprint in Secure Access Service Edge (SASE), with annual recurring revenue (ARR) growing 22% year-over-year to $984 million. The analyst is encouraged by the scalability of Fortinet&#8217;s unified SASE architecture, which reduces costs compared to competitors and aligns with customer demand for integrated solutions.
The SASE TAM is expected to grow at a 16% CAGR, reaching $46 billion by 2028.
Fortinet disclosed an ARR of $1.4 billion, accounting for 23% of total annualized revenue, with significant contributions from emerging offerings like SD-WAN and SSE.
The company also highlighted its growing opportunity in operational technology (OT) security, with growth above 15% annually, fueled by increasing demand from industries lagging in digital transformation.
Fortinet plans to increase its sales force and reduce the number of accounts per manager to capitalize on enterprise market opportunities. These initiatives aim to address capacity constraints and enhance penetration into large enterprises, particularly in the U.S., which remains a critical growth area.
Borges raised Fortinet&#8217;s free cash flow estimates for 2025 and 2026 to $2.19 billion and $2.67 billion, respectively, from prior forecasts of $2.04 billion and $2.50 billion.
While short-term benefits from the refresh cycle and SASE momentum are anticipated, analysts highlight the need for execution in critical areas, particularly in the enterprise market. Fortinet remains a strong contender in secure networking, with an evolving portfolio that aligns with emerging market demands. Borges projects fiscal 2025 revenue of $6.74 billion and EPS of $2.45. The analyst expects fiscal 2026 revenue of $7.81 billion and EPS of $2.94.
Price Action: FTNT stock closed lower by 1.19% at $90.79 at the last check on Tuesday.
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Photo by JHVEPhoto via Shutterstock

Analyst Color

Tech

Fortinet Targets 45% Growth-Margin Combo, $450 Million Refresh Boost: Analysts See Big Upside

B of A Securities analyst Tal Liani maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and raises the price target from $87 to $104.

B of A Securities Maintains Buy on Fortinet, Raises Price Target to $104

Wedbush analyst Daniel Ives maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Outperform and raises the price target from $90 to $105.

Wedbush Maintains Outperform on Fortinet, Raises Price Target to $105

Piper Sandler analyst Rob Owens maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and raises the price target from $80 to $100.

Piper Sandler Maintains Neutral on Fortinet, Raises Price Target to $100

TD Cowen analyst Shaul Eyal maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and raises the price target from $90 to $105.

TD Cowen Maintains Buy on Fortinet, Raises Price Target to $105

BMO Capital analyst Keith Bachman reiterates Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Market Perform and raises the price target from $88 to $100.

BMO Capital Reiterates Market Perform on Fortinet, Raises Price Target to $100

RBC Capital analyst Dan Bergstrom maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Sector Perform and raises the price target from $82 to $97.

RBC Capital Maintains Sector Perform on Fortinet, Raises Price Target to $97

Wells Fargo analyst Andrew Nowinski maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Equal-Weight and raises the price target from $80 to $85.

Wells Fargo Maintains Equal-Weight on Fortinet, Raises Price Target to $85

Stifel analyst Adam Borg maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Hold and raises the price target from $84 to $90.

Stifel Maintains Hold on Fortinet, Raises Price Target to $90

Cantor Fitzgerald analyst Jonathan Ruykhaver maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and raises the price target from $88 to $95.

Cantor Fitzgerald Maintains Neutral on Fortinet, Raises Price Target to $95

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Keybanc boosted the price target for Symbotic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYM#NASDAQ">SYM</a>) from $40 to $48. Keybanc analyst Ken Newman maintained an Overweight rating. Symbotic shares closed at $30.56 on Monday. <a href="https://www.benzinga.com/quote/SYM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler cut the price target for The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>) from $40 to $35. Piper Sandler analyst Michael Lavery downgraded the stock from Overweight to Neutral. Kraft Heinz shares closed at $31.07 on Monday. <a href="https://www.benzinga.com/quote/KHC/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Phillip Securities raised Sea Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SE#NYSE">SE</a>) price target from $80 to $100. Phillip Securities analyst Helena Wang downgraded the stock from Neutral to Reduce. Sea shares settled at $108.63 on Monday. <a href="https://www.benzinga.com/quote/SE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen boosted United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) price target from $100 to $125. TD Cowen analyst Helane Becker maintained a Buy rating. United Airlines shares closed at $90.38 on Monday. <a href="https://www.benzinga.com/quote/UAL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>HC Wainwright &amp; Co. boosted Bitdeer Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTDR#NASDAQ">BTDR</a>) price target from $17 to $18. HC Wainwright &amp; Co. analyst Mike Colonnese maintained a Buy rating. Bitdeer shares closed at $11.85 on Monday.  <a href="https://www.benzinga.com/quote/BTDR/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Guggenheim boosted Six Flags Entertainment Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUN#NYSE">FUN</a>) price target from $52 to $55. Guggenheim analyst Curry Baker maintained a Buy rating. Six Flags Entertainment shares closed at $45.65 on Monday. See how other analysts view this stock.</li>
<li>Truist Securities boosted the price target for NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) from $148 to $167. Truist Securities analyst William Stein maintained a Buy rating. Nvidia shares settled at $140.15 on Monday. <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Oppenheimer boosted Guidewire Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>) price target from $200 to $220. Oppenheimer analyst Ken Wong maintained an Outperform rating. Guidewire shares closed at $194.04 on Monday. <a href="https://www.benzinga.com/quote/GWRE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Benchmark increased the price target for MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) from $300 to $450. Benchmark analyst Mark Palmer maintained a Buy rating. MicroStrategy shares closed at $384.79 on Monday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Deutsche Bank boosted Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) price target from $77 to $90. Deutsche Bank analyst Brad Zelnick maintained a Hold rating. Fortinet shares closed at $91.88 on Monday. <a href="https://www.benzinga.com/quote/FTNT/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying NVDA stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="566" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19075432/image-196-1024x566.png" alt="" class="wp-image-654932" style="width:711px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19075432/image-196-1024x566.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19075432/image-196-300x166.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19075432/image-196-768x425.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19075432/image-196.png 1188w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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BTDR

GWRE

MSTR

NVDA

Nvidia To Rally More Than 19%? Here Are 10 Top Analyst Forecasts For Tuesday

Baird analyst Shrenik Kothari maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Outperform and raises the price target from $95 to $100.

Baird Maintains Outperform on Fortinet, Raises Price Target to $100

Morgan Stanley analyst Hamza Fodderwala maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Overweight and raises the price target from $105 to $106.

Morgan Stanley Maintains Overweight on Fortinet, Raises Price Target to $106

Deutsche Bank analyst Brad Zelnick maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Hold and raises the price target from $77 to $90.

Deutsche Bank Maintains Hold on Fortinet, Raises Price Target to $90

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PLTR</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>11/22/24</td>
<td>$61.00</td>
<td>$28.4K</td>
<td>8.3K</td>
<td>15.2K</td>
</tr>
<tr>
<td>INTC</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/18/26</td>
<td>$10.00</td>
<td>$220.0K</td>
<td>7.4K</td>
<td>4.0K</td>
</tr>
<tr>
<td>MSTR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/22/24</td>
<td>$370.00</td>
<td>$93.0K</td>
<td>2.5K</td>
<td>3.8K</td>
</tr>
<tr>
<td>MARA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$30.00</td>
<td>$62.0K</td>
<td>13.5K</td>
<td>2.3K</td>
</tr>
<tr>
<td>MU</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$180.00</td>
<td>$60.0K</td>
<td>1.1K</td>
<td>2.0K</td>
</tr>
<tr>
<td>NVDA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/18/26</td>
<td>$0.50</td>
<td>$1.2 million</td>
<td>34.2K</td>
<td>1.7K</td>
</tr>
<tr>
<td>MSFT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$420.00</td>
<td>$25.4K</td>
<td>11.4K</td>
<td>1.0K</td>
</tr>
<tr>
<td>DT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$55.00</td>
<td>$114.0K</td>
<td>210</td>
<td>1.0K</td>
</tr>
<tr>
<td>FTNT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/22/24</td>
<td>$93.00</td>
<td>$33.4K</td>
<td>139</td>
<td>927</td>
</tr>
<tr>
<td>NN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$20.00</td>
<td>$82.3K</td>
<td>953</td>
<td>824</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For PLTR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), we notice a put option trade that happens to be neutral, expiring in 4 day(s) on November 22, 2024. This event was a transfer of 200 contract(s) at a $61.00 strike. The total cost received by the writing party (or parties) was $28.4K, with a price of $142.0 per contract. There were 8355 open contracts at this strike prior to today, and today 15274 contract(s) were bought and sold. 
• Regarding INTC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), we observe a put option trade with bearish sentiment. It expires in 760 day(s) on December 18, 2026. Parties traded 4000 contract(s) at a $10.00 strike. The total cost received by the writing party (or parties) was $220.0K, with a price of $55.0 per contract. There were 7499 open contracts at this strike prior to today, and today 4036 contract(s) were bought and sold. 
• Regarding MSTR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), we observe a call option sweep with bullish sentiment. It expires in 4 day(s) on November 22, 2024. Parties traded 37 contract(s) at a $370.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $93.0K, with a price of $2535.0 per contract. There were 2597 open contracts at this strike prior to today, and today 3801 contract(s) were bought and sold. 
• For MARA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), we notice a call option sweep that happens to be bullish, expiring in 123 day(s) on March 21, 2025. This event was a transfer of 200 contract(s) at a $30.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $62.0K, with a price of $310.0 per contract. There were 13573 open contracts at this strike prior to today, and today 2336 contract(s) were bought and sold. 
• Regarding MU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), we observe a call option trade with bullish sentiment. It expires in 123 day(s) on March 21, 2025. Parties traded 2000 contract(s) at a $180.00 strike. The total cost received by the writing party (or parties) was $60.0K, with a price of $30.0 per contract. There were 1169 open contracts at this strike prior to today, and today 2025 contract(s) were bought and sold. 
• Regarding NVDA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), we observe a call option sweep with bearish sentiment. It expires in 760 day(s) on December 18, 2026. Parties traded 90 contract(s) at a $0.50 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $1.2 million, with a price of $13941.0 per contract. There were 34271 open contracts at this strike prior to today, and today 1705 contract(s) were bought and sold. 
• Regarding MSFT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), we observe a call option trade with bullish sentiment. It expires in 60 day(s) on January 17, 2025. Parties traded 20 contract(s) at a $420.00 strike. The total cost received by the writing party (or parties) was $25.4K, with a price of $1272.0 per contract. There were 11435 open contracts at this strike prior to today, and today 1079 contract(s) were bought and sold. 
• For DT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DT#NYSE">DT</a>), we notice a call option trade that happens to be bearish, expiring in 95 day(s) on February 21, 2025. This event was a transfer of 600 contract(s) at a $55.00 strike. The total cost received by the writing party (or parties) was $114.0K, with a price of $190.0 per contract. There were 210 open contracts at this strike prior to today, and today 1019 contract(s) were bought and sold. 
• Regarding FTNT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), we observe a put option sweep with bullish sentiment. It expires in 4 day(s) on November 22, 2024. Parties traded 167 contract(s) at a $93.00 strike. This particular put needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $33.4K, with a price of $200.0 per contract. There were 139 open contracts at this strike prior to today, and today 927 contract(s) were bought and sold. 
• Regarding NN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NN#NASDAQ">NN</a>), we observe a call option sweep with bearish sentiment. It expires in 424 day(s) on January 16, 2026. Parties traded 183 contract(s) at a $20.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $82.3K, with a price of $450.0 per contract. There were 953 open contracts at this strike prior to today, and today 824 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

INTC

MARA

MSFT

PLTR

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