NASDAQ · STOCK
Fortinet
$161.89
52W $70.12 – $170.35
55/100
$118.65B
56.6
1.09
Is FTNT Bullish or Bearish?
Mixed.
Innellis AI committee rates Fortinet (FTNT) Watch with a composite score of 55/100
, based on 6 analysts with 83% agreement.
Last updated July 31, 2026.
What Would Change This View
- Upgrade to Buy
- Requires a committee score of 60.0 — +5.19 from today. Applies on the first day at or above the line; upgrades are never dampened.
- Downgrade to Reduce
- Requires the score to fall below 40.0 — -14.81 from today. The band boundary is 45.0, but a one-step downgrade must clear a further margin first. A score oscillating around the line should not change the rating every night.
Executive Summary
Some positive signals exist — 5 consecutive earnings beats -- consistent execution — but they are not yet strong enough to justify a Buy. The committee is monitoring for confirmation.
Bull & Bear Case
Bull Case
- ROE of 187.9% shows genuine earnings power backing the valuation — Value
- 5 consecutive earnings beats -- consistent execution — Growth
- Quarter-over-quarter growth rate is ACCELERATING, not just positive — Growth
- Market regime is bullish (Bull market -- normal position sizing) — Macro
Bear Case
- P/E of 55.0 is expensive by classic value standards — Value
- Price-to-book of 47.7x prices in significant intangible value — Value
- MACD histogram negative -- bearish momentum — Technical
Both cases are generated from quantitative data signals, not qualitative or
forward-looking judgement. They summarise what the numbers say today.
Price History (6M)
AI Investment Committee
Committee Consensus
As of July 31, 2026
Overall Committee Score
55/100
Agreement
83%
Analysts
6
Conviction
High
Sector Rank
Top 42%
of 172 Technology peers
Value Analyst
neutral
42
/ 100 · Moderate confidence
Fair value -- neither a bargain nor obviously overpriced
+ ROE of 187.9% shows genuine earnings power backing the valuation
− P/E of 55.0 is expensive by classic value standards
Growth Analyst
bullish
77
/ 100 · High confidence
Strong, accelerating growth with consistent execution
+ 5 consecutive earnings beats -- consistent execution
Technical Analyst
neutral
48
/ 100 · High confidence
Mixed or range-bound price action
− MACD histogram negative -- bearish momentum
Macro Analyst
neutral
58
/ 100 · Moderate confidence
Macro backdrop is mixed or neutral -- not a strong tailwind or headwind either way
+ Market regime is bullish (Bull market -- normal position sizing)
News Analyst
neutral
60
/ 100 · Low confidence
News flow is mixed or quiet -- no strong signal either way right now
Portfolio Manager
neutral
45
/ 100 · High confidence
Portfolio-level factors are mixed -- worth a deliberate sizing decision, not a default-size position
+ Portfolio position concentration is currently healthy
− Sector concentration is already high (HHI 2744.14)
Investment Thesis Evolution
Committee score moved marginally from 57.1 to 54.8.
- Conviction strengthened -- analysts aligned more closely.
- Committee agreement increased sharply from 50% to 83%.
- New bearish signals: 3 appeared.
- Bullish support removed: 2 signal(s) disappeared.
- New bullish signals: 2 appeared.
- Bearish pressure eased: 3 signal(s) disappeared.
- Analyst(s) changed stance: Macro Analyst, News Analyst.
Analyst-level changes:
- Macro Analyst: stance bullish->neutral; score 65->58 (-8); +1 bullish signal(s).
- News Analyst: stance bullish->neutral; score 66->60 (-6).
- Portfolio Manager: +2 bearish signal(s).
- Value Analyst: +1 bearish signal(s); +1 bullish signal(s).
Comparing 2026-07-30 to 2026-07-31 (1 day apart).
Technical Analysis
RSI (14)
64.9
Neutral
MACD Histogram
-1.065
Bearish Momentum
Trend Direction
Uptrend
Weekly: Uptrend
Market Structure
Hh Hl
Bollinger %B
0.70
Inside Bands
Price vs Moving Averages
EMA 9
$155.83
Above
EMA 21
$155.22
Above
EMA 50
$145.41
Above
EMA 200
$112.20
Above
Fundamental Analysis
Valuation
0
Growth
85
Profitability
3
Financial Health
70
Cash Flow
37
Valuation
P/E Ratio
56.6×
P/B Ratio
76.84×
PEG Ratio
4.34
Dividend Yield
0.00%
52W High
$170.35
52W Low
$70.12
Quality & Growth
ROE
149.8%
ROA
17.8%
Gross Margin
80.4%
Operating Margin
32.4%
Revenue Growth YoY
—
Debt / Equity
0.32
AI Fundamental Assessment
P/E ratio of 56.6 (rich relative to a 15-40x range); Price-to-book of 76.8x; PEG ratio of 4.3 (under 1.0 suggests growth is undervalued relative to price); Return on equity of 1.5%; Return on assets of 0.2%; Net margin of 0.3%; Gross margin of 0.8%; Current ratio of 1.28 (tight short-term liquidity); Debt-to-equity of 0.32; Free cash flow margin of 0.9% (thin cash generation); Free cash flow per share is positive (4.24); Most recent quarter beat estimates by 18.2%; 5 consecutive earnings beats; EPS growth accelerating (+1.2% -> +9.8% QoQ); Average YoY EPS growth of 40.6%; Analyst estimates flat over recent quarters
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