Should I Buy Fortinet Stock in 2025? A Full NZ Investor Analysis

What is Fortinet?

How much is the Fortinet stock?

The price of Fortinet stock has dipped this week. At the latest close, Fortinet trades at $102.04 USD, reflecting a 2.36% drop over the last 24 hours and a 2.08% decline over the past week.

The company sports a robust market capitalisation of $79.99 billion, with an average three-month daily volume of 5.13 million shares. Fortinet carries a P/E ratio of 42.87, does not pay a dividend, and has a stock beta of 1.17.

For NZ investors, this higher beta signals above-market volatility, offering both risk and potential reward in a dynamic cybersecurity sector.

Our full analysis on the Fortinet stock

After thoroughly reviewing Fortinet’s latest quarterly financials and assessing the stock’s robust performance over the past three years, we have applied a rigorous, multi-layered approach—melding financial data, technical indicators, competitive analysis, and our proprietary models—to uncover this security leader’s potential. With the cybersecurity sector evolving rapidly and market sentiment shifting, a data-driven perspective is essential to navigate the complex landscape. So, why might Fortinet stock once again become a strategic entry point into the cybersecurity and infrastructure software sector for 2025?

Recent Performance and Market Context

Fortinet (NASDAQ: FTNT), trading at USD $102.04 as of 30 May 2025, has demonstrated remarkable momentum over the past twelve months, delivering a +70.84% return and outpacing both the broader tech market and most pure-play cybersecurity competitors. While the prior week reflected modest consolidation (-2.08% intraday, -2.36% weekly), the stock maintains a strong uptrend within a 52-week range of $54.57–$114.82. This trajectory is underpinned by superior quarterly performance, with Q4 2024 revenue beating analyst expectations and new product lines fuelling double-digit growth.

Macroeconomically, the cybersecurity space enjoys powerful secular tailwinds as digital transformation, remote work proliferation, and escalating cyber threats drive sustained enterprise and government investment. Global IT spending on security and risk management is forecast to rise well into 2025, outpacing the broader software sector. In this context, Fortinet’s network-centric approach and continued innovation place it among the most resilient and forward-looking names, even as tech market volatility periodically redefines sector narratives.

Recent highlights for Fortinet include its recognition by Forbes as America’s #7 most trustworthy company (and the only cybersecurity firm in the top 50), plus rapid expansion in next-generation Secure Access Service Edge (SASE) and Security Operations—annual recurring revenues in these segments soared +28% and +32% YoY, respectively. Such accolades and metrics reinforce market confidence and underscore Fortinet's capacity for structural growth.

Technical Analysis

Examining the technical configuration as of 30 May 2025, Fortinet displays a notably bullish posture:

• RSI (14 days) stands at 54.60, suggesting neutral momentum but with room to shift higher without risking overbought territory.
• MACD (12,26,9) signals ongoing bullish momentum, registering at 1.11.
• All major moving averages—20, 50, 100, and 200 days—are firmly in “buy” territory, supportive of the intermediate and longer-term uptrend. Notably:
• 20-day MA: $103.89
• 50-day MA: $99.72
• 100-day MA: $100.81
• 200-day MA: $92.43
• Key support is identified at $100.89, close to the session’s low, providing a strong technical floor for entry points.
• Resistance at $105.50 and a pivot at $103.92 suggest any breakout above current levels could reignite a new leg upward.

The consensus across technical indicators is a strong “buy” signal, particularly as the price action consolidates above long-term support, with upside momentum building for a potential breakout. The current structure offers attractive risk/reward for investors seeking medium- to long-term exposure, especially if an entry is timed near key support.

Fundamental Analysis

Fundamentally, Fortinet’s results underscore a compelling growth profile and operational discipline:

• Q4 2024 sales reached $1.66B, up +17.3% year-on-year, with both product (+17.6%) and services (+17.2%) segments firing on all cylinders.
• Full-year 2024 revenue climbed to $5.96B—+12.3% versus 2023, handily surpassing peers within cybersecurity and software infrastructure.
• Operating margins hit all-time records (GAAP: 35%, non-GAAP: 39%), reflecting formidable operating leverage, disciplined cost control, and the scalability of Fortinet’s cloud and on-premises offerings.
• Net cash generation is robust: $2.26B in operational cash flow with $1.88B free cash flow provides plenty of firepower for strategic reinvestment, R&D, and opportunistic M&A.
• Based on a market capitalization of ~$80B and a forward P/E of 42.87, valuation remains elevated yet justified by the company’s proven ability to consistently deliver high-teens revenue and double-digit earnings growth—traits that often command a premium in high-value sectors like cybersecurity.
• The “Rule of 45,” whereby annual revenue growth plus operating margin exceeds 45%, has been met for five consecutive years, underscoring sustainable growth and profitability.

Strategically, Fortinet differentiates itself through end-to-end integration in security (via its proprietary FortiOS platform) and scale: it boasts over 500,000 global customers, including blue-chip organisations and governmental entities. Continued innovation, strong brand equity, and leadership in Unified SASE and network security put Fortinet in a class of its own—distinct from fragmented or niche competitors.

Volume and Liquidity

With an average three-month daily volume exceeding 5.1 million shares, Fortinet’s liquidity stands out among tech peers. Such sustained activity reflects robust institutional participation and promotes price discovery, making the stock tradeable at scale. The broad float further supports dynamic valuation and expansion opportunities—an asset for both short-term traders and long-term holders.

Market depth and volume stability are especially attractive to institutional investors in New Zealand and globally, facilitating strategic portfolio adjustments without significant price impact. High liquidity often attracts a wider base of market participants, enhancing resiliency and helping the stock maintain a prominent position in index-linked and sectoral funds.

Catalysts and Positive Outlook

Looking forward to 2025 and beyond, several catalysts position Fortinet as a potent growth story:

• SASE Leadership: Fortinet stands alone in offering a native, unified SASE stack under a single operating system, securing competitive advantages as organisations prioritise cloud-native security and network convergence.
• Secular growth in Unified SASE and Security Ops: Both verticals exhibit >25% YoY expansion, streamlining enterprise security architecture and drawing increased share-of-wallet.
• Record operational metrics: As highlighted, Fortinet’s recent record margins and impressive free cash flow reinforce its capacity to invest aggressively in R&D and next-gen solutions.
• Positive guidance: The company projects FY2025 revenue of $6.65–6.85 billion (+11–15% YoY), an ambitious yet credible range in view of recent execution.
• Strategy execution: With more than 50 enterprise-grade products in-market and a customer base exceeding 500,000, Fortinet’s broad portfolio drives diversified, recurring revenue streams.
• ESG and trust: Recognition by Forbes as a leading trustworthy firm bolsters the brand—an increasingly important criterion for corporate IT buyers and investors prioritising ESG compliance.
• Sector-wide, the continued digitisation of businesses, proliferation of AI-driven threats, and evolving compliance standards will likely sustain above-market demand for integrated cybersecurity, setting a favourable backdrop for Fortinet’s multi-year roadmap.

Investment Strategies

For investors considering an entry into the stock, several approaches stand out given the current context:

• Short-term: Tactical buyers may view pullbacks toward $100–101 as attractive entry points, supported by technical strength and the likelihood of a near-term rebound.
• Medium-term: Those looking for momentum could capitalise on a breakout above $105.50 resistance, particularly if upcoming earnings or sector news serve as a catalyst for renewed buying interest.
• Long-term: Investors focused on structural growth may prioritise Fortinet’s leadership in SASE, expanding ARR base, and durable free cash flow. Scaling into a position over several weeks or months can help mitigate volatility, while capturing potential upside ahead of multi-year sector tailwinds.
• Portfolio positioning: For Kiwi investors seeking global tech exposure, Fortinet offers diversification within cybersecurity—a high-growth, margin-rich sector not easily replicated on the NZX. Its US listing ensures accessibility through global brokerage accounts and enhances international allocation opportunities.

Earnings events, industry conferences, and announcements on product or partnership expansion could further accelerate momentum. Risk-conscious investors should remain mindful of valuation and sector volatility, but the consistency of execution and recent outperformance validate an “accumulate on weakness, hold for growth” approach.

Is it the Right Time to Buy Fortinet?

In synthesising these data points, it is clear Fortinet demonstrates a unique combination of:

• Explosive recent and projected growth in product, service, and ARR metrics
• Consistent outperformance versus sector peers (both fundamentally and technically)
• Favourable technical setup with supportive moving averages and tested support zones
• Sustained trading liquidity providing institutional flexibility
• Upcoming catalysts across product innovation, sector expansion, and ESG differentiation

While valuation sits at a premium, this is justified by Fortinet’s scale, brand strength, strategic differentiation, and historic discipline in delivering margin-rich growth. The technical structure—combined with management’s bullish outlook and market consensus upgrades—heightens confidence that Fortinet could be entering another sustained bullish phase.

For New Zealand investors seeking international technology leadership and exposure to the enduring “digital defensive” theme, Fortinet stands out as an excellent opportunity for consideration. The stock’s fundamentals, position at the technological frontier, and technical signals all justify renewed interest for those positioning ahead of fully-realised sector tailwinds in the months ahead.

Fortinet’s multi-year performance, innovation leadership, and expanding customer base strongly suggest it may be an ideal way to participate in the ongoing cybersecurity renaissance, offering both robust trading flexibility and structural growth potential. With several supportive catalysts on the horizon and substantial institutional confidence, Fortinet appears poised to deliver attractive returns for those who value both defensive resilience and offensive growth in their technology allocations.

How to buy Fortinet stock in New Zealand?

Buying Fortinet (FTNT) shares online is straightforward, safe, and accessible to all New Zealand investors through regulated brokers. You can choose between two major methods: spot (“cash”) buying, where you directly own the shares, and trading via CFDs (Contracts for Difference), which allows speculation on the share’s movements without holding the asset. Each approach has its own benefits, risks, and fee structures. To help you get started, you’ll find a detailed broker comparison further down the page.

Cash buying

A cash (spot) purchase of Fortinet stock means you buy actual FTNT shares, which are then held in your investment account—making you an official part-owner of the company. Typical fees for New Zealanders using online brokers include a fixed commission per order, often ranging from NZ$5 to NZ$15, plus possible FX conversion fees as the shares are USD-denominated.

Important example

Example: Suppose Fortinet’s share price is NZ$167 (approx. US$102.04 at current rates). With a NZ$1,000 investment and a brokerage fee of NZ$5, you could buy about 5.95 shares.
✔️ Gain scenario: If Fortinet’s share price rises by 10%, your holding grows to NZ$1,100.
Result: +NZ$100 gross gain, +10% on your investment.

Trading via CFD

Trading Fortinet shares as CFDs (Contracts for Difference) allows you to speculate on price movements without acquiring the actual shares. Popular with active traders, CFDs let you use leverage to multiply your market exposure. Instead of commissions, you’ll typically pay a spread (the small difference between buy and sell price), and overnight financing fees if you hold positions for more than a day.

Important example

Example: You open a CFD position on Fortinet with $1,000 at 5x leverage, giving you $5,000 market exposure.
✔️ Gain scenario: If the FTNT price rises by 8%, your total exposure increases by $400 (8% × $5,000), giving you a +40% gain on your original $1,000—excluding fees.

Final advice

It's essential to compare brokers’ fees, trading conditions, available tools, and regulatory protections before investing in Fortinet shares—especially as costs and services can vary widely in New Zealand. Ultimately, your choice between buying real shares or trading via CFDs should reflect your personal risk tolerance, investment horizon, and financial goals. To help you make an informed choice, our broker comparison is available further down this page.

Our 7 tips for buying Fortinet stock

The latest news about Fortinet

Fortinet’s Q4 2024 and recent fiscal year results significantly surpassed analyst expectations, with strong revenue and record profit margins. The company reported a fourth-quarter revenue of $1.66 billion, marking a robust 17.3% year-over-year increase, and achieved record-setting GAAP and non-GAAP operating margins of 35% and 39%, respectively. For the full year 2024, revenue grew by 12.3%, and both operating and free cash flows remained strong, at $2.26 billion and $1.88 billion, reinforcing the company’s financial stability. These healthy fundamentals and consistent margin improvements are positive signals for investors—including those in New Zealand seeking exposure to global cybersecurity growth—especially given Fortinet's direct presence and active business partnerships in the Oceania region.

Recent technical indicators point to sustained buying momentum for Fortinet’s stock, supported by strong moving average signals. Despite a modest weekly market dip of -2.08%, all major moving averages (20, 50, 100, and 200-day) currently indicate a buy, and the MACD signal corroborates a bullish trend. The consensus among technical analysts remains strongly positive, highlighting a resilient technical base around $100 and a price resistance near $105.50. This ongoing momentum underpins the solid performance outlook, which is especially pertinent for New Zealand institutional investors tracking global technology leaders in their portfolios.

Analyst sentiment is highly optimistic, with a consensus price target reflecting strong upside potential for Fortinet shares. As of 30 May 2025, the analyst consensus points to a target price of $108.51—about 6.3% above the current level—citing the company’s leading position in unified SASE (Secure Access Service Edge) and successful convergence of security and networking solutions. This favorable outlook is also buoyed by Fortinet’s proven record of meeting or outperforming guidance targets, an important consideration for New Zealand entities assessing US equity holdings and for those monitoring Fortinet as part of sectoral or ESG-aligned global investment strategies.

Fortinet’s solutions maintain a strong and growing footprint across the Asia-Pacific region, including strategic relevance for New Zealand enterprises and government sectors. Fortinet services a significant customer base in Oceania, including cybersecurity deployments in key industries across New Zealand such as education, finance, telecommunications, and critical infrastructure. Recent expansion of SASE and Security Operations offerings (+28% and +32% ARR, respectively) underscores Fortinet’s appeal to New Zealand organisations navigating increasing regulatory controls and sophisticated cyber threats. Fortinet’s partnerships with local integrators and its involvement in Australasian sector events align well with regional trends towards cloud transformation and zero-trust security.

Recognition as one of America’s most trustworthy companies by Forbes in 2025 further strengthens Fortinet’s global brand and credibility, including its appeal to New Zealand investors. Being listed as the sole cybersecurity provider within Forbes' top-10 most trustworthy American companies reflects Fortinet’s operational excellence, governance quality, and customer trust. This international recognition enhances Fortinet’s stature in institutional selection processes and can bolster confidence among New Zealand-based investment managers and enterprise customers who prioritise long-term partnership reliability and robust cyber-resilience.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.