Short interest for Fortinet gives investors a sense of the degree to which investors are betting on the decline of Fortinet's stock. Short interest data is updated every two weeks.

Fortinet Stock (NASDAQ:FTNT), Short Interest Report

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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A weaker-than-expected jobs report sparked a widespread market rally in the last session of the week, as traders increased expectations on potential interest rate cuts later this year.

Stocks Rally As Jobs Report Rekindles Rate Cut Hopes, Apple Rockets, Bitcoin Soars Above $61,000: What&#39;s Driving Markets Friday?

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Fortinet Inc

Fortinet's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NYSE">FTNT</a>) short percent of float has risen 6.73% since its last report. The company recently reported that it has 13.97 million shares sold short, which is 2.22% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.86 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Fortinet Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715191212_0_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Fortinet has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Fortinet's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Fortinet's peer group average for short interest as a percentage of float is 4.44%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(FTNT) - Analyzing Fortinet's Short Interest

Analyst Ratings

Live On CNBC, Stephanie Link Announces Bought More Fortinet

Susquehanna analyst Shyam Patil maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and lowers the price target from $80 to $65.

Price Target

Susquehanna Maintains Neutral on Fortinet, Lowers Price Target to $65

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 lowers the price target from $90 to $80.

Scotiabank Maintains Sector Outperform on Fortinet, Lowers Price Target to $80

JP Morgan analyst Brian Essex maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and lowers the price target from $67 to $63.

JP Morgan Maintains Neutral on Fortinet, Lowers Price Target to $63

HSBC analyst Stephen Bersey maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Reduce and lowers the price target from $57 to $54.

HSBC Maintains Reduce on Fortinet, Lowers Price Target to $54

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 lowers the price target from $70 to $62.

Wells Fargo Maintains Equal-Weight on Fortinet, Lowers Price Target to $62

A weaker-than-expected jobs report sparked a widespread market rally in the last session of the week, as traders increased expectations on potential <a href="https://www.benzinga.com/topic/interest-rates">interest rate cuts later this year</a>.
In April, nonfarm payrolls expanded by 175,000 jobs, marking a significant slowdown from March&#8217;s robust pace of 315,000 and notably falling short <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38612469/job-market-cools-in-april-payrolls-miss-forecasts-wages-rise-less-than-expected">of the anticipated 238,000</a>.
Unexpectedly, the unemployment rate edged higher, while average hourly earnings softened more than forecasted, both indicating a slowdown in momentum within the labor market.
On a separate note, the latest surveys on service sector activity revealed an unexpected contraction in April, as reported by <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38616058/services-sector-activity-contracts-business-is-slowing-as-stocks-bonds-trim-gains">the Institute for Supply Management.</a>
Chicago Fed President Austan Goolsbee welcomed results from the jobs report, emphasizing that it boosts confidence that the economy is not overheating and inflation is not reaccelerating. 
The S&amp;P 500 surged by 1.2%, pushing the overall weekly performance into positive territory. The Nasdaq 100 experienced a remarkable 2% surge, marking its most robust performance in over two months. Among tech giants, Apple Inc. made headlines, rising nearly 7% following the announcement of a record-breaking $110-billion buyback program. The Cupertino, California-based company also beat both earnings and revenue estimates last quarter. 
Blue chips and small-cap stocks also rose, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up by 0.9%.
Yields experienced a broad decline, with the two-year Treasury yield now settling at 4.8% after reaching a peak of 5.05% earlier in the week. 
The overall optimistic risk sentiment spurred gains in more speculative areas of the market, leading to a rise in cryptocurrencies across the board. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged by 4.8%, surpassing the $61,000 mark.
Read also: <a href="https://www.benzinga.com/24/05/38616039/why-bitcoin-spiked-above-62-000-following-the-april-jobs-report">Why Bitcoin Spiked Above $62,000 Following The April Jobs Report</a>
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,881.25</td>
<td>1.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,677.36</td>
<td>1.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,126.34</td>
<td>1.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,033.91</td>
<td>0.9%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:30 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 1.2% to $511.54, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 1.2% to $386.42 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rocketed 1.9% to $435.11, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 2.8%, followed by the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>), up 0.8%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the major laggard, down 0.7%.
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) rose over 13% following upbeat quarterly results. </li>
<li>Other stocks reacting to earnings were Booking Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NYSE">BKNG</a>), up about 4%, MercadoLibre Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) up 11%, EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) down 1.6%, Monster Beverage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) up 1.9%, Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) down 4%, Expedia Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NYSE">EXPE</a>) down over 13%, Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) down over 8%, Block Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NASDAQ">SQ</a>) mostly flat, Coterra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRA#NYSE">CTRA</a>) up over 3%, The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) up 1.3%, Cheniere Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>) down 1.6%, CBRE Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBRE#NYSE">CBRE</a>) down 1%, Corebridge Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRBG#NYSE">CRBG</a>)</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38590992/sell-in-may-and-go-away-does-the-trading-strategy-hold-up-in-election-years">Sell In May And Go Away: Does The Trading Strategy Hold Up In Election Years?</a>
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Stocks Rally As Jobs Report Rekindles Rate Cut Hopes, Apple Rockets, Bitcoin Soars Above $61,000: What's Driving Markets Friday?

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 lowers the price target from $71 to $68.

RBC Capital Maintains Sector Perform on Fortinet, Lowers Price Target to $68

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 lowers the price target from $81 to $73.

Morgan Stanley Maintains Overweight on Fortinet, Lowers Price Target to $73

Evercore ISI Group analyst Amit Daryanani maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a In-Line and lowers the price target from $72 to $67.

Evercore ISI Group Maintains In-Line on Fortinet, Lowers Price Target to $67

BMO Capital analyst Keith Bachman maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Market Perform and lowers the price target from $82 to $70.

BMO Capital Maintains Market Perform on Fortinet, Lowers Price Target to $70

Cantor Fitzgerald analyst Yi Fu Lee maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and lowers the price target from $65 to $55.

Cantor Fitzgerald Maintains Neutral on Fortinet, Lowers Price Target to $55

Wedbush analyst Daniel Ives maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Outperform and lowers the price target from $86 to $78.

Wedbush Maintains Outperform on Fortinet, Lowers Price Target to $78

Barclays analyst Saket Kalia maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Equal-Weight and lowers the price target from $80 to $75.

Barclays Maintains Equal-Weight on Fortinet, Lowers Price Target to $75

Truist Securities analyst Joel Fishbein maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and lowers the price target from $80 to $70.

Truist Securities Maintains Buy on Fortinet, Lowers Price Target to $70

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 lowers the price target from $75 to $70.

Piper Sandler Maintains Neutral on Fortinet, Lowers Price Target to $70

Rosenblatt analyst Catharine Trebnick maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and maintains $85 price target.

Rosenblatt Maintains Buy on Fortinet, Maintains $85 Price Target

U.S. stock futures were higher this morning, with the Dow futures gaining over 250 points on Friday.
Shares of Stem, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STEM#NYSE">STEM</a>) shares fell sharply in today's pre-market trading after the company reported worse-than-expected first-quarter financial results and <a href="https://www.benzinga.com/quote/STEM/earnings">cut its FY24 revenue guidance</a>.
Stem posted a quarterly loss of 46 cents per share, versus market expectations for a loss of 21 cents per share. The company's quarterly sales came in at $25.47 million missing estimates of $57.11 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Stem shares dipped 18.7% to $1.55 in pre-market trading in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Sprout Social, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPT#NASDAQ">SPT</a>) shares declined 25.2% to $36.00 in pre-market trading after the company reported worse-than-expected first-quarter revenue results.</li>
<li>Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) fell 14% to $76.50 pre-market trading after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.</li>
<li>Trupanion, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRUP#NASDAQ">TRUP</a>) shares declined 13% to $20.68 in pre-market trading following first-quarter results.</li>
<li>Adient plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADNT#NYSE">ADNT</a>) dipped 12.3% to $26.51 in pre-market trading after the company posted second-quarter results and lowered its FY24 outlook.</li>
<li>BigBear.ai Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBAI#NYSE">BBAI</a>) shares fell 12.1% to $1.52 in pre-market trading after the company reported worse-than-expected first-quarter financial results.</li>
<li>Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>) shares declined 10.1% to $121.92 in pre-market trading after the company lowered its full-year guidance.</li>
<li>Open Text Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OTEX#NASDAQ">OTEX</a>) shares fell 9.8% to $32.00 in pre-market trading following third-quarter results. BMO Capital downgraded the stock from Outperform to Market Perform and lowered its price target from $50 to $38.</li>
<li>Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) fell 8.3% to $59.81 pre-market trading after the company reported its first-quarter financial results.</li>
<li>Custom Truck One Source, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTOS#NYSE">CTOS</a>) fell 7.5% to $4.5304 in pre-market trading after the company reported worse-than-expected first-quarter financial results and cut its FY24 revenue outlook.</li>
<li>Cryoport, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYRX#NASDAQ">CYRX</a>) fell 6.7% to $16.00 in pre-market trading. B. Riley Securities analyst Yuan Zhi downgraded CryoPort from Buy to Neutral and lowered the price target from $22 to $19.</li>
<li>Fluor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLR#NYSE">FLR</a>) fell 6.4% to $38.57 in pre-market trading following weak first-quarter earnings.</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) declined 4.4% to $218.80 in pre-market trading following first-quarter earnings.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/05/38606493/apple-hershey-and-3-stocks-to-watch-heading-into-friday">Apple, Hershey And 3 Stocks To Watch Heading Into Friday</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage</a> here

Stem Reports Downbeat Results, Joins Sprout Social, Cloudflare And Other Big Stocks Moving Lower In Friday's Pre-Market Session

Mizuho analyst Gregg Moskowitz maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Neutral and lowers the price target from $70 to $66.

Mizuho Maintains Neutral on Fortinet, Lowers Price Target to $66

Oppenheimer analyst Ittai Kidron maintained a Hold rating on Fortinet (FTNT – Research Report) today. The company's shares closed yesterday at $65....

Fortinet (FTNT) Receives a Hold from Oppenheimer

AEON, SGBX and APVO among pre-market losers

Fortinet dips amid mixed Q1 with billings miss but Wall Street positive on future growth

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The 7 AI Categories Declined, On Average, The First Week Of May

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Fortinet (FTNT) has disclosed a new risk, in the Share Price & Shareholder Rights category. Fortinet, a prominent player in cybersecurity, faces a ...

Fortinet's $1 Billion Repurchase Puzzle: Strategic Shift or Lost Confidence?

Fortinet: Market Overreaction Seems Unwarranted

Shrenik Kothari, an analyst from Robert W. Baird, maintained the Buy rating on Fortinet (FTNT – Research Report). The associated price target remai...

Buy Rating for Fortinet on Strong Service Revenue Growth and Global Market Expansion

There's a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Belden (BDC – Research Report), HubSpot (HUBS – Rese...

Analysts Offer Insights on Technology Companies: Belden (BDC), HubSpot (HUBS) and Fortinet (FTNT)

Companies in the Technology sector have received a lot of coverage today as analysts weigh in on Rapid7 (RPD – Research Report), Sprout Social (SPT...

Analysts Conflicted on These Technology Names: Rapid7 (RPD), Sprout Social (SPT) and Fortinet (FTNT)

ADBE

ADSK

AEON

APVO

ATEYY

BIDU

BIIB

BMYMP

CMCSA

CNTX

CRDF

CTVA

CYBR

ETSY

GILD

HUBS

KVUE

MKTX

OTIS

PANW

RGTI

RLAY

SBUX

SDGR

SGBX

VEEV

VRSN

Press Releases

Fortinet to Announce First Quarter 2024 Financial Results

General

Fortinet Introduces Expansive Upgrades to its Real-Time Network Security Operating System to Empower Enterprises to Fortify Their Networks

Fortinet Wins Two Google Cloud Technology Partner of the Year Awards for Security

Fortinet Releases its 2023 Sustainability Report

Fortinet Named a Challenger in the 2024 Gartner® Magic Quadrant™ for Security Service Edge

Fortinet Announces Industry's First Generative AI IoT Security Assistant and New GenAI Capabilities for Network and Security Operations

Fortinet Unveils New FortiGate 200G Series to Deliver Cutting-Edge Performance and AI-Powered Security Services to the Modern Campus

Earnings

Fortinet Reports First Quarter 2024 Financial Results

Fortinet Threat Research Finds Cybercriminals Are Exploiting New Industry Vulnerabilities 43% Faster than 1H 2023

Fortinet Reaffirms Its Commitment to Secure Product Development Processes and Responsible Vulnerability Disclosure Policies

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Fortinet Stock (NASDAQ:FTNT), Short Interest Report

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