However, Raymond (NSE:RYMD) James downgraded Fortinet stock from Outperform to Market Perform due to the company's substantial growth and anticipation of a 'supercycle' in network security.

For the fourth quarter, Fortinet reported that total revenue rose 17 percent from the same period of 2023 to reach $1.66 billion, surpassing the analyst consensus estimate of $1.6 billion.