Fortinet (NASDAQ:FTNT) Releases Q2 2026 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its second quarter 2026 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.720-0.760 for the period, compared to the consensus estimate of 0.680. The company issued revenue guidance of $1.8 billion-$1.9 billion, compared to the consensus revenue estimate of $1.8 billion. Fortinet also updated its FY 2026 guidance to 3.100-3.160 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Barclays set a $115.00 target price on shares of Fortinet in a research note on Thursday. Oppenheimer reiterated a “market perform” rating on shares of Fortinet in a research note on Friday, January 23rd. Citigroup reiterated a “neutral” rating and issued a $90.00 price target (up from $85.00) on shares of Fortinet in a research note on Monday, February 9th. Stifel Nicolaus set a $85.00 price objective on shares of Fortinet in a report on Wednesday, March 11th. Finally, TD Cowen reissued a “buy” rating on shares of Fortinet in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $97.79.

Fortinet Price Performance

Shares of FTNT traded up $17.48 during midday trading on Thursday, hitting $107.43. 13,070,534 shares of the company traded hands, compared to its average volume of 6,522,565. The firm has a 50 day moving average of $82.32 and a 200-day moving average of $81.81. Fortinet has a 52 week low of $70.12 and a 52 week high of $112.39. The stock has a market cap of $78.65 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 3.08 and a beta of 0.92. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 1.17.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. The business’s revenue was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, analysts forecast that Fortinet will post 2.63 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 5,355 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total value of $476,059.50. Following the completion of the transaction, the chief executive officer owned 52,978,004 shares of the company’s stock, valued at approximately $4,709,744,555.60. This trade represents a 0.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 2,478 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the transaction, the vice president directly owned 9,927,517 shares of the company’s stock, valued at approximately $882,456,986.13. The trade was a 0.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.20% of the stock is currently owned by company insiders.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q1 beat: Fortinet reported EPS and revenue above estimates, with revenue up ~20% y/y and strong billings and product revenue growth — the core catalyst for the rally. Fortinet Q1 Earnings & Revenues Beat Estimates
• Positive Sentiment: Raised outlook: Management raised FY 2026 revenue and EPS guidance after the quarter, and Q2 guidance topped Street expectations — this “beat?and?raise” message is driving buying interest. Fortinet raises full-year outlook as strong cybersecurity demand drives Q1 outperformance
• Positive Sentiment: Operational strength: Company reported record operating and free cash flow, expanding non?GAAP margins and 31% GAAP operating margin — supports valuation for growth. Fortinet Reports Strong First Quarter 2026 Financial Results
• Positive Sentiment: Product momentum: Fortinet expanded its FortiGate G series (ASIC?accelerated appliances) to address data?center and AI security needs — reinforces TAM exposure to AI/security spending. Fortinet Expands FortiGate G Series
• Positive Sentiment: Analyst upgrades/targets: Multiple firms raised price targets or upgraded the stock (examples: Rosenblatt and BTIG increases), helping momentum. Rosenblatt raises FTNT target; TickerReport
• Neutral Sentiment: Some analysts stayed cautious: a number of sell?side firms maintain Hold/Neutral ratings despite the beat — keeps expectations mixed. Analyst Maintains Hold on Fortinet
• Neutral Sentiment: Insider sales disclosed (pre?arranged 10b5?1 plans to cover taxes) — typical around vesting but may draw attention. SEC Form 4 — Michael Xie sale
• Negative Sentiment: Mixed analyst signals / lingering valuation concerns: some shops (and institutional trimming noted in places) still see limited upside if growth slows — could cap gains on any future miss. Institutional moves and analyst notes
• Negative Sentiment: Contrarian rating move: Mizuho raised its target but kept an Underperform view (raises the range of opinions and highlights downside risk scenarios). Mizuho updates Fortinet target (Benzinga)

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its stake in Fortinet by 76.2% in the fourth quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker’s stock worth $326,297,000 after purchasing an additional 1,777,115 shares during the last quarter. Invesco Ltd. lifted its stake in Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock worth $909,453,000 after purchasing an additional 1,568,337 shares during the last quarter. Marshall Wace LLP lifted its stake in Fortinet by 1,802.9% in the fourth quarter. Marshall Wace LLP now owns 1,006,400 shares of the software maker’s stock worth $79,918,000 after purchasing an additional 1,065,500 shares during the last quarter. Two Sigma Investments LP lifted its stake in Fortinet by 229.3% in the third quarter. Two Sigma Investments LP now owns 1,323,411 shares of the software maker’s stock worth $111,272,000 after purchasing an additional 921,480 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in Fortinet in the fourth quarter worth about $72,417,000. Institutional investors own 83.71% of the company’s stock.

About Fortinet

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co?founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia?Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next?generation firewalls and the FortiOS operating system forming a core platform.