FY2026 Earnings Estimate for Fortinet Issued By Scotiabank

Key Points

• Scotiabank raised its FY2026 EPS estimate for Fortinet to $3.10 from $2.77, slightly above the $3.07 consensus, while maintaining a “Sector Perform” rating and $163 price target.
• Fortinet’s latest quarter exceeded expectations, with EPS of $0.90 versus $0.75 expected and revenue of $2.05 billion versus $1.89 billion; revenue increased 25.6% year over year.
• Fortinet shares opened at $184.13, near their 12-month high of $184.63, while analyst sentiment remained mixed: the stock carries a consensus “Hold” rating and an average price target of $152.79.

Fortinet, Inc. (NASDAQ:FTNT - Free Report) - Investment analysts at Scotiabank raised their FY2026 earnings per share estimates for shares of Fortinet in a research note issued on Thursday, October 1st. Scotiabank analyst P. Colville now anticipates that the software maker will post earnings of $3.10 per share for the year, up from their prior estimate of $2.77. Scotiabank currently has a "Sector Perform" rating and a $163.00 target price on the stock. The consensus estimate for Fortinet's current full-year earnings is $3.07 per share.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm had revenue of $2.05 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the previous year, the company posted $0.64 earnings per share. Fortinet's revenue was up 25.6% compared to the same quarter last year. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS.

FTNT has been the topic of several other reports. The Goldman Sachs Group reiterated a "buy" rating and set a $190.00 target price on shares of Fortinet in a report on Thursday, July 30th. BTIG Research boosted their target price on shares of Fortinet from $186.00 to $203.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. William Blair reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday, July 21st. HC Wainwright reiterated a "buy" rating on shares of Fortinet in a report on Thursday, July 30th. Finally, Mizuho set a $125.00 target price on Fortinet and gave the company an "underperform" rating in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $152.79.

Fortinet Trading Up 1.8%

NASDAQ:FTNT opened at $184.13 on Tuesday. The business's 50-day moving average is $164.36 and its two-hundred day moving average is $136.56. The firm has a market capitalization of $135.10 billion, a PE ratio of 64.83, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03. Fortinet has a 12 month low of $73.55 and a 12 month high of $184.63. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19.

Institutional Investors Weigh In On Fortinet

Institutional investors have recently made changes to their positions in the company. Collective Family Office LLC acquired a new stake in shares of Fortinet during the third quarter worth $230,000. Versant Capital Management Inc lifted its holdings in shares of Fortinet by 8.8% in the 3rd quarter. Versant Capital Management Inc now owns 4,571 shares of the software maker's stock worth $817,000 after purchasing an additional 370 shares during the last quarter. Parrish Capital LLC boosted its position in Fortinet by 1.3% during the 3rd quarter. Parrish Capital LLC now owns 6,374 shares of the software maker's stock valued at $1,139,000 after purchasing an additional 82 shares during the period. QRG Capital Management Inc. boosted its position in Fortinet by 12.7% during the 2nd quarter. QRG Capital Management Inc. now owns 85,054 shares of the software maker's stock valued at $13,066,000 after purchasing an additional 9,563 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Fortinet by 681.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 40,608 shares of the software maker's stock worth $6,238,000 after buying an additional 35,413 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 161,482 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 3,121 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the sale, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. The trade was a 0.03% 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. In the last 90 days, insiders have sold 221,303 shares of company stock worth $36,164,034. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Company Profile

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company's portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.

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