Fortinet (NASDAQ:FTNT) Updates Q2 2026 Earnings Guidance

Key Points

• Fortinet updated Q2 2026 guidance to EPS $0.720–0.760 (vs. consensus $0.680) and revenue $1.8B–$1.9B (vs. consensus $1.8B), implying an upside to EPS expectations.
• The company expanded its FortiGate G‑series with new 3500G and 400G appliances aimed at securing AI workloads, strengthening its positioning in the high‑growth AI/security market.
• Analyst sentiment remains mixed: MarketBeat shows a consensus rating of Hold with an average price target of $88.38, though some firms have raised targets or upgraded the stock (e.g., Arete $104, TD Cowen to Buy $100).

Fortinet (NASDAQ:FTNT - Get Free Report) updated its second quarter 2026 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.720-0.760 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

A number of research firms have recently issued reports on FTNT. Arete Research set a $104.00 price target on shares of Fortinet and gave the company a "buy" rating in a report on Monday, April 27th. TD Cowen raised Fortinet from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Friday, January 23rd. UBS Group reaffirmed a "neutral" rating and issued a $90.00 target price on shares of Fortinet in a research report on Friday, February 6th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $83.00 target price on shares of Fortinet in a research report on Friday, February 6th. Finally, Barclays set a $88.00 target price on Fortinet in a research report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-one have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $88.38.

Fortinet Stock Up 0.1%

Shares of NASDAQ:FTNT traded up $0.08 during midday trading on Wednesday, hitting $90.00. 6,958,219 shares of the stock were exchanged, compared to its average volume of 6,410,085. 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 has a 52-week low of $70.12 and a 52-week high of $108.77. The business's fifty day simple moving average is $82.03 and its two-hundred day simple moving average is $81.76. The company has a market capitalization of $65.89 billion, a PE ratio of 37.04, a P/E/G ratio of 3.06 and a beta of 0.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.07. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the company earned $0.74 earnings per share. Fortinet's quarterly revenue was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. As a group, research analysts predict that Fortinet will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 5,355 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.90, for a total transaction of $476,059.50. Following the completion of the sale, the chief executive officer directly owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 on Monday, May 4th. The stock was sold at an average price of $88.89, for a total value of $220,269.42. Following the sale, the vice president owned 9,927,517 shares of the company's stock, valued at approximately $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. 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. 18.00% of the stock is currently owned by company insiders.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet expanded its FortiGate G-series with new 3500G and 400G appliances aimed at securing AI workloads from data center to edge — this improves Fortinet’s positioning in the high‑growth AI/security market and could support higher appliance revenue and gross margins. Fortinet Expands FortiGate G Series (press release)
• Positive Sentiment: BMO Capital Markets raised its price target to $100 while maintaining market‑perform — a higher target can attract buy‑side interest and supports near‑term upside expectations. BMO Capital Markets Issues Positive Forecast for Fortinet
• Positive Sentiment: Broader cybersecurity strength, exemplified by peer CrowdStrike’s AI‑demand driven rally, provides a sector tailwind that can lift Fortinet on valuation and demand narratives. CrowdStrike Stock Rises (sector context)
• Neutral Sentiment: Barclays reaffirmed a Hold on FTNT (status quo rating), which is unlikely to move the needle materially but keeps investor expectations cautious. Barclays Sticks to Its Hold Rating for Fortinet
• Neutral Sentiment: CEO Ken Xie and VP Michael Xie sold small blocks of shares under pre‑arranged Rule 10b5‑1 plans to cover tax withholding on vested awards; these are routine and typically neutral but can be perceived as insider liquidity. SEC Form 4 — Ken Xie sale disclosure
• Neutral Sentiment: Earnings previews and analyst notes frame Q1 as steady growth with strong SASE momentum but call out macro risks — results and guidance will be the immediate catalyst for direction. Fortinet Set to Report Q1 Earnings (preview)
• Negative Sentiment: Institutional portfolio adjustments and a mix of Hold/Low price‑target analyst views leave upside limited if Fortinet misses its execution or guidance — prior trimming by some large holders increases sensitivity to any disappointment. QuiverQuant — positioning and institutional flows

Institutional Trading of Fortinet

A number of institutional investors and hedge funds have recently made changes to their positions in FTNT. Brighton Jones LLC lifted its position in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after buying an additional 221 shares during the last quarter. Bison Wealth LLC acquired a new stake in shares of Fortinet in the fourth quarter worth about $585,000. HUB Investment Partners LLC lifted its position in shares of Fortinet by 29.1% in the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock worth $560,000 after buying an additional 1,193 shares during the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Fortinet in the second quarter worth about $1,136,000. Finally, Quantinno Capital Management LP lifted its position in shares of Fortinet by 27.4% in the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock worth $15,328,000 after buying an additional 31,202 shares during the last quarter. Institutional investors and hedge funds 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.

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