FY2026 Earnings Forecast for Fortinet Issued By Scotiabank

Key Points

• Scotiabank raised its FY2026 EPS estimate for Fortinet to $2.76 from $2.62 and kept a Sector Perform rating with a $110 price target. The firm also projected FY2027 EPS of $2.95.
• Fortinet’s latest quarterly results beat expectations, with EPS of $0.82 versus the $0.62 estimate and revenue of $1.85 billion versus $1.73 billion expected. The company also provided FY2026 guidance of $3.10 to $3.16 EPS.
• Analyst sentiment remains mixed despite several target hikes: the stock has a consensus Hold rating and an average price target of $100.45. Shares recently traded near a 52-week high of $121.97.

Fortinet, Inc. (NASDAQ:FTNT - Free Report) - Scotiabank boosted their FY2026 earnings per share estimates for Fortinet in a research note issued on Thursday, May 14th. Scotiabank analyst P. Colville now expects that the software maker will earn $2.76 per share for the year, up from their previous estimate of $2.62. Scotiabank has a "Sector Perform" rating and a $110.00 price target on the stock. The consensus estimate for Fortinet's current full-year earnings is $2.65 per share. Scotiabank also issued estimates for Fortinet's FY2027 earnings at $2.95 EPS.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company's quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS.

A number of other brokerages have also recently weighed in on FTNT. Piper Sandler lifted their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. BTIG Research upgraded Fortinet from a "neutral" rating to a "buy" rating and set a $125.00 price target on the stock in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $100.00 price objective on shares of Fortinet in a research note on Thursday, May 7th. Stifel Nicolaus set a $85.00 price objective on shares of Fortinet in a research note on Wednesday, March 11th. Finally, Susquehanna raised their price target on shares of Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-three have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $100.45.

Fortinet Stock Up 3.5%

Shares of FTNT opened at $121.86 on Friday. The company's 50-day moving average price is $86.71 and its 200 day moving average price is $83.10. Fortinet has a 12-month low of $70.12 and a 12-month high of $121.97. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The firm has a market cap of $89.28 billion, a P/E ratio of 47.05, a price-to-earnings-growth ratio of 3.38 and a beta of 0.92.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Alliance LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $204,000. Entropy Technologies LP acquired a new stake in Fortinet during the 1st quarter worth $485,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Fortinet by 16.6% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 667,557 shares of the software maker's stock worth $54,553,000 after purchasing an additional 95,034 shares during the last quarter. Gabelli Funds LLC grew its position in Fortinet by 13.4% during the 1st quarter. Gabelli Funds LLC now owns 5,703 shares of the software maker's stock worth $466,000 after purchasing an additional 672 shares during the last quarter. Finally, Hilltop Holdings Inc. purchased a new stake in shares of Fortinet in the first quarter valued at about $236,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 5,355 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was 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 directly owned 52,978,004 shares of the company's stock, valued at $4,709,744,555.60. This represents a 0.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 that occurred on 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 owned 9,927,517 shares in the company, valued at $882,456,986.13. This represents a 0.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. 17.60% of the stock is owned by insiders.

Fortinet Company Profile

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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