Fortinet (NASDAQ:FTNT) Releases Q3 2026 Earnings Guidance

Fortinet (NASDAQ:FTNT) issued an update on its third quarter 2026 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.830-0.870 for the period, compared to the consensus EPS estimate of 0.750. The company issued revenue guidance of $2.0 billion-$2.1 billion, compared to the consensus revenue estimate of $1.9 billion. Fortinet also updated its FY 2026 guidance to 3.410-3.470 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTNT. BTIG Research lifted their price objective on shares of Fortinet from $150.00 to $186.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Zacks Research raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Citigroup reiterated a “neutral” rating and issued a $165.00 price target (up from $115.00) on shares of Fortinet in a research report on Wednesday, July 22nd. Truist Financial set a $183.00 price target on Fortinet and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Rosenblatt Securities increased their price target on Fortinet from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-four have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $123.61.

Fortinet Price Performance

Fortinet stock traded up $3.24 during trading hours on Wednesday, reaching $153.22. 12,317,816 shares of the stock were exchanged, compared to its average volume of 6,415,523. The company has a market cap of $112.26 billion, a P/E ratio of 59.16, a price-to-earnings-growth ratio of 4.14 and a beta of 1.09. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. Fortinet has a twelve month low of $70.12 and a twelve month high of $170.35. The stock has a 50 day moving average of $148.98 and a two-hundred day moving average of $107.66.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.20. The company 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 revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter last 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. Equities analysts expect that Fortinet will post 2.8 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 160,632 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the sale, the chief operating officer directly owned 94,724 shares of the company’s stock, valued at $12,163,508.84. This represents a 60.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is currently owned by company insiders.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Q2 results beat expectations. Revenue rose 26% year over year to approximately $2.05 billion, above the $1.89 billion consensus estimate. Reported EPS also surpassed forecasts, with one release citing $0.90 and the company’s GAAP release reporting diluted EPS of $0.82 versus $0.57 a year earlier. Fortinet Reports Strong Second Quarter 2026 Financial Results
• Positive Sentiment: Growth was broad and commercially strong. Product revenue increased 52% to $773 million, billings climbed 33% to $2.37 billion, and GAAP operating margin reached 34%. Operating cash flow was $1.04 billion and free cash flow was $966 million.
• Positive Sentiment: Fortinet raised its outlook above analyst estimates. Q3 EPS guidance of $0.83–$0.87 and revenue guidance of $2.01–$2.10 billion both exceed consensus estimates of $0.75 and $1.9 billion, respectively. Full-year EPS guidance was raised to $3.41–$3.47, versus the $3.08 consensus, while revenue guidance increased to $8.02–$8.18 billion, above the $7.8 billion estimate.
• Positive Sentiment: Product momentum may support future growth. Fortinet expanded its FortiGate G Series with the 1200G and FortiSASE Outpost, targeting convergence between firewall and cloud-delivered SASE security. Fortinet Expands FortiGate G Series
• Neutral Sentiment: Analyst sentiment remains divided: Bank of America maintained a Buy rating, while Wells Fargo reaffirmed its Sell rating. This suggests valuation and the durability of recurring growth remain investor concerns.
• Negative Sentiment: Insider activity is a potential overhang. Company insiders reported 32 open-market sales and no purchases over the past six months, including substantial sales by CEO Ken Xie and CTO Michael Xie.

Hedge Funds Weigh In On Fortinet

A number of large investors have recently modified their holdings of FTNT. Wexford Capital LP purchased a new position in Fortinet in the third quarter worth $25,000. Palisade Asset Management LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at $28,000. Quarry LP bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $33,000. Swiss RE Ltd. bought a new position in Fortinet during the fourth quarter valued at $38,000. Finally, GW&K Investment Management LLC grew its stake in shares of Fortinet by 31.4% during the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock worth $41,000 after acquiring an additional 123 shares during the period. 83.71% of the stock is currently owned by institutional investors.

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.