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Fortinet, Inc.

FTNT · NASDAQ

Market closed$161.61$0.830000 (+0.52%)After hours $162.80 · +0.74%

Key statistics

Previous close$160.78
Open$158.68
Day high$163.83
Day low$158.68
52-week high$170.35
52-week low$70.12
Market cap118.40B
Volume5.65M
Average volume6.17M
P/E ratio53.69
Forward P/E47.10
EPS3.01
Dividend yield0.00%

Market context

Why it moved

Fortinet shares edged higher as investors weighed the company's strong first-quarter results — including a 20% revenue surge, record free cash flow, and raised full-year guidance driven by AI-accelerating demand for its cybersecurity products — against a cautious analyst consensus and institutional position adjustments.

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What is happening

Recent company-specific developments and publisher coverage.

July 18, 2026Fortinet closed modestly higher, outperforming the broader technology sector as cybersecurity names showed relative resilience amid a turbulent week for tech. The XLK sector ETF ended the session lower, weighed down by continued semiconductor weakness and a deteriorating AI narrative following Netflix's disappointing outlook and ongoing concerns about AI infrastructure ROI. Fortinet has benefited from the sector's pivot toward cybersecurity spending — highlighted by its role in the IBM-driven rally earlier in the week, when IBM's shock 25% earnings plunge on AI infrastructure budget cannibalization ironically lifted security peers like Fortinet, Palo Alto, and Check Point as investors rotated toward cybersecurity beneficiaries. Fortinet's own Q1 results remain a tailwind, with EPS of $0.82 beating the $0.62 consensus and revenue of $1.85B up 20.1% year-over-year, alongside raised FY2026 guidance. Additional catalysts include a Zacks upgrade to Strong Buy, Barclays raising its price target to $170, Bank of America maintaining a Buy with a $180 target, and new AI-era FortiEndpoint capabilities targeting enterprise data protection — though analysts overall hold a consensus Hold rating and insider selling by CEO Ken Xie and COO John Whittle remains a watch item for investors.

0.5162

July 17, 2026Fortinet closed down 2.27% as broad tech sector weakness — driven by a semiconductor selloff and elevated AI valuation concerns — weighed on growth and software names. The XLK technology ETF also closed lower as chip stocks dragged the Nasdaq down for the session. Despite the pullback, Fortinet's fundamental backdrop remains constructive: its most recent quarter saw EPS of $0.82 beat estimates of $0.62, with revenue up 20.1% YoY to $1.85B and upbeat FY2026 guidance. RBC raised its price target to $160, and Barclays lifted its target to $170, though both maintained neutral/sector-perform ratings amid valuation concerns — the stock now trades well above consensus analyst targets.

-2.2673

July 16, 2026Fortinet closed modestly lower, giving back some of the prior session's strong gains as the broader software sector remained under pressure following IBM's historic 25% single-day plunge after a surprise Q2 revenue warning. IBM attributed its shortfall to enterprise clients reprioritizing capex toward AI hardware and memory, which rattled software stocks broadly — though cybersecurity names like Fortinet proved more resilient than peers, with the stock recovering in after-hours trading. Investors appear to view Fortinet as better insulated from the AI-driven budget rotation, supported by strong Q1 results (revenue +20.1% YoY, EPS of $0.82 vs. $0.62 expected), new FortiEndpoint AI governance capabilities, and Barclays raising its price target to $170.

-1.3906

July 15, 2026Fortinet bucked a broad software sector selloff triggered by IBM's historic earnings warning, surging nearly 4% to close at a fresh 52-week high as TD Cowen raised its price target to $215 (from $160) citing strong Q2 demand checks tracking ahead of targets. While IBM's shocking revenue miss—blaming clients' capex shift toward AI hardware over software—dragged down Microsoft, Salesforce, and ServiceNow, Fortinet appeared to benefit from IBM's note that businesses are prioritizing cybersecurity spending amid AI-driven threats. The outperformance was further supported by Fortinet's own product momentum, including new AI-era FortiEndpoint capabilities announced today, and a cooler-than-expected June CPI print that lifted growth stocks broadly.

3.8663

July 14, 2026Fortinet closed notably higher, outperforming a broadly weaker technology sector as fresh analyst upgrades boosted sentiment. TD Cowen raised its price target to $215 (from $160) while maintaining a Buy rating, and Barclays lifted its target to $170, providing a bullish counterweight to the cautious macro backdrop of U.S.-Iran tensions and chip sector weakness. The gains pushed shares near their 52-week high of $165.28, extending a strong run fueled by Fortinet's blowout Q1 results—EPS of $0.82 vs. $0.62 expected, revenue up 20% YoY—with Q2 earnings due July 29.

1.9745

July 11, 2026Fortinet shares fell nearly 4%, pulling back sharply after touching a new 52-week high of $164.01 the prior session, as investors digested a recent analyst downgrade and a broader tech selloff. BTIG raised its price target to $186 (from $150) and maintained a Buy rating, but the stock remains well above the consensus analyst price target of ~$107–$115, raising valuation concerns after a 104%+ six-month rally fueled by strong Q1 2026 results. With Q2 earnings due July 29 and Wall Street modeling a sharp deceleration in EPS growth, profit-taking and sector rotation weighed on shares even as the cybersecurity AI demand narrative remains intact.

-3.7989

July 10, 2026Fortinet surged to a new 52-week high, touching $164.00 intraday, as investors piled into the cybersecurity name ahead of its July 29 Q2 earnings report. The rally builds on strong Q1 2026 results — revenue of $1.85B (vs. $1.73B estimate) and EPS of $0.82 (vs. $0.62 consensus, up 41% YoY) — with billings climbing 31% and OT security billings surging 70%+, fueled by AI-driven infrastructure security demand. Despite trading well above the analyst consensus target of ~$107, momentum investors remain bullish on Fortinet's AI/cybersecurity positioning, even as Wall Street broadly maintains a Hold rating.

4.4796

July 9, 2026Fortinet shares declined modestly, underperforming the software sector as a broader risk-off session—driven by Trump declaring the U.S.-Iran peace deal 'over,' surging oil prices, and continued tech sector rotation—weighed on the Nasdaq. Despite near-term macro headwinds, Fortinet's fundamental backdrop remains strong: Q1 2026 results showed EPS of $0.82 (vs. $0.62 est.) and revenue of $1.85B (+20% YoY), with billings up 31% and full-year 2026 guidance raised. With Q2 earnings due July 29 and Wall Street maintaining a cautious consensus Hold, investors are watching whether Fortinet can sustain its 100%+ six-month rally.

-1.2353

TIKR.com · July 19, 2026Why Fortinet Stock Could Fall Even as AI Demand AcceleratesSimply Wall Street · July 18, 2026The Bull Case For Fortinet (FTNT) Could Change Following New AI Endpoint Push And TD SYNNEX DealInfosecurity Magazine · July 17, 2026CISA Mandates Urgent Patch for Actively Exploited Critical Fortinet VulnerabilitiesBleepingComputer · July 17, 2026CISA urges immediate action on actively exploited Fortinet flawsMSSP Alert · July 16, 2026Fortinet expands FortiEndpoint with AI governance and data protectionStock Titan · July 2, 2026Fortinet schedules July 29 call on Q2 2026 resultsGlobeNewswire · July 2, 2026Fortinet to Announce Second Quarter 2026 Financial ResultsGlobeNewswire · May 6, 2026Fortinet Reports Strong First Quarter 2026 Financial Results
Mt Newswire · July 16, 2026RBC Raises Price Target on Fortinet to $160 From $107, Keeps Sector Perform Rating
Benzinga · July 15, 2026Mizuho Maintains Underperform on Fortinet, Raises Price Target to $125
Mt Newswire · July 15, 2026Mizuho Adjusts Price Target on Fortinet to $125 From $86, Maintains Underperform Rating
Benzinga · July 13, 2026TD Cowen Maintains Buy on Fortinet, Raises Price Target to $215
Mt Newswire · July 13, 2026TD Cowen Adjusts Price Target on Fortinet to $215 From $160, Maintains Buy Rating
Benzinga · July 13, 2026Barclays Maintains Equal-Weight on Fortinet, Raises Price Target to $170
Mt Newswire · July 13, 2026Barclays Adjusts Price Target on Fortinet to $170 From $155, Maintains Equalweight Rating
Mt Newswire · July 10, 2026BTIG Research Adjusts Fortinet Price Target to $186 From $150

Peers

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