Are Wall Street Analysts Bullish on Fortinet Stock?

Fortinet, Inc. (FTNT), headquartered in Sunnyvale, California, provides cybersecurity and convergence of networking and security solutions. Valued at $111.6 billion by market cap, the company offers network security appliances, software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), web filtering, antispam, and traffic shaping.

Shares of this cybersecurity giant have outperformed the broader market over the past year. FTNT has gained 43% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 16.3%. In 2026, FTNT stock is up 88.9%, surpassing SPX’s 8.5% rise on a YTD basis. 

Zooming in further, FTNT’s outperformance looks more pronounced compared to Xtrackers Cybersecurity Select Equity ETF (PSWD). The exchange-traded fund has gained about 12.2% over the past year. Moreover, FTNT’s gains on a YTD basis outshine the ETF’s 23.5% returns over the same time frame.

Fortinet’s outperformance was fueled by the FortiOS 8.0 launch, bringing AI-driven security, next-gen SASE, and quantum-safe protection. Automation via FortiAI is cutting response times, while demand is rising for sovereign SASE amid AI and geopolitical risks. Bundled SD-WAN and SASE offerings are driving upsells, and expanded inventory is supporting the positive outlook.

On May 6, FTNT reported its Q1 results, and its shares skyrocketed 20% in the following trading session. Its adjusted EPS of $0.82 topped Wall Street expectations of $0.61. The company’s revenue was $1.9 billion, topping Wall Street forecasts of $1.7 billion. Fortinet expects full-year adjusted EPS in the range of $3.10 to $3.16, and revenue ranging from $7.7 billion to $7.9 billion.

For the current fiscal year, ending in December, analysts expect FTNT’s EPS to grow 15.7% to $2.80 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 42 analysts covering FTNT stock, the consensus is a “Hold.” That’s based on 10 “Strong Buy” ratings, 28 “Holds,” one “Moderate Sell,” and three “Strong Sells.”

This configuration is more bullish than a month ago, with nine analysts suggesting a “Strong Buy.”

On Jul. 28, Tal Liani from Bank of America Corporation (BAC) maintained a “Buy” rating on FTNT, with a price target of $200, implying a potential upside of 33.4% from current levels.

While FTNT currently trades above its mean price target of $133.53, the Street-high price target of $215 suggests a notable upside potential of 43.4%.