What is Scotiabank’s Estimate for Fortinet FY2026 Earnings?

Fortinet, Inc. (NASDAQ:FTNT) – Investment analysts at Scotiabank lifted their FY2026 EPS estimates for shares of Fortinet in a report released on Monday, November 2nd. Scotiabank analyst P. Colville now forecasts that the software maker will post earnings per share of $3.21 for the year, up from their previous estimate of $3.10. Scotiabank has a “Sector Perform” rating and a $140.00 price objective on the stock. The consensus estimate for Fortinet’s current full-year earnings is $3.20 per share.

Several other research firms also recently issued reports on FTNT. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $130.00 price objective on shares of Fortinet in a report on Thursday, October 29th. BMO Capital Markets lifted their target price on Fortinet from $170.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Robert W. Baird set a $165.00 target price on Fortinet and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Morgan Stanley restated a “positive” rating and set a $136.00 target price (up from $133.00) on shares of Fortinet in a research report on Thursday, July 30th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Fortinet in a research note on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $147.53.

Fortinet Stock Performance

Shares of Fortinet stock opened at $129.39 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.28. The firm has a market cap of $95.06 billion, a P/E ratio of 42.01, a P/E/G ratio of 2.46 and a beta of 1.04. The firm has a 50 day simple moving average of $169.84 and a 200 day simple moving average of $129.04. Fortinet has a fifty-two week low of $73.55 and a fifty-two week high of $197.13.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the business earned $0.74 earnings per share. Fortinet’s quarterly revenue was up 20.5% on a year-over-year basis.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Fortinet in the second quarter valued at about $9,561,650,000. Bank of New York Mellon Corp bought a new position in Fortinet during the second quarter worth about $1,432,842,000. Legal & General Group Plc bought a new position in Fortinet during the second quarter worth about $979,062,000. Arrowstreet Capital Limited Partnership grew its position in shares of Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after buying an additional 4,500,194 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Fortinet during the 2nd quarter worth about $656,852,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 161,483 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $129.31, for a total value of $20,881,366.73. Following the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $6,849,857,423.32. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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, COO John Whittle sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the completion of the transaction, the chief operating officer directly owned 96,987 shares in the company, valued at approximately $16,365,586.38. The trade was a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 221,304 shares of company stock valued at $30,675,309 over the last ninety days. Insiders own 17.60% of the company’s stock.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet raised its 2026 outlook, citing demand for AI security and enterprise products. Its latest quarterly results also beat analyst expectations for both earnings and revenue. Q3 earnings-call highlights
• Positive Sentiment: Daiwa Securities upgraded FTNT from “neutral” to “outperform” and set a $150 price target, signaling confidence in potential recovery. Daiwa analyst rating
• Neutral Sentiment: Zacks Research lowered its rating from “strong buy” to “hold,” underscoring divided analyst views. Fortinet was also included in a list of large-cap tech stocks favored by billionaire investors, though that mention is not a company-specific catalyst. Analyst and earnings coverage Billionaire-backed tech stocks
• Neutral Sentiment: CEO Ken Xie and VP Michael Xie sold shares through pre-arranged plans to cover tax withholding on vested equity awards; the sales were small relative to their remaining holdings. Insider transaction details
• Negative Sentiment: Investors remain concerned about slower product growth, delays in service revenue and rising component costs. Those concerns, along with broader technology-sector worries about growth valuations and AI infrastructure spending, contributed to sharp recent selling in FTNT despite the earnings beat and raised outlook. Q3 earnings-call outlook and challenges

Fortinet Company Profile

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.