Fortinet Inc. (NASDAQ:FTNT) on Wednesday posted better-than-expected third-quarter fiscal 2026 results.
Fortinet reported quarterly earnings of 91 cents per share, which beat the Street estimate of 86 cents by 5.81%, per Benzinga Pro data. Quarterly revenue came in at $2.08 billion, which beat the consensus estimate of $2.06 billion and was up from $1.73 billion in the same period last year.
"We are very pleased with our excellent third quarter results, which reflect strong execution and broad-based demand across our entire portfolio, allowing us to raise our 2026 billings guidance for the third time this year," said CEO Ken Xie.
Fortinet raised its full-year adjusted earnings forecast to $3.54 to $3.58 per share from $3.41 to $3.47, exceeding the $3.44 consensus estimate.
Revenue guidance increased to $8.125 billion to $8.215 billion from $8.02 billion to $8.18 billion. The company expects full-year billings of $9.568 billion to $9.718 billion.
Fortinet shares dipped 27.2% to $126.79 in pre-market trading.
These analysts made changes to their price targets on Fortinet following earnings announcement.
- Cantor Fitzgerald analyst Jonathan Ruykhaver maintained the stock with a Neutral and lowered the price target from $185 to $145.
- Rosenblatt analyst Catharine Trebnick maintained the stock with a Buy and lowered the price target from $195 to $175.
- BTIG analyst Gray Powell maintained the stock with a Buy and cut the price target from $203 to $186.
Considering buying FTNT stock? Here’s what analysts think:
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