Fortinet, Inc. (NASDAQ:FTNT) shares are trading higher Thursday after the company reported better-than-expected first-quarter financial results and issued second-quarter guidance above estimates on Wednesday after the market closed. Also, the company raised its fiscal-year 2026 guidance above estimates.
- Fortinet stock is surging to new heights today. What’s fueling FTNT momentum?
Q1 Highlights
Fortinet reported adjusted earnings per share of 82 cents, beating the consensus estimate of 62 cents. In addition, it reported revenue of $1.85 billion, beating the consensus estimate of $1.73 billion and representing a 20% year-over-year increase.
Product revenue increased 41% year-over-year to $645 million, while service revenue reached $1.20 billion. Billings rose 31% from the prior-year period to $2.09 billion in the first quarter.
"We are very pleased with our excellent first quarter results, exceeding the high end of our guidance through strong execution and broad-based demand across our portfolio and geographies," said Ken Xie, founder, chairman and CEO of Fortinet.
Xie added that billings growth was driven by "the continued convergence of networking and security" and "an increasingly complex threat environment that is being intensified by AI."
Fortinet ended the quarter with approximately $2.22 billion in total cash and cash equivalents.
Guidance
Fortinet expects second-quarter adjusted earnings per share between 72 cents and 76 cents, versus the consensus estimate of 69 cents. Furthermore, it sees revenue between $1.83 billion and $1.93 billion, versus the consensus estimate of $1.82 billion.
The company raised its fiscal-year 2026 adjusted earnings per share from between $2.94 to $3.00 to between $3.10 to $3.16, versus the consensus estimate of $2.98. It also raised its fiscal-year revenue guidance from between $7.50 billion and $7.70 billion to between $7.71 billion and $7.87 billion, versus the consensus estimate of $7.60 billion.
Analyst Consensus & Recent Actions
The stock carries a Hold rating with an average price target of $89.67. Recent analyst moves include:
- Mizuho: Underperform (Raises Target to $86.00) (May 7)
- BTIG: Upgraded to Buy (Target $125.00) (May 7)
Fortinet Trades Well Above Major Moving Averages Following Surge
From a trend perspective, the stock is now trading well above its major moving averages: about 23.9% above the 20-day SMA ($83.90) and roughly 25%–28% above the 50-day ($82.68), 100-day ($81.52), and 200-day ($82.88) SMAs. That distance tells you the move has been aggressive, and it also raises the bar for follow-through because late buyers are chasing an extended tape.
The moving-average structure is mixed: the 20-day SMA is above the 50-day SMA (bullish near-term), but the 50-day SMA remains below the 200-day SMA, reflecting the "death cross" that formed in August 2025. In other words, the short-term trend has improved, but the longer-term backdrop is still working its way out of last year's damage.
Momentum, using MACD as the primary lens, is leaning constructive: MACD is above its signal line and the histogram is positive, pointing to improving upside pressure versus the prior downswing. Put simply, when MACD is above its signal line, it suggests buyers are gaining control relative to the recent baseline, even if the longer-term trend hasn't fully reset.
With the premarket gap, traders are also dealing with nearby inflection levels rather than "open air."
- Key Resistance: $105.50 — a nearby ceiling where rebounds can stall, sitting just above the current premarket area and close to the recent push toward the 52-week high zone
- Key Support: $98.50 — a nearby floor where buyers previously stepped in, and a level that would matter if the gap starts to fade after the open
Zooming out, FTNT is still down 15.71% over the past 12 months, which helps explain why the stock can look technically strong in the short run while still repairing a longer-term chart. The current premarket price is also approaching the 52-week high of $108.77, making the next few dollars a key "acceptance or rejection" area for trend traders.
Fortinet Shares Rise
FTNT Price Action: At the time of publication, Fortinet shares are trading 15.77% higher at $104.13, according to data from Benzinga Pro.
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