Fortinet (FTNT) Gains More Than 104% in 6 Months, Can It Go Higher?

Published on July 7, 2026 at 6:49 pm by Talha Qureshi in News

Fortinet, Inc. (NASDAQ:FTNT) has surged more than 104% over the past 6 months; much of the gains came after the company reported strong fiscal Q1 2026 earnings in May. The triple-digit gains over the past 6 months make Fortinet, Inc. (NASDAQ:FTNT) one of our Best Performing Agentic AI Stocks to Buy. Fortinet’s ranks among the Agentic AI stocks due to its FortiSOC + FortiAI-Assist, which is a unified cloud-delivered security operations center platform powered by agentic AI.

During the fiscal Q1 2026, the company not only topped revenue estimates by 6.68%, but the EPS of $0.82 also exceeded the consensus of $0.62. Notably, during the quarter, the company grew its total billings by 31% year-over-year to $2.09 billion, with standout performance in the Operational Technology segment, which saw billings surge over 70%. Moreover, product revenue surged 41% year-over-year to $645 million, driven by robust demand for high-performance FortiGate appliances used in AI data center deployments.

Despite the gains, recently, on June 30, HSBC downgraded the stock from Hold to Reduce and raised the price target from $98 to $102. The firm noted that the rating change is based on valuation concerns rather than fundamentals. Analyst Bersey noted Fortinet trades at a 2026 P/E of 46.1x, in line with cybersecurity peers, despite a much slower 11.6% EPS growth rate. He noted that the mismatch makes the risk-reward unattractive at current levels. The firm also flagged a large-scale device security event as a near-term risk, potentially slowing product and billings momentum as customers scramble to assess exposure. Moreover, HSBC raised its target multiple to 31x from 30x, reflecting AI-led re-rating across the sector, but kept it well below the peer median of 46x.

Fortinet Inc. (NASDAQ:FTNT) provides cybersecurity and convergence of networking and security solutions worldwide.