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

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.

While we acknowledge the risk and potential of FTNT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FTNT and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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