Fortinet hits 52-week high of $175.23 on AI demand

Fortinet shares climbed to a fresh 52-week high of $175.23 on September 21, 2026, before closing at $172.78, up roughly 3% on the day. The rally has pushed the stock up 120.7% year-to-date, outpacing the Zacks Security industry gain of 94.8% and the broader Computer and Technology sector gain of 22.8%.

Enterprise demand for converged networking and security architectures drove the recent momentum. The company launched FortiSOC, adding agentic AI across SIEM, SOAR, threat intelligence, and identity detection. It expanded FortiEndpoint with AI governance, visibility, and data-loss prevention through a single agent, and deepened its FortiAIGate integration with Nvidia accelerated computing to secure large language models, autonomous agents, and Model Context Protocol deployments.

In the second quarter of 2026, billings rose 33% year-over-year to $2.37 billion, and total revenue grew 26% to $2.05 billion. Product revenue surged 52% to $773 million on higher FortiGate unit volume and stronger average selling prices. Non-GAAP operating margin reached a second-quarter record of 38%, while free cash flow more than tripled to $966 million, reflecting a 47% cash-conversion margin.

Following those results, management raised full-year 2026 revenue guidance to between $8.02 billion and $8.18 billion, representing about 19% growth, with billings projected at $9.35 billion to $9.55 billion. Non-GAAP EPS is expected between $3.41 and $3.47, with an operating margin of 35% to 37% and infrastructure investments between $350 million and $550 million. For the third quarter, revenue is projected at $2.01 billion to $2.10 billion, while the Zacks Consensus Estimate pegs full-year earnings at $3.42 per share, up 23.91%.