Fortinet Inc (NASDAQ:FTNT) stock traded higher Thursday following the release of second-quarter financial results on Wednesday. The Nasdaq is up 2.97% while the S&P 500 has gained 1.23%.
Fortinet reported second-quarter revenue of $2.05 billion, up 26% year-over-year, beating a Street consensus estimate of $1.89 billion. Product revenue reached $773 million, up 52%, while billings grew 33%. Earnings per share of 90 cents beat the Street consensus estimate of 75 cents.
Forward Guidance Raised
For the third quarter, Fortinet projects revenue of $2.01 billion to $2.10 billion and earnings per share of 83 cents to 87 cents, both above Street estimates. The company raised full-year guidance, expecting earnings per share of $3.41 to $3.47 and revenue of $8.02 billion to $8.18 billion.
Analysts Increase Forecasts
Following the report, Cantor Fitzgerald maintained a Neutral rating and raised its price forecast to $185, while Barclays maintained Equal-Weight with a $190 forecast. Rosenblatt maintained Buy with a $195 forecast, and BTIG maintained Buy with a $203 forecast.
According to Benzinga’s analyst ratings data, Wall Street maintains a consensus Buy rating on the stock, with six of 22 analysts rating it Buy, 13 assigning Hold and three recommending Sell. The average price forecast is $128, implying approximately 19.6% downside from current levels.
Critical Technical Levels for FTNT Stock
From a longer-term trend perspective, FTNT remains in a clear uptrend: it’s trading 0.8% above its 20-day SMA ($158.10), 6.9% above its 50-day SMA ($149.09), and 59.1% above its 200-day SMA ($100.18). The 20-day SMA sitting above the 50-day SMA keeps the near-term structure constructive, and the golden cross in May (50-day above 200-day) reinforces the bigger-picture trend.
The nearby levels are fairly well-defined, with price sitting below the 52-week high zone ($170.35) after a recent swing high in July. A clean push toward that area would likely need momentum to improve, while a pullback would put more focus on whether buyers defend the recent consolidation band.
- Key Resistance: $170.50 — aligns with the stock’s nearby 52-week high area where upside attempts can stall
- Key Support: $152.50 — a nearby pivot zone that sits close to the short-term trend area (near the 20-day/50-day region)
FTNT Stock Price Activity: Fortinet shares were up 1.76% at $155.91 on Thursday, according to Benzinga Pro data.
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