Fortinet Named a Top Non-AI Stock Pick by Goldman Sachs

Goldman Sachs names Fortinet a top investment opportunity outside of the artificial intelligence sector, citing strong operational execution.

The bank attributes the cybersecurity firm's success to enterprise security consolidation rather than the AI boom.

Fortinet's stock rallied 70% in 2026.

Goldman attributes less than a third of this growth to AI or macroeconomic factors.

The company beat Wall Street expectations for the first quarter of 2026.

First-quarter revenue increased 20% year-over-year to $1.9 billion.

Growth in product sales and unified SASE billings drove this performance.

Management subsequently raised its full-year guidance.