Fortinet

FTNT · NASDAQ

$170.93−$0.57 (−0.33%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $171.50

FTNT analyst rating

HoldConsensus of 30 analysts over the last 12 months. 23% rate it a buy.

Strong buy0
Buy7
Hold19
Underperform4
Sell0

12-month price target · 41 analysts

Average $167.04 (−2.3% downside)

Low: $99.99
Now: $170.93
High: $231.00

Upgrades and downgrades

The latest rating actions, newest first

FTNT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 20, 2026	Maintains	Buy	$183.00 → $200.00	95%
Mizuho	Oct 15, 2026	Maintains	Underperform	$138.00 → $160.00	61%
Wells Fargo	Oct 15, 2026	Maintains	Underweight	$135.00 → $160.00	88%
TD Cowen	Oct 13, 2026	Maintains	Buy	$215.00 → $225.00	71%
Barclays	Oct 12, 2026	Maintains	Equal-Weight	$190.00 → $210.00	66%
RBC Capital	Oct 12, 2026	Maintains	Sector Perform	$185.00 → $205.00	50%
Amerx	Oct 8, 2026	Initiates	Overweight	$240.00	31%
Bernstein	Sep 17, 2026	Maintains	Market Perform	$102.00 → $145.00	78%
Wedbush	Sep 11, 2026	Initiates	Neutral	$155.00	63%
Susquehanna	Jul 31, 2026	Maintains	Neutral	$115.00 → $160.00	57%

The case for and against

Updated Oct 14, 2026

Bull case

Fortinet is well positioned for durable growth because its broad platform spans network, cloud, zero-trust, and security operations, allowing customers to consolidate spend while benefiting from its ASIC-based architecture that supports higher performance and lower power use. The company’s 1Q26 results underscore this strength, with revenue up 20.1% to $1.85 billion, product revenue up 41% to $645 million, billings up 31% to $2.09 billion, and non-GAAP operating margin reaching 35.8%, while record FCF of $1.01 billion and a 60%+ rise in $1M+ deals signal strong execution. Its outlook is further supported by AI data center traction, 27% services billings growth, and more than 800,000 customers worldwide, suggesting continued demand for upgrades and subscription attach as the platform expands.

Bear case

Fortinet is exposed to highly competitive cybersecurity markets that can pressure its ability to take share, especially as rivals compete across network security, cloud security, zero-trust access, and security operations. Its heavy reliance on subscriptions and support, along with continued dependence on the firewall market, creates concentration risk if demand weakens or product cycles slow. The company also faces acquisition integration risk and persistent cyberthreats, which could disrupt execution and undermine confidence despite its more than 800,000 customers worldwide.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.