JP Morgan Raises Fortinet (FTNT) Price Target to $140

By TradeTexts Research Desk Oct 23, 2026, 2:16 PM EDT

Key Points

JP Morgan maintained an Underweight rating on Fortinet, Inc. on October 23, 2026, while raising its price target to $140.00 from $118.00.
JP Morgan's $140 price target implies 21.39% downside from Fortinet, Inc.'s ($FTNT) current $178.10 share price.
The cybersecurity firm recently traded around $178.10, sitting above its consensus mean price target of $168.72 ahead of its upcoming earnings report.
Fortinet posted trailing twelve-month revenue of $7.53 billion with a net margin of 28.2% and a return on equity of 117.4%.

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JP Morgan maintained its Underweight rating on Fortinet, Inc. (FTNT) on October 23, 2026, while raising its price target from $118.00 to $140.00. The research note arrived as the cybersecurity provider's shares traded near $178.10, sitting well above the bank's new objective. Fortinet closed at $18.51 on October 23, 2026. Even with the target increase from $118.00 to $140.00, the revised level remains below where the stock currently changes hands.

FTNT Fortinet, Inc.

$173.55 +122.84% year to date

Daily close · Oct 22, 2026

Analyst rating track record

JP Morgan vs. the S&P 500

YTD return -0.45% hypothetical

All-time return -0.45% S&P 500 -0.03%

vs. S&P 500 -0.42% behind the index

Hypothetical returns from JP Morgan's disclosed trades, not real profit or advice. How we model this.

JP Morgan's Call on Fortinet

In its October 23, 2026 note, JP Morgan kept its Underweight rating on the software infrastructure firm. The bank moved its price target up to $140.00 from $118.00. The call highlights a cautious stance from the firm even as the cybersecurity provider's shares trade higher than the stated target.

Other Institutional Activity in Fortinet

First Trust Advisors LP reduced its holdings by 690,371 shares, ending with 10,815,814 shares worth about $1.93 billion. Arrowstreet Capital, Limited Partnership grew its holdings by 476,740 shares, ending with 10,127,342 shares worth about $1.81 billion. Bank Of New York Mellon Corporation cut its stake by 4,004,982 shares, finishing with 9,327,182 shares valued at about $1.66 billion.

Fortinet, Inc. Stock Up 2.3%

Fortinet recently traded around $178.10 as of October 23, 2026, down about 0.2% from its event-day close of $178.51. The stock trades about 4.6% above its 50-day moving average of $170.25 and 41.6% above its 200-day moving average of $125.75. The shares sit 9.7% below their 52-week high of $197.13 and 142.1% above their 52-week low of $73.55.

12-month forecast

$FTNT price target

Fortinet, Inc. daily closes and this analyst's $140 target. Not advice.

Recent Earnings

Fortinet reported trailing twelve-month revenue of $7.53 billion and an earnings per share of $2.83. The company generated a net margin of 28.2% and a return on equity of 117.4%. The next earnings release is scheduled for October 28, 2026.

Insider Buying and Selling at Fortinet, Inc.

Chief Executive Officer Kenneth Qing Xie sold 161,482 shares valued at about $26.27 million on August 3, 2026. Chief Technology Officer Michael Xie sold 3,121 shares worth about $507,574 on August 3, 2026. Chief Financial Officer Christiane Margrit Ohlgart sold 387 shares at an average price of $164.59 for a total of $63,696 on August 4, 2026. Chief Operating Officer John Whittle sold 56,700 shares worth about $9.39 million on September 15, 2026.

Analysts Set New Price Targets

TD Cowen maintained a Buy rating and raised its target from $215.00 to $225.00 on October 13, 2026. Mizuho maintained an Underperform rating and raised its target from $138.00 to $160.00 on October 15, 2026. Wells Fargo maintained an Underweight rating and increased its target from $135.00 to $160.00 on October 15, 2026. Truist Securities maintained a Buy rating and raised its target from $183.00 to $200.00 on October 20, 2026. The stock holds a consensus hold recommendation from 37 analyst opinions with a mean price target of $168.72.

About Fortinet

Fortinet, Inc. builds cybersecurity tools and networking hardware that help businesses secure digital infrastructure worldwide. Based in Sunnyvale, California, the firm serves enterprise clients looking to combine network routing with advanced threat protection.

Bottom Line

JP Morgan's raised price target still sits below the stock's recent trading range. Investors will look to the upcoming earnings report on October 28, 2026, for fresh updates on software demand and profit margins.