Mizuho Raises Fortinet (FTNT) Price Target to $160

Mizuho reiterated its Underperform rating on Fortinet, Inc. (NasdaqGS: FTNT) on October 15, 2026, raising its price target from $138 to $160. This adjustment reflects Mizuho's ongoing assessment of the company's performance and market conditions.

Other Institutional Activity in Fortinet

Several other institutional investors have also expressed their views on Fortinet. Blackrock Inc. holds 62,242,221 shares worth about $10.5 billion, having increased its position by 272,666 shares, a 0.4% rise. Vanguard Capital Management LLC owns 40,663,961 shares valued at approximately $6.9 billion, with a share increase of 910,358, or 2.3%. State Street Corporation also added to its stake, growing its holdings by 700,119 shares to a total of 29,630,652 shares worth about $5.0 billion, marking a 2.4% increase. In contrast, Vanguard Portfolio Management LLC reduced its holdings by 192,789 shares, ending with 24,844,685 shares valued at around $4.2 billion, a decrease of 0.8%. Invesco Ltd. decreased its position by 914,159 shares, owning now 24,621,016 shares worth about $4.2 billion, down 3.6%.

Fortinet, Inc. Stock Down 8.1%

As of October 16, 2026, Fortinet shares traded around $167.96, which is below the 50-day moving average of $169.21 by about 0.7%. However, the stock is well above its 52-week low of $73.55, sitting 128.4% higher. The stock is currently above its 200-day moving average of $123.43 by about 36.1%. The recent trading price is also above the average analyst target price of $167.23 by 0.4%, but below the 52-week high of $197.13 by 14.8%.

Recent Earnings

Fortinet reported trailing twelve-month revenue of approximately $7.5 billion, with a revenue growth year-over-year of 25.6%. The company's earnings per share (EPS) for the same period stood at $2.83, while its return on equity (ROE) was notably high at 117.4%. Fortinet is expected to announce its next earnings on October 28, 2026.

Insider Buying and Selling at Fortinet, Inc.

Recent insider transactions at Fortinet show that several executives sold shares. Kenneth Qing Xie, the CEO, sold 161,482 shares before October 15, 2026, valued at about $26.3 million. Michael Xie, the Chief Technology Officer, sold 3,121 shares, totaling around $507,574. CFO Christiane Margrit Ohlgart sold 387 shares at an average price of $164.59, with a total value of $63,696. Additionally, COO John Whittle sold 56,700 shares before October 15, valued at approximately $9.4 million. These transactions were made under normal trading conditions and do not necessarily indicate negative sentiment.

Analysts Set New Price Targets

On October 12, 2026, Barclays maintained an Equal-Weight rating on Fortinet with a price target of $210, up from $190. RBC Capital also maintained its Sector Perform rating with a target of $205, previously $185. TD Cowen kept its Buy rating and increased its target to $225 from $215. Mizuho's recent action on October 15 aligns with these trends, as they reiterated their Underperform rating with a new target of $160. Wells Fargo also maintained an Underweight rating on the same day, adjusting its target to $160 from $135. The consensus among 37 analysts gives Fortinet a hold recommendation, with a mean price target of $167.23.

About Fortinet

Fortinet, Inc. is a cybersecurity company based in Sunnyvale, California. It specializes in providing solutions that combine networking and security for organizations worldwide. The recent analyst ratings and target adjustments reflect the firm’s views on Fortinet's market position and future growth potential.

Bottom Line

Investors should keep an eye on Fortinet's upcoming earnings report scheduled for October 28, 2026, and continue monitoring any further analyst ratings or target changes. Mizuho's reiteration of the Underperform rating and the adjusted price target is a key development to consider as the company navigates market challenges.