TD Cowen Raises Fortinet (FTNT) Price Target to $225

TD Cowen has reiterated its Buy rating on Fortinet, raising the price target from $215 to $225 on October 13, 2026, a 32.96% upside from the current price.

By TradeTexts Research Desk · Published Oct 16, 2026, 1:59 PM EDT

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TD Cowen raised its price target on Fortinet, Inc. ($FTNT) to $225 from $215 on October 13, 2026, and rates the stock "Buy".

Since the rating, $FTNT is down 11.3% to date (from the $190.76 close on Oct 13, 2026).

FTNT Fortinet, Inc.

$169.13 +117.17% year to date

Daily close · Oct 16, 2026

Key Points

TD Cowen reiterated its Buy rating on Fortinet, increasing the price target from $215 to $225 on October 13, 2026.
TD Cowen's $225 price target implies 32.96% upside from Fortinet, Inc.'s ($FTNT) current $169.22 share price.
Shares of Fortinet recently traded around $169.22, about equal to its 50-day moving average and below its 52-week high of $197.13.
The company has a market cap of about $133.5 billion and is set to report earnings on October 28, 2026.

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TD Cowen has reiterated its Buy rating on Fortinet, Inc. (NasdaqGS: FTNT) and raised its price target from $215 to $225 on October 13, 2026. Fortinet's shares were recently trading around $169.22, which is about equal to its 50-day moving average and below its 52-week high of $197.13.

Other Institutional Activity in Fortinet

Blackrock Inc. grew its holdings by 272,666 shares, ending with 62,242,221 shares worth about $10.5 billion. Vanguard Capital Management LLC added 910,358 shares, bringing its total to 40,663,961 shares valued at approximately $6.9 billion. State Street Corporation increased its stake by 700,119 shares, now holding 29,630,652 shares worth about $5.0 billion. In contrast, Vanguard Portfolio Management LLC reduced its position by 192,789 shares, ending with 24,844,685 shares valued at around $4.2 billion. Invesco Ltd. cut its holdings by 914,159 shares, resulting in 24,621,016 shares worth about $4.2 billion.

Fortinet, Inc. Stock Down 8.1%

Fortinet's stock is currently trading around $169.22, which is above its 52-week low of $73.55 but below its 52-week high of $197.13. The shares are also above their 200-day moving average by about 37.1%. The recent price is about 1.2% above the mean analyst price target of $167.23 but 24.8% below the new target set by TD Cowen.

12-month forecast

$FTNT price target

Fortinet, Inc. daily closes and this analyst's $225 target. Not advice.

Recent Earnings

For the trailing twelve months, Fortinet reported revenue of approximately $7.53 billion, reflecting a year-over-year growth of 25.6%. The earnings per share (EPS) for the same period was $2.83. The next earnings report is scheduled for October 28, 2026.

Insider Buying and Selling at Fortinet, Inc.

Insider trading activity shows that CEO Kenneth Qing Xie sold 161,482 shares valued at about $26.3 million on August 3, 2026. Chief Technology Officer Michael Xie sold 3,121 shares worth approximately $507,574 on the same day. CFO Christiane Margrit Ohlgart sold 387 shares at an average price of $164.59, totaling about $63,696 on August 4, 2026. COO John Whittle sold 56,700 shares valued at about $9.4 million on September 15, 2026.

Analysts Set New Price Targets

On October 13, 2026, TD Cowen maintained its Buy rating for Fortinet with a new price target of $225. Earlier, on October 12, Barclays maintained its Equal-Weight rating with a target of $210, while RBC Capital also maintained its Sector Perform rating with a target of $205. The consensus among analysts gives Fortinet a recommendation key of Hold, with a mean price target of $167.23 based on 37 opinions.

About Fortinet

Fortinet, Inc. specializes in cybersecurity solutions and the convergence of networking and security services globally. With headquarters in Sunnyvale, California, the company has a workforce of over 15,400 employees and aims to provide comprehensive security solutions for businesses of all sizes.

Bottom Line

Investors should keep an eye on Fortinet's upcoming earnings report on October 28, 2026, for further insights into its financial performance. The recent analyst activity shows a positive outlook, particularly with TD Cowen's raised target reflecting confidence in the company's growth.