Investment Analysts’ Recent Ratings Changes for Fortinet (FTNT)

Fortinet (NASDAQ: FTNT) recently received a number of ratings updates from brokerages and research firms:

• 5/19/2026 – Fortinet was downgraded by Weiss Ratings from “hold (c+)” to “hold (c)”.
• 5/19/2026 – Fortinet was downgraded by DZ Bank AG from “buy” to “hold”. They now have a $125.00 price target on the stock.
• 5/14/2026 – Fortinet was upgraded by Zacks Research from “hold” to “strong-buy”.
• 5/8/2026 – Fortinet had its price target raised by Citigroup Inc. from $90.00 to $115.00. They now have a “neutral” rating on the stock.
• 5/8/2026 – Fortinet had its price target raised by Susquehanna from $90.00 to $115.00. They now have a “neutral” rating on the stock.
• 5/7/2026 – Fortinet had its “sector perform” rating reaffirmed by Royal Bank Of Canada. They now have a $107.00 price target on the stock, up from $90.00.
• 5/7/2026 – Fortinet had its “underweight” rating reaffirmed by Morgan Stanley. They now have a $80.00 price target on the stock.
• 5/7/2026 – Fortinet had its “hold” rating reaffirmed by Deutsche Bank Aktiengesellschaft. They now have a $100.00 price target on the stock.
• 5/7/2026 – Fortinet was given a new $120.00 price target by Truist Financial Corporation. They now have a “buy” rating on the stock.
• 5/7/2026 – Fortinet was given a new $115.00 price target by Robert W. Baird.
• 5/7/2026 – Fortinet had its “underweight” rating reaffirmed by Wells Fargo & Company. They now have a $70.00 price target on the stock, up from $64.00.
• 5/7/2026 – Fortinet was given a new $115.00 price target by Stephens. They now have an “equal weight” rating on the stock.
• 5/7/2026 – Fortinet was given a new $115.00 price target by Barclays PLC. They now have an “equal weight” rating on the stock.
• 5/7/2026 – Fortinet had its “buy” rating reaffirmed by TD Cowen. They now have a $125.00 price target on the stock, up from $100.00.
• 5/7/2026 – Fortinet had its price target raised by UBS Group AG from $90.00 to $115.00. They now have a “neutral” rating on the stock.
• 5/7/2026 – Fortinet had its price target raised by JPMorgan Chase & Co. from $73.00 to $75.00. They now have an “underweight” rating on the stock.
• 5/7/2026 – Fortinet had its price target raised by Scotiabank from $85.00 to $110.00. They now have a “sector perform” rating on the stock.
• 5/7/2026 – Fortinet had its price target raised by Piper Sandler from $90.00 to $110.00. They now have a “neutral” rating on the stock.
• 5/7/2026 – Fortinet had its price target raised by Rosenblatt Securities from $105.00 to $125.00. They now have a “buy” rating on the stock.
• 5/7/2026 – Fortinet had its price target raised by Mizuho from $70.00 to $86.00. They now have an “underperform” rating on the stock.
• 5/7/2026 – Fortinet was upgraded by BTIG Research from “neutral” to “buy”. They now have a $125.00 price target on the stock.
• 5/4/2026 – Fortinet was given a new $100.00 price target by Compass Point.
• 5/4/2026 – Fortinet had its price target raised by BMO Capital Markets from $95.00 to $100.00. They now have a “market perform” rating on the stock.
• 4/27/2026 – Fortinet was given a new $104.00 price target by Arete Research. They now have a “buy” rating on the stock.
• 4/27/2026 – Fortinet was upgraded by Arete Research from “strong sell” to “strong-buy”.
• 4/24/2026 – Fortinet was upgraded by Weiss Ratings from “hold (c)” to “hold (c+)”.
• 4/21/2026 – Fortinet had its “neutral” rating reaffirmed by Cantor Fitzgerald. They now have a $87.00 price target on the stock.
• 4/14/2026 – Fortinet had its price target lowered by Mizuho from $74.00 to $70.00. They now have an “underperform” rating on the stock.
• 3/27/2026 – Fortinet had its “hold (c)” rating reaffirmed by Weiss Ratings.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 5,355 shares of Fortinet stock in a transaction on Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the completion of the transaction, the chief executive officer directly owned 52,978,004 shares of the company’s stock, valued at $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.89, for a total transaction of $220,269.42. Following the transaction, the vice president directly owned 9,927,517 shares of the company’s stock, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 17.60% of the company’s stock.

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co?founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia?Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next?generation firewalls and the FortiOS operating system forming a core platform.