Wells Fargo Raises Fortinet (FTNT) Price Target to $160
Wells Fargo keeps its Underweight rating on Fortinet, setting a price target of $160, a 5.40% downside from the current price.
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Wells Fargo raised its price target on Fortinet, Inc. ($FTNT) to $160 from $135 on October 15, 2026, and rates the stock "Underweight".
Since the rating, $FTNT is down 7.0% to date (from the $181.91 close on Oct 15, 2026).
FTNT
Fortinet, Inc.
Key Points
- On October 15, 2026, Wells Fargo reiterated its Underweight rating on Fortinet, Inc. with a new price target of $160, up from $135.
- Wells Fargo's $160 price target implies 5.40% downside from Fortinet, Inc.'s ($FTNT) current $169.13 share price.
- Fortinet shares recently traded around $167.96, which is 5% above Wells Fargo's target and 14.8% below its 52-week high of $197.13.
- The company has a market cap of about $133.5 billion and reported a revenue growth of 25.6% year-over-year.
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Wells Fargo reiterated its Underweight rating on Fortinet, Inc. (NasdaqGS: FTNT) on October 15, 2026, while raising its price target from $135 to $160. The stock was recently trading at $167.96 as of October 16, 2026.
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Wells Fargo's Call on Fortinet
Wells Fargo maintained its Underweight rating on Fortinet and set a new price target of $160. This is an increase from the previous target of $135. The new target indicates a cautious outlook for the cybersecurity firm's performance in the near future.
Other Institutional Activity in Fortinet
Several institutional investors have also been active in Fortinet. Blackrock Inc. holds 62,242,221 shares worth about $10.5 billion after increasing its stake by 272,666 shares. Vanguard Capital Management LLC owns 40,663,961 shares valued at approximately $6.9 billion, having added 910,358 shares. State Street Corporation has 29,630,652 shares worth about $5.0 billion, following an increase of 700,119 shares. In contrast, Vanguard Portfolio Management LLC and Invesco Ltd. reduced their holdings.
Fortinet, Inc. Stock Down 8.1%
Fortinet's stock is currently trading below its 50-day moving average by 0.7% but is above its 200-day moving average by 36.1%. The shares are also 14.8% below their 52-week high of $197.13, while they sit 128.4% above the 52-week low of $73.55. The recent trading price is about 0.4% above the mean analyst price target of $167.23.
$FTNT price target
Fortinet, Inc. daily closes and this analyst's $160 target. Not advice.
Recent Earnings
Fortinet reported a trailing twelve-month revenue of approximately $7.53 billion, reflecting a year-over-year growth rate of 25.6%. The company's net margin stands at 28.2%, and it has a return on equity of 117.4%. The next earnings report is scheduled for October 28, 2026.
Insider Buying and Selling at Fortinet, Inc.
Recent insider transactions include sales from key executives. Kenneth Qing Xie, the CEO, sold 161,482 shares on August 3, 2026, and Michael Xie, the CTO, sold 3,121 shares on the same day. Chief Financial Officer Christiane Margrit Ohlgart sold 387 shares at an average price of $164.59 on August 4, 2026. Chief Operating Officer John Whittle sold 56,700 shares on September 15, 2026.
Analysts Set New Price Targets
On October 12, 2026, Barclays maintained an Equal-Weight rating with a price target of $210, while RBC Capital and TD Cowen also upheld their ratings with targets of $205 and $225, respectively. Mizuho, like Wells Fargo, maintained an Underperform rating with a target of $160 on the same day.
About Fortinet
Fortinet, Inc. provides cybersecurity solutions that combine networking and security for businesses around the world. The company's products are designed to protect networks and data from cyber threats. Its strong revenue growth and significant market presence highlight its role in the technology sector.
Bottom Line
Investors should keep an eye on Fortinet's upcoming earnings report on October 28, 2026, for insights into its performance. As Wells Fargo has reiterated its Underweight rating, further developments in analyst ratings and institutional holdings will also be important to watch.
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Source: Wells Fargo's rating change on $FTNT (Oct 15, 2026). Written by software, not financial advice. How we make alerts