Fortinet stock: Arete downgrades Fortinet and raises target to USD 117

Published on 10/21/2026 at 16:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Results are scheduled for October 28, 2026. Fortinet stock costs EUR 152.20 on October 21, 2026 at 4:09 p.m. CEST during trading.

Analyst view and reporting date

Arete Research downgraded Fortinet to Sell and raised its target from USD 104.00 to USD 117.00 on October 21, 2026.
Fortinet billings increased 33.00 percent to USD 2.37 billion in the second quarter of 2026.
Fortinet stock costs EUR 152.20 at Lang & Schwarz on October 21, 2026 at 4:09 p.m. CEST.

Draufsicht auf Aktienzertifikat US34959E1091, NASDAQ-Karte, Netzwerk-Appliance und Ethernet-Kabel — Fortinet Inc. Flatlay mit Aktien Zertifikat ISIN US34959E1091 NASDAQ Karte und Netzwerk Hardware Utensilien, Illustration mit AI erstellt.

Arete Research downgraded Fortinet from Buy to Sell and raised its price target from USD 104.00 to USD 117.00 on October 21, 2026, according to Investing.com. The revised target is 31.55 percent below Fortinet's Nasdaq close of USD 170.93 on October 20, 2026. Fortinet stock was trading at EUR 152.20 at Lang & Schwarz on October 21, 2026 at 4:09 p.m. CEST.

Growth remains visible in billings

Fortinet's second-quarter 2026 billings rose 33.00 percent to USD 2.37 billion, while revenue increased 26.00 percent to USD 2.05 billion. The figures came from the company's July 29, 2026 earnings call transcript published by Yahoo Finance. Product revenue grew 52.00 percent to USD 773.00 million, giving investors a sharper measure of demand than total revenue alone.

Nasdaq close puts target in perspective

Fortinet closed at USD 170.93 on the Nasdaq on October 20, 2026, according to the dated market quotation. The current euro quotation sits in a different currency and venue, so the Nasdaq close and Arete target provide the direct comparison for the analyst view.

Results date brings the next test

Fortinet is scheduled to discuss third-quarter 2026 results on October 28, 2026, at 4:30 p.m. ET, according to the company's investor-relations release dated October 2, 2026, published by Fortinet. The coming report will show whether the second-quarter combination of 26.00 percent revenue growth and 33.00 percent billings growth continued into the next period.

Fortinet keeps a broad security platform

Fortinet develops cybersecurity and networking products for enterprises, service providers and government organizations. Its portfolio combines network security, secure access service edge products and security operations, while the company says more than 700,000 organizations use its solutions.

Stock and analyst view

Arete's revised target is a more cautious valuation marker than the latest Nasdaq close, despite the higher target value. The contrast leaves the October 28 results as the next dated point for assessing whether recent growth can support the market's valuation.

Trading position

Fortinet stock was trading at EUR 152.20 at Lang & Schwarz on October 21, 2026 at 4:09 p.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Fortinet stock.