New York, Jan 24, 2026, 05:05 (EST) — Market closed
Fortinet Inc (FTNT) shares jumped 5.2% to close at $81.64 on Friday following an upgrade from TD Cowen. (Investing)
The jump puts Fortinet back under the spotlight as it approaches its quarterly report on Feb. 5, a key moment for corporate network-security spending trends. Investors will focus on billings—sales booked that offer clues about future revenue—and watch closely for any change in management’s outlook on 2026 demand. (Fortinet)
The week wrapped up quietly on Wall Street, with the S&P 500 edging up slightly and the Dow falling back. (AP News)
TD Cowen’s Shaul Eyal upgraded his rating to buy from hold, maintaining a $100 price target, the firm announced. Eyal noted that artificial intelligence isn’t disrupting security software but enhancing it, with channel checks indicating stable conditions through fiscal 2026. (TipRanks)
Eyal dismissed what he called overly pessimistic views on Fortinet amid worries over expenses and a wider slowdown in software. “It ain’t that bleak out there,” he said, highlighting Fortinet’s custom application-specific integrated circuits, or ASICs, as a way to reduce customer costs. (Barron’s)
Fortinet kicked off at $83.50, climbed to $85.04, then slipped back down, hitting a low of $81.10. Volume came in around 10.7 million shares, per Yahoo Finance. (Yahoo Finance)
Despite Friday’s surge, the stock remains roughly 29% shy of its 52-week peak at $114.82. On Thursday, it outperformed rivals like Cisco Systems, CrowdStrike, and Palo Alto Networks during a broadly upbeat day for U.S. equities. (MarketWatch)
Fortinet has recently faced scrutiny over device security. In a blog post from Jan. 22, Carl Windsor acknowledged “a small number of customers reported unexpected login activity” linked to single sign-on and said the company is working on a fix. The problem affects SAML-based SSO setups, which let users log in once to access several services. (Fortinet)
Macro factors are also in play. The Fed has a two-day policy meeting scheduled for Jan. 27-28, with a decision and press conference set for Jan. 28. These events often shift rate expectations, impacting valuations in tech and security sectors. (Federal Reserve)
However, the rally might quickly lose steam if Fortinet’s upcoming results reveal weaker billings or if major clients delay network upgrades amid tighter budgets. Expanding concerns over the SSO issue could also stir trouble just as the company aims to calm investors.
Traders are set to see if Friday’s jump sticks once liquidity flows back on Monday, and whether security stocks can keep up if the wider tech sector starts to wobble.
Fortinet is set to report earnings on Feb. 5, with its conference call scheduled after the U.S. market closes. (Fortinet)
