New York, Jan 24, 2026, 05:05 (EST) — Market closed
Fortinet Inc (FTNT) shares climbed 5.2%, finishing Friday at $81.64, after TD Cowen raised its rating.
Fortinet’s jump draws renewed attention ahead of its quarterly report on Feb. 5, a crucial checkpoint for corporate network-security spending trends. Investors will zero in on billings—sales booked that hint at future revenue—and scrutinize any shifts in management’s 2026 demand outlook.
The week ended quietly on Wall Street, as the S&P 500 inched higher while the Dow slipped lower.
TD Cowen’s Shaul Eyal raised his rating on the stock to buy from hold, while keeping the price target steady at $100, the firm said. Eyal pointed out that artificial intelligence is boosting security software rather than disrupting it. Channel checks suggest conditions will remain steady through fiscal 2026.
Eyal pushed back against what he described as overly gloomy forecasts for Fortinet, despite concerns about rising costs and a broader software slowdown. “It ain’t that bleak out there,” he said, pointing to Fortinet’s custom application-specific integrated circuits, or ASICs, as a tool to help lower expenses for customers. Barron’s
Fortinet opened at $83.50, pushed up to $85.04 before retreating to a low of $81.10. Trading volume was about 10.7 million shares, according to Yahoo Finance.
Even after Friday’s jump, the stock still sits about 29% below its 52-week high of $114.82. On Thursday, it topped peers such as Cisco Systems, CrowdStrike, and Palo Alto Networks amid a generally positive day for U.S. stocks.
Fortinet has come under fire recently due to device security concerns. On Jan. 22, Carl Windsor wrote in a blog post that “a small number of customers reported unexpected login activity” tied to single sign-on, and the company is actively developing a fix. The issue involves SAML-based SSO configurations, which allow users to log in once and access multiple services. Fortinet
Macro factors remain in focus. The Fed’s two-day policy meeting runs Jan. 27-28, with a decision and press briefing slated for the 28th. Such events tend to reshape rate expectations, shaking up valuations in tech and security stocks.
That rally could sputter fast if Fortinet’s next earnings show softer billings or if big clients hold back on network upgrades due to budget pressures. Rising worries about the SSO problem might add fuel to the fire right when the company is trying to reassure investors.
Traders will watch closely to see if Friday’s surge holds when liquidity returns Monday, and if security stocks can maintain pace should the broader tech sector falter.
Fortinet will release its earnings on Feb. 5, holding the conference call after the U.S. market closes.
