Credit Suisse Maintains a Sell Rating on Fortinet


Credit Suisse analyst Brad Zelnick maintained a Sell rating on Fortinet (NASDAQ: FTNT) today and set a price target of $43. The company’s shares opened today at $55.77, close to its 52-week high of $57.98.

According to TipRanks.com, Zelnick is a 4-star analyst with an average return of 11.5% and a 66.7% success rate. Zelnick covers the Technology sector, focusing on stocks such as Symantec Corp, Check Point, and Oracle Corp.

Fortinet has an analyst consensus of Moderate Buy, with a price target consensus of $57.14.

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Based on Fortinet’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $399 million and quarterly net profit of $41.6 million. In comparison, last year the company earned revenue of $341 million and had a net profit of $10.72 million.

Based on the recent corporate insider activity of 79 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2018, Ken Xie, the President & CEO of FTNT sold 100,000 shares for a total of $4,512,394.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Fortinet, Inc. provides threat management and network security solutions that are designed to address the fundamental problems of an increasingly bandwidth-intensive network environment and a more sophisticated information technology threat landscape. Its products and subscription services provide broad, integrated and high-performance protection against dynamic security threats while simplifying the information technology security infrastructure for enterprises, service providers and governmental entities. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA.

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