In a report issued on May 3, Kirk Materne from Evercore ISI maintained a Hold rating on Fortinet (FTNT), with a price target of $80. The company’s shares closed yesterday at $85.01.
Materne noted:
“We do not view this as a particularly easy compare vs. the ~13% y/y product revenue growth (ex 606) we saw in 2018, which comped ~5% product growth in 2017. We believe longer- term FTNT’s business should become more ratable which was evident this quarter. With product growth likely slower this year we are looking for a continued ramp in the company’s ratable service revenue to support growth going forward. We continue to view FTNT’s current valuation as rich and likely inflexible in the event of a negative surprise on the fundamentals. Remain In Line rated.”
According to TipRanks.com, Materne is a top 100 analyst with an average return of 32.0% and a 86.2% success rate. Materne covers the Technology sector, focusing on stocks such as Proofpoint Inc, Salesforce.com, and Ansys.
The word on The Street in general, suggests a Hold analyst consensus rating for Fortinet with a $92 average price target, an 8.2% upside from current levels. In a report issued on May 3, Robert W. Baird also maintained a Hold rating on the stock.
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The company has a one-year high of $96.96 and a one-year low of $55.29. Currently, Fortinet has an average volume of 1.78M.
Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2019, Ken Xie, the President & CEO of FTNT sold 80,000 shares for a total of $6,530,400.
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Fortinet, Inc. provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments Network Security, Fortinet Security Fabric, Cloud Security and Internet of Things and Operational Technology.
