In a report released today, Brad Zelnick from Credit Suisse maintained a Hold rating on Fortinet (FTNT), with a price target of $135.00. The company’s shares closed last Friday at $111.19.
According to TipRanks.com, Zelnick is a top 100 analyst with an average return of 17.6% and a 73.6% success rate. Zelnick covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, Zoom Video Communications, and Ping Identity Holding.
Currently, the analyst consensus on Fortinet is a Moderate Buy with an average price target of $139.07, which is a 17.8% upside from current levels. In a report issued on October 15, Mizuho Securities also maintained a Hold rating on the stock with a $130.00 price target.
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Fortinet’s market cap is currently $19.1B and has a P/E ratio of 51.80. The company has a Price to Book ratio of 44.35.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FTNT in relation to earlier this year.
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 cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology. The Network Security segment include majority of product sales from it FortiGate network security appliances. The Infrastructure Security segment provide platform which is an architectural approach that protects the entire digital attack surface, including network core, endpoints, applications, data centers and private and public cloud. Together with it network of Fabric-Ready Partners, the Fortinet Security Fabric platform enables disparate security devices to work together as an integrated, automated and collaborative solution. The Cloud Security segment provides help to the customers connect securely to and across their cloud environments by offering security through it virtual firewall and other software products in public and private cloud environments. The Endpoint Protection, Internet of Things and Operational Technology segment include the proliferation of Internet of Things (IoT) and an Operational Technology (OT) device has generated new opportunities for it to grow it business. IoT and OT have created an environment where data move freely between devices across locations, network environments, remote offices, mobile workers and public cloud environments, making the data difficult to consistently track and secure. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA.
