Needham & Company Reiterates a 'Buy' on Fortinet (FTNT); Strong Quarter; Still View As Acquisition Candidate
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Price: $18.71 -2.55%
Rating Summary:
12 Buy, 14 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
12 Buy, 14 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade FTNT Now!
Needham & Company reiterates a 'Buy' on Fortinet (NASDAQ: FTNT) price target raised from $30 to $34.
Analyst, Scott Zeller, said, "The Fortinet quarter was stronger than anticipated, given the uneven performance across software thus far in earnings season, particularly given the rumblings that Europe may again be weak for software, and Check Point’s (Nasdaq: CHKP)(BUY) lukewarm results yesterday. Fortinet, however, performed strongly, particularly in billings growth driven by gains in deferred for subscription purchases, with total deferred revenue +18% y/y for MarQ, better than recent DecQ and SeptQ results."
"We believe that with its accelerating billings growth q/q and given its attractiveness as a potential acquisition candidate, FTNT is likely to command a valuation near the high end of 5x-9x EV/revenue range that we have seen for recent transactions."
For an analyst ratings summary and ratings history on Fortinet click here. For more ratings news on Fortinet click here.
Shares of Fortinet closed at $25.74 yesterday, with a 52 week range of $15.78-$50.80.
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Analyst, Scott Zeller, said, "The Fortinet quarter was stronger than anticipated, given the uneven performance across software thus far in earnings season, particularly given the rumblings that Europe may again be weak for software, and Check Point’s (Nasdaq: CHKP)(BUY) lukewarm results yesterday. Fortinet, however, performed strongly, particularly in billings growth driven by gains in deferred for subscription purchases, with total deferred revenue +18% y/y for MarQ, better than recent DecQ and SeptQ results."
"We believe that with its accelerating billings growth q/q and given its attractiveness as a potential acquisition candidate, FTNT is likely to command a valuation near the high end of 5x-9x EV/revenue range that we have seen for recent transactions."
For an analyst ratings summary and ratings history on Fortinet click here. For more ratings news on Fortinet click here.
Shares of Fortinet closed at $25.74 yesterday, with a 52 week range of $15.78-$50.80.
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