Fortinet (FTNT) PT Raised to $400 at FBN Securities, Following Earnings

FBN Securities analyst Shebly Seyrafi raised the price target on Fortinet (NASDAQ: FTNT) to $400.00 (from $300.00) while maintaining a Outperform rating.

ANalyst comments: "very strong FQ3 results in which revenue grew by 33% Y/Y (and came in 7% above consensus), product revenue grew by 51% Y/Y (and came in 18% above consensus), and billings grew by 42% Y/Y (and came in 11% above cons ensus). We are especially impressed by FTNT’s product revenue growth rate of 51% as product revenue grew by 16% in F2020 and 17% in both F2018 and F2019. We would add that FTNT raised prices and, according to our checks, the pricing actions are tiered (8/1, 11/1, and 2/1) depending on the model and renewal date."

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