Fortinet (FTNT) PT Raised to $400 at FBN Securities, Following Earnings
Get Alerts FTNT Hot Sheet
Rating Summary:
24 Buy, 30 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
Join SI Premium – FREE
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."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Teleperformance (TEP:FP) (TLPFY) PT Lowered to EUR125 at RBC Capital, 'perceived risk profile makes it a no-fly zone for many investors'
- Cintas (CTAS) PT Raised to $725 at RBC Capital
- Safran SA (SAF:FP) (SAFRY) PT Raised to EUR211 at Citi, 'remain positive on the aftermarket'
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT ChangeRelated Entities
Earnings, Shebly SeyrafiSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!