Nomura Securities Maintains a 'Buy' on Fortinet (FTNT); Billing Growth Continues As Q1 Beats
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Price: $160.01 -3.28%
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Fortinet (NASDAQ: FTNT) price target of $32.00.
Analyst, Rick Sherlund, said, "First-quarter billings growth accelerated to 28%, the third consecutive quarter of accelerating billings growth and well ahead of Street estimates of 19% growth. Revenues grew 26% vs Street estimates of 23%. EPS of $0.11was in line with consensus, with revenue upside absorbed by some beginning-of-year accelerated hiring in R&D and sales and marketing...We continue to be positive on the fundamentals for the company and the momentum of likely further positive estimate revisions. The valuation is high so the stock has exposure to execution risk, greater competition and market volatility, particularly if we encounter the “sell in May and go away” disenchantment sometimes observed for tech stocks in the summer months, or other more negative market sentiment."
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.
Analyst, Rick Sherlund, said, "First-quarter billings growth accelerated to 28%, the third consecutive quarter of accelerating billings growth and well ahead of Street estimates of 19% growth. Revenues grew 26% vs Street estimates of 23%. EPS of $0.11was in line with consensus, with revenue upside absorbed by some beginning-of-year accelerated hiring in R&D and sales and marketing...We continue to be positive on the fundamentals for the company and the momentum of likely further positive estimate revisions. The valuation is high so the stock has exposure to execution risk, greater competition and market volatility, particularly if we encounter the “sell in May and go away” disenchantment sometimes observed for tech stocks in the summer months, or other more negative market sentiment."
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.
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