Nomura Securities Maintains a 'Buy' on Fortinet (FTNT); Q2 Review
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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: 6 | Down: 4 | New: 7
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
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Nomura Securities maintains a 'Buy' on Fortinet (NASDAQ: FTNT) price target of $32.00.
Analyst, Rick Sherlund, said, "Fortinet reported 2Q’12 billings (calculated as revenue plus change in deferred revenue) of $146mn, up 32% y/y and 6% ahead of consensus and 4% above the high end of the guidance range. This result was better than expected, with commentary going into the quarter suggesting a difficult selling environment. Revenues were strong for the quarter and came in at $129mn, up 25% y/y and 2% ahead of consensus and the high end of guidance, consistent with the historical trend of exceeding guidance. Management issued guidance that is a bit better than the consensus expectations. Billings are expected to be in the range of $143mn to $147mn (up 23% y/y at the midpoint), above the consensus estimate of $143mn at the midpoint. The guidance range implies sequential growth of -2% q/q to +1% q/q, a bit below the historical guidance ranges in the last two September quarters (+0% to +3% q/q)."
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 $22.39 yesterday.
Analyst, Rick Sherlund, said, "Fortinet reported 2Q’12 billings (calculated as revenue plus change in deferred revenue) of $146mn, up 32% y/y and 6% ahead of consensus and 4% above the high end of the guidance range. This result was better than expected, with commentary going into the quarter suggesting a difficult selling environment. Revenues were strong for the quarter and came in at $129mn, up 25% y/y and 2% ahead of consensus and the high end of guidance, consistent with the historical trend of exceeding guidance. Management issued guidance that is a bit better than the consensus expectations. Billings are expected to be in the range of $143mn to $147mn (up 23% y/y at the midpoint), above the consensus estimate of $143mn at the midpoint. The guidance range implies sequential growth of -2% q/q to +1% q/q, a bit below the historical guidance ranges in the last two September quarters (+0% to +3% q/q)."
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 $22.39 yesterday.
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