Analysts Slash Price Target on Fortinet (FTNT) as Earnings Disappoint
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Price: $153.51 +1.80%
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Needham & Company maintained a Buy rating on Fortinet (NASDAQ: FTNT) and slashed its price target to $34.00 (from $24.00).
"The Fortinet September quarter results were a disappointment," said analyst Scott Zeller. "It was well understood coming into earnings season that FTNT had difficult compares y/y for SeptQ and DecQ for billings growth."
"However, the secular strength of FTNT’s Unified Threat Management (UTM) network security offering was thought to be part of a more resilient group of security software companies, which includes Sourcefire, Inc (Nasdaq: FIRE) and Palo Alto (NYSE: PANW), but FTNT was a disappointment,” he said.
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 $24.80 yesterday.
"The Fortinet September quarter results were a disappointment," said analyst Scott Zeller. "It was well understood coming into earnings season that FTNT had difficult compares y/y for SeptQ and DecQ for billings growth."
"However, the secular strength of FTNT’s Unified Threat Management (UTM) network security offering was thought to be part of a more resilient group of security software companies, which includes Sourcefire, Inc (Nasdaq: FIRE) and Palo Alto (NYSE: PANW), but FTNT was a disappointment,” he said.
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 $24.80 yesterday.
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