Analysts Slash Price Target on Fortinet (FTNT) as Earnings Disappoint
Tweet
Share
E-mailGet Alerts FTNT Hot Sheet
Price: $145.06 +4.45%
Rating Summary:
22 Buy, 35 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 39
Rating Summary:
22 Buy, 35 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 39
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Camden Property Trust (CPT) PT Raised to $123 at Truist Securities
- McGraw Hill (MH) PT Lowered to $19 at BTIG
- J.M. Smucker (SJM) PT Raised to $130 at UBS as 'Risk/Reward Skews to the Upside'
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT ChangeRelated Entities
Needham & Company, EarningsSign 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!
