Fortinet Price Target Raised to $27.00 at Stifel Nicolaus (FTNT)
Stifel Nicolaus upped their price objective on shares of Fortinet (NASDAQ:FTNT) from $25.00 to $27.00 in a research note issued on Thursday, AnalystRatings.NET reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 31.32% from the stock’s previous close.
The analysts wrote, “Fortinet’s 3Q13 results exceeded its guidance, our estimates, and consensus. We believe the key positive was another quarter of improved billings growth. We believe this lends reasons to be optimistic about the prospects for improved growth going forward and supports to our view that top line growth can return to the mid-to-high teens in the coming quarters. The company’s margin performance was positive reflecting balanced growth investment while Fortinet looks to reinvigorate growth. We believe the guidance reflects conservatism as Fortinet looks to rebuild a track record of meetings/exceeding expectations. We reiterate our Buy rating on the shares and are increasing our target price to $27 based on 18x our 2015 adjusted FCF estimate.”
Fortinet (NASDAQ:FTNT) opened at 20.56 on Thursday. Fortinet has a 52 week low of $16.47 and a 52 week high of $27.96. The stock’s 50-day moving average is $20.42 and its 200-day moving average is $20.09. The company has a market cap of $3.343 billion and a price-to-earnings ratio of 57.27. Fortinet also was the recipient of unusually large options trading on Monday. Stock investors purchased 25,514 call options on the company. This is an increase of 315% compared to the typical volume of 6,147 call options.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, October 23rd. The company reported $0.12 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.11 by $0.01. The company had revenue of $154.70 million for the quarter, compared to the consensus estimate of $151.00 million. During the same quarter last year, the company posted $0.14 earnings per share. Fortinet’s revenue was up 13.5% compared to the same quarter last year. Analysts expect that Fortinet will post $0.47 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Gabelli initiated coverage on shares of Fortinet in a research note to investors on Friday, October 18th. They set a “buy” rating on the stock. Separately, analysts at Cowen and Company initiated coverage on shares of Fortinet in a research note to investors on Wednesday, October 9th. They set a “market perform” rating and a $21.00 price target on the stock. Finally, analysts at Oppenheimer raised their price target on shares of Fortinet from $24.00 to $26.00 in a research note to investors on Friday, October 4th. They now have an “outperform” rating on the stock. Fourteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Fortinet presently has a consensus rating of “Hold” and a consensus price target of $23.89.
Fortinet, Inc (NASDAQ:FTNT) provides network security solutions.
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