Protecting sensitive data in today’s digital age is more critical than ever before, and Fortinet, Inc. (NASDAQ:FTNT), a cybersecurity solutions provider, has been working to meet that demand. With a portfolio that caters to enterprises, communication service providers, and small businesses, Fortinet has received significant praise from the industry experts.
Based on Bloomberg Ratings’ report on May 25th, 2023, 35 brokerages have offered coverage to FTNT. The consensus recommendation for Fortinet stands at “Moderate Buy,” with four analysts rating it as “hold” and twenty-one assigning a “buy” rating. Interestingly these observations suggest trust in the firm but additionally a feeling of cautious optimism among these brokers.
Notably, one aspect of great intrigue is found in the reported average target price over one year. According to statistics published by FTNT at the same time that they are praised so heavily by investment parties; companies should expect their stock to top out at $72.66 this year.
As institutional investors become increasingly aware of the need for cybersecurity in their portfolios too, several hedge funds have taken notice and made some changes in their investments with FTNT already this year. Healthcare of Ontario Pension Plan Trust Fund was quick to acquire positions worth approximately $6 million initially last September while Burney Co., Ronald Blue Trust Inc., and Cullinan Associates followed suit with contracts ranging from $275K onwards when reviewing change since Q4/2022.
Fortinet is divided into several segments: Network Security systems focus on securing a company’s internal network against cyber attacks while Infrastructure Security helps protect its IT infrastructure components like databases or servers from intrusion threats such as viruses or malware. Cloud Security centers around preventing security breaches related to cloud computing environments while Endpoint Protection takes care of securing individual endpoints like laptops or smartphones from outside unauthorized access attempts.
In conclusion… Protecting business data is an essential requirement for all modern businesses in the increasingly digital age, and cybersecurity measures cannot be understated. Fortinet has done that work effectively and has been rewarded with praise from numerous brokers. Their initial research by Bloomberg Ratings and their shares’ level trust among investment firms highlight FTNT as an excellent choice for investment now and in the near future.
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Fortinet Gains Attention from Analysts with Positive Ratings and Target Price Increases
Fortinet Continues to Gain Positive Attention from Analysts with Recent Target Price Increases and Buy Ratings
Fortinet, Inc., a cybersecurity solutions provider for a variety of businesses, continues to gain positive attention from analysts this year. One recent example is Robert W. Baird upping their target price on Fortinet shares from $70.00 to $73.00 and giving the company an “outperform” rating in February. Jefferies Financial Group also raised their target price on Fortinet from $70.00 to $80.00 and gave the company a “buy” rating in April.
In May, StockNews.com initiated coverage on Fortinet with a “buy” rating while Truist Financial also gave it a “buy” rating and set a $82.00 target price on its shares earlier that same month. These recent moves indicate analysts are optimistic about the company’s future.
Fortinet operates through the following segments: Network Security, Infrastructure Security, Cloud Security, Endpoint Protection, Internet of Things, and Operational Technology. It provides cybersecurity solutions for enterprises, communication service providers, and small businesses alike.
The company’s market capitalization stands at $52.29 billion with a current stock price of $66.59 (NASDAQ:FTNT as of May 25th, 2023). Despite having a debt-to-equity ratio of 86.92%, Fortinet has managed to maintain a quick ratio of 1.24 and current ratio of 1.34.
The software maker recently reported earnings results on Thursday, May 4th with Fortune earning per share coming higher than consensus estimates at $0.34 compared to the expected $0.29 per share projection by analysts.
Fortinet’s revenue was up by 32% compared to the same quarter last year with an impressive net margin of 20%. Equities analysts believe that given these results, Fortinet will perform excellently in its upcoming fiscal year.
In other news, EVP Patrice Perche sold some of his stock in the firm on May 22nd while director William H Neukom bought into the company on April 11th.
Fortinet’s success continues to attract interest from global investors, who remain optimistic that the cybersecurity giant will become a referential company within the industry.
