FTNT - Why Fortinet Stock Is Trading Higher Today | Benzinga
Fortinet, Inc. (NASDAQ:FTNT) shares are trading higher Wednesday after the company reported better-than-expected fourth-quarter financial results after the bell Tuesday.
The Details:
Several analysts have raised price targets on Fortinet following the earnings release:
- Wedbush analyst Daniel Ives maintained Fortinet with an Outperform and raised the price target from $75 to $86.
- Susquehanna analyst Anne Meisner maintained Fortinet with a Neutral and raised the price target from $55 to $80.
- BMO Capital analyst Keith Bachman maintained Fortinet with a Market Perform and raised the price target from $70 to $82.
- Mizuho analyst Gregg Moskowitz maintained Fortinet with a Neutral and raised the price target from $60 to $70.
However, HSBC analyst Stephen Bersey downgraded Fortinet from Hold to Reduce and announced a $57 price target.
Fortinet reported quarterly earnings of 51 cents per share, which beat the analyst consensus estimate of 43 cents by 18.6% after the market close on Tuesday.
The company reported quarterly sales of $1.42 billion, beating the analyst consensus estimate of $1.41 billion by 0.78% and representing a 10.68% increase over sales of $1.28 billion ...