Fortinet Inc (NASDAQ:FTNT) Receives Upgrade From Cowen. Will Other Analysts Follow Suit?

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Fortinet Inc (NASDAQ:FTNT) Stock Upgrade

Cowen has lifted shares of Fortinet Inc (NASDAQ:FTNT) stock to a Market Perform in an analyst note made public today. FTNT’s past rating was only a Market Underperform.

From a total of 25 analysts covering Fortinet Inc. (NASDAQ:FTNT) stock, 21 rate it a ”Buy”, 1 a “Sell”, and 8 a ”Hold”. This means that 70% of the ratings are positive. The highest target price is $56 while the lowest target price is $35. The mean of all analyst targets is $47.88 with a 61.63% above today’s ($29.89) stock price. Fortinet Inc. was the topic of 21 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. Topeka Capital Markets maintained shares on October 26 with “Hold” rating. Needham maintained shares with “Buy” rating and $54 target share price in a report from a July 23. UBS maintained FTNT stock in a recent report from October 23 with “Buy” rating. Wunderlich maintained the rating on July 23. Wunderlich has a “Buy” rating and a $56 price target on shares. Finally, FBR Capital maintained the stock with “Outperform” rating in a report issued on an October 23.

Approximately 1.11 million shares of stock traded hands. Fortinet Inc (NASDAQ:FTNT) has declined 21.63% since May 11, 2015 and is downtrending. It has underperformed by 17.22% the S&P500.

Fortinet, Inc. provides cyber security solutions to enterprise, service providers and government organizations across the world. The company has a market cap of $5.09 billion. The Company’s network security solution consists of FortiGate physical and virtual appliance products that provide an array of integrated security and networking functions to protect data, applications and users from network-and content-level security threats. It has 301.19 P/E ratio. The Company’s’ FortiGate appliances may be deployed as Next Generation Firewalls , Data Center Firewalls (DCFW), Unified Threat Management (UTM) systems, Internal Network Firewall (INFW), Virtual Machine Firewalls or Cloud Firewalls.

According to Zacks Investment Research, “Fortinet, Inc., headquartered in Sunnyvale, California, is a provider of network security appliances and Unified Threat Management network security solutions to enterprises, service providers and government entities worldwide. Its solutions are designed to integrate multiple levels of security protection, including firewall, virtual private networking, antivirus, intrusion prevention, Web filtering, antispam and wide area network acceleration. Through its products and subscription services, the company provides integrated protection against dynamic security threats while simplifying the IT security infrastructure. Its solution incorporates the application-specific integrated circuits, hardware architecture, operating system, and set of associated security and networking functions to defend against multiple categories of IT security attacks without impacting network performance. Its flagship UTM solution consists of FortiGate appliance product line and FortiGuard security subscription services.”

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