What Are Analysts’ Recommendations for Fortinet?
Why Did Fortinet’s 1Q16 Results Beat Analysts’ Expectations?
Wall Street analysts’ view on Fortinet
Earlier in this series, we looked at Fortinet’s (FTNT) recently announced fiscal 1Q16 results. Let’s take a look at Fortinet’s select market-centric views and metrics.
In 33 recommendations by Wall Street analysts, there weren’t any “sell” recommendations for Fortinet stock. As you can see in the following chart, analysts’ recommendations on the stock were mostly “buy.” The “buy” recommendations represent a little less than 75% of the total as of April 26, 2016. The remainder were “hold” recommendations.
Fortinet’s price performance
Fortinet’s stock price movement during the past month has been positive. As of April 26, the company’s stock has risen ~9.6%.
Analysts’ target prices
Wall Street analysts’ consensus target price for Fortinet is $38.56 per share. The median target price was $38 as of April 26, 2016. Fortinet’s closing price was $30.95 on the same date.
RBC Capital Markets reiterated its “sector perform” rating on Fortinet stock with a target price of $35. This indicates a potential increase of 13% from Fortinet. The closing price was $30.95 on April 26, 2015.
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