Fortinet Gets a Hold Rating from RBC Capital

By Carrie Williams

RBC Capital analyst Dan Bergstrom reiterated a Hold rating on Fortinet (NASDAQ: FTNT) on July 26 and set a price target of $42. The company’s shares closed yesterday at $37.47.

According to TipRanks.com, Bergstrom is a 4-star analyst with an average return of 37.8% and a 92.9% success rate. Bergstrom covers the Technology sector, focusing on stocks such as Interactive Intelligence, Verint Systems Inc, and CommVault Systems.

Currently, the analyst consensus on Fortinet is Moderate Buy and the average price target is $43.88, representing a 17.1% upside.

In a report issued on July 17, Stifel Nicolaus also reiterated a Hold rating on the stock with a $42 price target.

The company has a one year high of $41.56 and a one year low of $28.51. Currently, Fortinet has an average volume of 1.73M.

Based on the recent corporate insider activity of 82 insiders, corporate insider sentiment is negative on the stock. Most recently, in April 2017, Michael Xie, the VP, Engineering & CTO of FTNT bought 230,000 shares for a total of $5,165,500.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Fortinet, Inc. provides threat management and network security solutions that are designed to address the fundamental problems of an increasingly bandwidth-intensive network environment and a more sophisticated information technology threat landscape. Its products and subscription services provide broad, integrated and high-performance protection against dynamic security threats while simplifying the information technology security infrastructure for enterprises, service providers and governmental entities. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA.