RBC Capital Reiterates a Hold Rating on Fortinet

In a report released today, Dan Bergstrom from RBC Capital reiterated a Hold rating on Fortinet (NASDAQ: FTNT), with a price target of $30. The company’s shares closed yesterday at $34.09.

According to TipRanks.com, Bergstrom is a 2-star analyst with an average return of 27.0% and a 100.0% 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 $46.67, representing a 36.9% upside.

In a report released today, Robert W. Baird also reiterated a Hold rating on the stock.

Based on Fortinet’s latest earnings report from June 30, the company posted quarterly revenue of $311.4M and quarterly net profit of -$1.39M. In comparison, last year the company earned revenue of $260.1M and had a net profit of $8.17M.

Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Ming Hsieh, a a Director at FTNT sold 23,900 shares for a total of $832,676.

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.