Oppenheimer analyst Shaul Eyal maintained a Buy rating on Fortinet (NASDAQ:FTNT) on Friday, setting a price target of $160, which is approximately 35.59% above the present share price of $118.
Eyal expects Fortinet to post earnings per share (EPS) of $0.69 for the fourth quarter of 2020.
The current consensus among 13 TipRanks analysts is for a Moderate Buy rating of shares in Fortinet, with an average price target of $139.69.
The analysts price targets range from a high of $170 to a low of $102.
In its latest earnings report, released on 06/30/2020, the company reported a quarterly revenue of $615.5 million and a net profit of $116.7 million. The company's market cap is $19.1 billion.
According to TipRanks.com, Oppenheimer analyst Shaul Eyal is currently ranked with 5 stars on a 0-5 stars ranking scale, with an average return of 21.7% and a 69.21% success rate.
Fortinet, Inc. provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology. The Network Security segment include majority of product sales from it FortiGate network security appliances. The Infrastructure Security segment provide platform which is an architectural approach that protects the entire digital attack surface, including network core, endpoints, applications, data centers and private and public cloud. Together with it network of Fabric-Ready Partners, the Fortinet Security Fabric platform enables disparate security devices to work together as an integrated, automated and collaborative solution. The Cloud Security segment provides help to the customers connect securely to and across their cloud environments by offering security through it virtual firewall and other software products in public and private cloud environments. The Endpoint Protection, Internet of Things and Operational Technology segment include the proliferation of Internet of Things (IoT) and an Operational Technology (OT) device has generated new opportunities for it to grow it business. IoT and OT have created an environment where data move freely between devices across locations, network environments, remote offices, mobile workers and public cloud environments, making the data difficult to consistently track and secure. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA.