Fortinet, Inc. (FTNT) received a “market outperform” reiteration today from securities research analysts at investment firm Wedbush. Wedbush also increased their performance outlook for Fortinet, Inc. by adjusting their price target from $25 to $27 dollars. Wedbush had a couple notable points to make regarding Fortinet. Wedbush pointed out they expect Fortinet to continue making inroads within the network security industry. Wedbush is also high on Fortinet’s competitiveness in the enterprise network security market versus competitors such as Cisco Systems.
Fortinet is slated to release their next earnings report on July 21st, 2011 and is estimated to post EPS of 8 cents. Their last earnings report was released on April 27th, 2011 and announced EPS of 8 cents with revenue totaling $93 million which was up 33.7 % year to year. FTNT is currently trading above its 50 & 200-day moving averages and 2011 is currently an up year for the company – two years going, in fact.
Fortinet, Inc. provides 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. The company has market capitalization of $3,603,000,000 and 150,463,000 shares outstanding. FTNT has a 52-week high of $25.40 with the low being $7.36 dollars.
