- Fortinet's stock dropped 7% premarket due to disappointing future billings guidance.
- Analysts offer an average price target implying a slight upside from the current price.
- GuruFocus estimates indicate a potential downside based on the GF Value.
Shares of Fortinet Inc. (FTNT) tumbled 7% in premarket trading, as the cybersecurity firm's guidance failed to align with investor expectations. While Fortinet reported robust profitability and cash flow for the first quarter, apprehensions arose regarding future billings projections. Despite these concerns, J.P. Morgan maintained its Neutral rating on the stock with a target price set at $105.
Wall Street Analysts' Forecast
Analyzing the one-year price targets from 37 analysts, Fortinet Inc (FTNT, Financial) is projected to reach an average target price of $109.30. The highest estimate is pegged at $135.00, while the lowest is $83.00. This average target suggests a modest upside of 2.41% from the current price of $106.72. For a comprehensive analysis of these estimates, visit the Fortinet Inc (FTNT) Forecast page.
Furthermore, the consensus recommendation from 45 brokerage firms positions Fortinet Inc. with an average brokerage recommendation score of 2.7, translating to a "Hold" status. The scale ranges from 1, indicating a Strong Buy, to 5, representing a Sell.
According to GuruFocus estimates, the GF Value for Fortinet Inc (FTNT, Financial) over the next year is anticipated to be $98.84. This suggests a potential downside of 7.38% from the current trading price of $106.72. The GF Value represents GuruFocus' assessment of the stock's fair trading value, based on historical trading multiples and projections of future business performance. For more detailed information, visit the Fortinet Inc (FTNT) Summary page.
