Cybersecurity

Is Now The Time To Buy This Cybersecurity Stock?

Fortinet Inc (NASDAQ: FTNT) was featured as the call of the day Tuesday on CNBC’s “Fast Money Halftime Report.”

What Happened: Wells Fargo analyst Andrew Nowinski initiated coverage on Fortinet with an Overweight rating and announced a price target of $380.

The Wells Fargo analyst cited Fortinet’s “attractive and balanced financial profile with high operating and free cash flow margins” as a reason for the bullish rating.

Related Link: Expert Ratings For Fortinet

Link’s Take: Hightower Advisors’ Stephanie Link owns shares of Fortinet and she added to her position at the end of last week, she told CNBC on Tuesday.

Link said she really liked the cybersecurity space as it’s expected to grow to a $354 billion market by 2026, up from $167 billion this year.

Fortinet is taking market share because the company has a “price-performance advantage in their products,” she said.

Link expects Fortinet to increase its earnings and free cash flow by 20%, as well as its revenue by more than 20%.

She noted the stock is expensive, but “this is definitely a total addressable market story that I like and I hope I’m getting it on sale.”

Fortinet is a cybersecurity vendor that sells products, support and services to small and midsize businesses, enterprises and government entities.

FTNT Price Action: Fortinet has traded as high as $322 and as low as $106.75 over a 52-week period. The stock was up 3.74% at $299.68 at the time of publication Tuesday afternoon.

Photo: Pete Linforth from Pixabay.

Latest Ratings for FTNT

Oct 2021

Wells Fargo

Initiates Coverage On

Overweight

Sep 2021

Cowen & Co.

Maintains

Outperform

Sep 2021

Stifel

Initiates Coverage On

Buy

View More Analyst Ratings for FTNT
View the Latest Analyst Ratings

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The Wells Fargo analyst cited Fortinet’s “attractive and balanced financial profile with high operating and free cash flow margins” as a reason for the bullish rating.

Source: https://finance.yahoo.com/news/now-time-buy-cybersecurity-stock-191458372.html

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button