Fortinet Climbs as It Goes After Work-from-Home Market

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Fortinet Climbs as It Goes After Work-from-Home Market
Credit: © Reuters.

By Dhirendra Tripathi – Fortinet (NASDAQ: FTNT ) shares rose 2.5% Monday after the company made strategic moves to capture opportunities thrown up by the new normal of work-from-home.

Fortinet has made a strategic investment of $75M in Foxconn Interconnect (HK: 6088 ) Interconnect’s arm Linksys, which provides router connectivity solutions to consumers and businesses worldwide.

The companies will work together to provide enterprise-grade performance and security for work-from-home networks.

At its March 9 investor and analyst day, Fortinet laid out its 2023 targets for $5 billion in billings and $4 billion in revenue, both representing three-year average returns of about 17%, Seeking Alpha said.

Following its earnings, several analysts upgraded the stock.

According to Seeking Alpha, Mizuho analyst Gregg Moskowitz maintained a neutral rating on Fortinet while raising the price target to $180 from $167, citing the healthy long-term outlook and noting that the company remains well-positioned to gain network security market share.

BMO lifted its target to $195 from $180 with analyst Keith Bachman writing that the "impressive" CY23 outlook "will be supported by meaningfully above-market firewall and SD-WAN growth over the next few years."

For the fiscal year 2021, Fortinet expects revenue in the range of $3.025 billion to $3.075 billion with billings seen between $3.56 billion and $3.64 billion.

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