By Dhirendra Tripathi
Investing.com – 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.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.