Needham analyst Matt Dezort has maintained their neutral stance on FTNT stock, giving a Hold rating today.
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Matt Dezort has given his Hold rating due to a combination of factors surrounding Fortinet’s recent performance and strategic moves. The company’s recent quarter reported strong performance in terms of billings and product revenue, even outpacing expectations in some areas. However, the guidance for the upcoming quarter reflected slower growth in billings than anticipated, which suggests caution in the short-term outlook.
Additionally, despite the impressive year-over-year growth in product revenue and billings, the upcoming retirement of CFO Keith Jensen introduces an element of uncertainty in leadership which could affect future performance. While new initiatives to enhance market opportunities are underway, the mixed signals from guidance and leadership changes justify a Hold rating at this time.
In another report released today, Stifel Nicolaus also maintained a Hold rating on the stock with a $115.00 price target.