Comprehensive and automated cybersecurity solutions provider, Fortinet (FTNT), was recently awarded the 2020 Google Cloud Global Technology Partner of the Year award for Security.
The award lauded Fortinet for its efforts to support Google (GOOGL) Cloud customers in its cloud migration process. Notably, Fortinet’s partnership with Google Cloud has been going strong for 5 years, during which time Fortinet and Google Cloud have together secured customer workloads for numerous companies. (See Fortinet stock chart on TipRanks)
As part of the partnership, Fortinet’s advanced series of network security solutions are offered on the Google Cloud platform. This bolsters the security framework of cloud-based infrastructure and applications.
Piper Sandler analyst Rob Owens reiterated a Hold rating on the stock while increasing the price target to $265 from $205, implying an upside potential of 0.4% from current levels.
There has been a significant rise in security spending by organizations as sophisticated cyber attacks continue to disrupt businesses and reveal security vulnerabilities. Owen believes that Fortinet stands to gain in such an environment, and that is likely to be reflected in its June quarter results.
Consensus among analysts is a Moderate Buy based on 9 Buys and 10 Holds. The average Fortinet price target of $237.78 implies a downside potential of 9.9% from current levels.
Additionally, News Sentiment for Fortinet is Positive, based on 9 articles over the past seven days. All the articles writing about Fortinet have Bullish sentiment, compared to a sector average of 67%, and none have Bearish Sentiment, compared to a sector average of 33%.