Fortinet, Inc. (FTNT) based in Sunnyvale, California, provides cybersecurity and convergence of network and security solutions. Valued at a market capitalization of $60.8 billion, the company’s offerings include network security, secure networks, zero-trust access, and AI-powered security operations.

This cybersecurity company has significantly underperformed the broader market over the past 52 weeks. Shares of FTNT have declined 15.6% over that time period, while the broader S&P 500 ($SPX) has gained 16.1%. However, since the previous year, the stock is up 2.9%, beating SPX’s 1.9% return.

Narrowing the focus, FTNT has also underperformed the First Trust NASDAQ Cybersecurity ETF ( CIBR ), which rose 10.2% over the past 52 weeks. However, it has surpassed CIBR’s marginal increase in the previous year.

On Nov. 12, Fortinet shares fell 1.8% after Daiwa Securities downgraded the stock from “Outperform” to “Neutral,” pointing to slowing near-term growth and valuation pressures across the cybersecurity industry.

For the current fiscal year ending in December, analysts expect FTNT’s EPS to grow 13.9% year-over-year to $2.38. The company’s history of earnings surprises is promising. It beat consensus estimates in each of the past four quarters.

Among the 42 analysts covering the stock, the consensus rating is a “Hold,” based on nine “Strong Buy,” 29 “Hold,” one “Moderate Sell” and three “Strong Sell” ratings.

The setup is more bullish than a month ago, with eight analysts suggesting a “Strong Buy” rating.

On January 23, Toronto-Dominion Bank ( TD ) analyst Shaul Eyal upgraded FTNT to “Buy,” with a price target of $100, indicating a potential upside of 22.4% from current levels.

The average price target of $86.24 represents a 5.5% premium to FTNT’s current price levels, while the street price target of $120 suggests a potential 46.9% from current levels.

As of the date of publication, Neharika Jain had no positions (either directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com