Wedbush Reiterates Neutral on Fortinet on Coyote Point Systems Acquisition

In a report published Friday, Wedbush analyst Rohit Chopra reiterated a Neutral rating and $25.00 price target on Fortinet

. In the report, Chopra noted, “Fortinet announced the acquisition of Coyote Point Systems. No terms have been disclosed, but the company indicated that the acquisition would have an immaterial impact on Q1 results. Coyote Point was formed in 1999 and competes in the ADC market. We think the company had limited share, likely below 5-6%, as Gartner categorized the company in the ‘Other' category. We believe the company focused on mid- and small size enterprise, has limited high-end capabilities and is still in the process of ramping virtualized capabilities.” Fortinet closed on Thursday at $23.12.