Topeka Capital Markets Comments on Departure of Fortinet COO/CFO Ahmed Rubaie

In a report published Friday, Topeka Capital Markets analyst Frederick Ziegel reiterated a Hold rating and $23.00 price target on

. In the report, Topeka Capital Markets noted, “On November 27, Fortinet announced that Ahmed Rubaie, COO and CFO, will be leaving the company on December 5 for personal reasons. Mr. Rubaie has served in the dual roles since being hired in April. Nancy Bush, Fortinet's Worldwide Corporate Controller has been named interim CFO for the second time, the first time from September 2012-April 2013 following the departure of CFO Ken Goldman. Fortinet is apparently splitting the COO and CFO functions as they have launched two separate searches. Fortinet also commented: ‘Although most of our quarterly sales are closed in the last few weeks of each quarter, based on where we stand today we are currently tracking well to guidance targets....'. We reiterate our Hold rating and $23 price target.” Fortinet closed on Wednesday at $19.64.