Fortinet (FTNT), a key player in the cybersecurity market, has been experiencing considerable market fluctuations. Despite exceeding earnings estimates and displaying Y/Y sales growth, the stock fell behind the market. Analysts have revised their models following Fortinet's forecast-busting Q1 2024 earnings, yet the stock experienced an 8% decline after a drop in the company's quarterly billings. Major shares were sold by Dana Investment Advisors Inc. and Truist Financial Corp. Noticeably, Fortinet's stock is viewed as a top growth stock for the long term. Furthermore, FTNT upgraded its FortiOS and cybersecurity platform, maintaining a forward-focused approach. Its Q1 results surpassed expectations, aligning with EPS projections and beating revenue estimates, yet the stock experienced a 22% drop. Some analysts argue that the stock is undervalued. Q1 results showcased record margins and cash flow amidst market variations and robust outlook. However, the fall in billings has raised concerns. FTNT is popular amongst institutional owners, holding 68% of the company and is viewed as a high-potential stock, with a revised price target of US$75.72.
Fortinet FTNT News Analytics from Fri, 03 Nov 2023 07:00:00 GMT to Sun, 12 May 2024 05:46:09 GMT -
Rating -3
- Innovation 5
- Information 6
- Rumor -4
