Fortinet (FTNT) has been a subject of various market actions and observations in recent times. While TD Cowen upgraded it on the back of 'solid' channel checks, there were other relevant market activities such as Vanguard Group Inc. buying 779,271 shares of the company and Sei Investments Co. raising its stake. However, FTNT's stock did underperform on a particular Thursday compared to its competitors. A notable event was that the company's CEO, Ken Xie, sold 24,267 shares of the stock. The United SASE Platform of Fortinet has also been chosen by KDDI. Morgan Stanley cut the company's price target to $69. Despite fluctuations in its stock in line with broader market movements, FTNT continues to interest investors due to its strong portfolio. Its stock has seen a trend of being undervalued despite consistent performance, particularly in Q1 earnings. FTNT's product revenue witnessed a fall, but a robust outlook was maintained. This robust outlook comes as the company upgraded its FortiOS and cybersecurity platform, aligning with EPS projections and surpassing revenue estimates. Lastly, the cybersecurity firm expects its strong AI-driven growth to continue into 2024. Thus, investment in Fortinet remains a potential long-term growth strategy.
Fortinet FTNT News Analytics from Fri, 03 Nov 2023 07:00:00 GMT to Sun, 21 Jul 2024 22:10:29 GMT -
Rating 6
- Innovation 7
- Information 8
- Rumor 3
