3 Things About Fortinet That Smart Investors Know
's (NASDAQ: FTNT) stock price rallied nearly 40% this year as the cybersecurity company impressed the bulls with its robust growth rates and rosy outlook. It expects its revenue to rise 23% to 24% in 2023, compared to its 32% growth in 2022, even as the macro headwinds force many companies to scrutinize their software spending.
Fortinet's growth rates are impressive for a 23-year-old company that went public back in 2009. Between 2012 and 2022, its revenue rose at a compound annual growth rate (CAGR) of 24% as its adjusted net income grew at a CAGR of 27%. A lot of that growth can be attributed to Fortinet's early mover's advantage in the market for "next-gen" firewalls, which upgrade traditional firewalls with network device filtering tools.
But today, let's dig deeper and discuss three other aspects of Fortinet's business that shrewd investors should be familiar with.
Source Fool.com
Fortinet Inc. Stock
The stock is one of the favorites of our community with 32 Buy predictions and 3 Sell predictions.
As a result the target price of 70 € shows a slightly positive potential of 2.28% compared to the current price of 68.44 € for Fortinet Inc..
