Fortinet Stock Tanks Again, Buying Opportunity or Falling Knife?
Cybersecurity pure-play leader Fortinet (NASDAQ: FTNT) got clobbered again after investors were disappointed with another quarterly financial update. The third quarter of 2023 was solid enough. However, the company's product growth (primarily firewalls for things like data centers and remote branch offices) is facing cyclical decline.
Is it time to buy, or is Fortinet stock now a falling knife too dangerous to try to catch?
There were two reasons for Fortinet's most recent stock collapse, which has now erased all gains made in 2023. First, management missed its own guidance for Q3 2023 billings (invoices sent to customers). Billings were $1.49 billion, versus the outlook three months ago for them to be $1.56 billion to $1.62 billion.
Source Fool.com
Fortinet Inc. Stock
The stock is one of the favorites of our community with 30 Buy predictions and 3 Sell predictions.
As a result the target price of 70 € shows a slightly positive potential of 2.91% compared to the current price of 68.02 € for Fortinet Inc..
