Is It Too Late to Buy Fortinet Stock?
Fortinet's (NASDAQ: FTNT) stock jumped nearly 11% on Feb. 8 after the company posted its fourth-quarter earnings report. The cybersecurity company's revenue rose 33% year over year to $1.28 billion but narrowly missed analysts' estimates by $20 million. However, its adjusted earnings rose 76% to $0.44 per share and topped the consensus forecast by a nickel.
Fortinet also posted strong guidance for 2023. It expects its revenue to rise 24% to 28% year over year in the first quarter and grow 21% to 23% for the full year. Both estimates easily surpassed Wall Street's expectations.
That stable outlook suggests that Fortinet is still well insulated from the macro headwinds, but is it too late to buy its stock after its post-earnings pop? Let's take a fresh look at Fortinet's business and valuations to decide.
Source Fool.com
