Why Fortinet, CrowdStrike, and Palo Alto Networks Stocks Zoomed Higher Today
Wednesday is shaping up to be a good day to own cybersecurity stocks: Powerful fourth-quarter earnings from network security company (NASDAQ: FTNT) sent its stock up by 3%, and provided a tailwind to shares of peers CrowdStrike (NASDAQ: CRWD), and Palo Alto Networks (NASDAQ: PANW). Through 11:45 a.m. ET, those two stocks were up 5.8% and 7%, respectively.
Reporting its fourth-quarter results Tuesday after the close, Fortinet beat expectations on both the top and bottom lines. Instead of the $0.43 per share (adjusted) profit on $1.41 billion in sales it was expected to report, the company earned $0.51 per share on sales of $1.42 billion.
TheFly.com has counted no fewer than 16 analysts raising their price targets on Fortinet in response to its report. And yet, how good was Fortinet's news, actually?
Source Fool.com