Why Fortinet Stock Is Plummeting Today
(NASDAQ: FTNT) stock is getting crushed following the publication of the company's third-quarter results. The company's share price was down 16.6% as of noon ET Friday, according to data from S&P Global Market Intelligence.
Fortinet published its Q3 report after the market closed yesterday, delivering earnings that topped Wall Street's target and sales that fell short of the market's expectations. More importantly, the company also issued worrying guidance and commentary that prompted an uptick in bearish sentiment.
Fortinet posted non-GAAP (adjusted) earnings per share of $0.41 on revenue of $1.33 billion. For context, the average analyst estimate had called for earnings of $0.36 per share on sales of $1.35 billion. Sales in the period were still up roughly 16% year over year, but the performance signaled slowing growth -- and commentary from management confirmed that the near-term performance outlook is significantly weaker than many investors and analysts had anticipated.
Source Fool.com
Fortinet Inc. Stock
The stock is one of the favorites of our community with 36 Buy predictions and 3 Sell predictions.
As a result the target price of 70 € shows a positive potential of 24.8% compared to the current price of 56.09 € for Fortinet Inc..
