Why Fortinet Stock Is Soaring Today
Shares of (NASDAQ: FTNT) jumped as much as 24.8% higher on Wendesday morning, boosted by a strong earnings report. By 10:30 a.m., the cybersecurity veteran's stock had backed down slightly to a 22.4% gain.
Fortinet's second-quarter revenue rose 11% year over year, landing at $1.43 billion. Product sales decreased by 4.4% while service revenues jumped 19.8% higher.
On the bottom line, adjusted earnings increased by 50% to $0.57 per diluted share. Free cash flow came in at $319 million, significantly below the year-ago reading of $438 million. The year-ago period included a $190 million deferral of cash tax payments; without that one-time tax effect, Fortinet's free cash flow would have risen by 28.6% year over year.
Source Fool.com
Fortinet Inc. Stock
€63.43
-0.920%
The stock is one of the favorites of our community with 33 Buy predictions and 3 Sell predictions.
As a result the target price of 70 € shows a slightly positive potential of 10.36% compared to the current price of 63.43 € for Fortinet Inc..
