Why Fortinet Stock Plunged Today
Shares of Fortinet (NASDAQ: FTNT) were down 24.3% at 10:45 a.m. EDT Friday, according to data provided by S&P Global Market Intelligence, after the cybersecurity specialist announced mixed second-quarter 2023 results relative to Wall Street's expectations. The company also lowered its full-year revenue and billings guidance.
At a glance, Fortinet's results didn't look terrible; revenue climbed 25.5% year over year (YOY) to $1.29 billion, translating to adjusted net income of $300.4 million, or $0.38 per share. Most analysts were looking for adjusted net income of only $0.34 per share on slightly higher revenue of $1.3 billion.
Free cash flow also remained healthy, climbing 54.6% YOY to $438.3 million.
Source Fool.com
Fortinet Inc. Stock
€53.32
1.560%
With 37 Buy predictions and 3 Sell predictions Fortinet Inc. is one of the favorites of our community.
With a target price of 69 € there is a positive potential of 29.41% for Fortinet Inc. compared to the current price of 53.32 €.
