Fortinet Inc. ($FTNT) Stock Forecast: Up 10.4% Today

What is Fortinet Inc.?

Fortinet (FTNT) Market Fortinet (FTNT) is a cybersecurity company that provides network security solutions to businesses and organizations worldwide. The company offers various security products, including firewalls, antivirus, intrusion prevention, and endpoint security.

Why is Fortinet Inc. going up?

FTNT stock is up 10.4% on Nov 8, 2024 19:41

• Fortinet (FTNT) reported strong Q3 earnings, surpassing both revenue and earnings estimates, indicating robust performance in the cybersecurity sector.
• The company's revenue beat expectations, showcasing increased demand from large enterprise customers and growth in security subscriptions.
• Despite the positive earnings report, shares of Fortinet initially slid, possibly due to profit-taking after a significant stock price increase over the past year.
• Overall, Fortinet's bullish movement today can be attributed to its impressive financial results and the continued momentum in the cybersecurity industry, outperforming other technology stocks in the sector.

FTNT Price Chart

FTNT Technical Analysis

FTNT News

Fortinet Q3 Earnings Surpass Estimates, Sales Increase Y/Y

FTNT's third-quarter results reflect strength in demand from large enterprise customers and growth in the company's security subscriptions.

https://www.zacks.com/stock/news/2367644/fortinet-q3-earnings-surpass-estimates-sales-increase-yy

Fortinet ( FTNT ) Surpasses Q3 Earnings and Revenue Estimates

Fortinet (FTNT) delivered earnings and revenue surprises of 23.53% and 2.09%, respectively, for the quarter ended September 2024. Do the numbers hold clues to what lies ahead for the stock?

https://www.zacks.com/stock/news/2366840/fortinet-ftnt-surpasses-q3-earnings-and-revenue-estimates

Fortinet Q3 Earnings: Revenue Beat, EPS Beat, Billings Up 6%, Shares Slide - Fortinet ( NASDAQ:FTNT )

Fortinet Inc FTNT reported third-quarter financial results after the market close on Thursday. Here's a rundown of the cybersecurity company's quarterly report. Q3 Earnings: Fortinet reported third-quarter revenue of $1.51 billion, beating the consensus estimate of $1.48 billion.

https://www.benzinga.com/news/earnings/24/11/41828399/fortinet-q3-earnings-revenue-beat-eps-beat-billings-up-6-shares-slide

Fortinet Gears Up For Q3 Earnings As Cyber Demand Drives Momentum - Fortinet ( NASDAQ:FTNT )

Fortinet Inc FTNT will be reporting its third-quarter earnings on Thursday. Wall Street expects 52 cents in EPS and $1.48 billion in revenues as the company reports after market hours. The stock is up 60.85% over the past year, and 39.47% year-to-date.

https://www.benzinga.com/trading-ideas/technicals/24/11/41784508/fortinet-gears-up-for-q3-earnings-as-cyber-demand-drives-momentum

Are Computer and Technology Stocks Lagging Fortinet ( FTNT ) This Year?

Here is how Fortinet (FTNT) and InterDigital (IDCC) have performed compared to their sector so far this year.

https://www.zacks.com/stock/news/2365254/are-computer-and-technology-stocks-lagging-fortinet-ftnt-this-year

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Fortinet Inc. Price History

08.10.2024 - FTNT Stock was up 10.4%

• Fortinet (FTNT) exceeded Q3 earnings expectations, with sales rising year-over-year, highlighting the company's solid performance.
• The surpassing of revenue and earnings estimates in the quarterly results led to a positive movement in FTNT stock.
• Investor confidence in Fortinet's ability to take advantage of the increasing demand for cybersecurity solutions was reflected in the market's favorable reaction to the company's financial performance.
• While the recent earnings were positive, it is crucial to monitor Fortinet's ongoing innovation and competitiveness in the cybersecurity sector to maintain its upward momentum.

12.08.2024 - FTNT Stock was down 2.0%

• The bearish movement in FTNT stock today could be attributed to the negative sentiment in the cybersecurity sector, reflecting concerns about growth prospects amid declining EPS estimates and bearish technical indicators in related companies.
• Investors may be concerned about the overall growth prospects of cybersecurity companies, leading to selling pressure on FTNT stock.
• The lowered guidance in the sector could be signaling potential challenges ahead, impacting investor confidence in companies like FTNT.
• It is essential for traders to monitor the developments in the cybersecurity industry and adjust their investment strategies accordingly to navigate the current market conditions.

08.10.2024 - FTNT Stock was up 10.4%

• Fortinet (FTNT) reported strong Q3 earnings, surpassing both revenue and earnings estimates, indicating robust performance in the cybersecurity sector.
• The company's revenue beat expectations, showcasing increased demand from large enterprise customers and growth in security subscriptions.
• Despite the positive earnings report, shares of Fortinet initially slid, possibly due to profit-taking after a significant stock price increase over the past year.
• Overall, Fortinet's bullish movement today can be attributed to its impressive financial results and the continued momentum in the cybersecurity industry, outperforming other technology stocks in the sector.

08.10.2024 - FTNT Stock was up 6.1%

• Fortinet (FTNT) exceeded both earnings and revenue expectations for the third quarter, showcasing strong financial performance.
• Despite the positive results, the stock experienced a slight slide, possibly due to profit-taking or market expectations.
• The cybersecurity industry's increasing demand could be a driving force behind Fortinet's bullish movement.
• Investors might be closely monitoring Fortinet's guidance and future outlook to assess the sustainability of its growth trajectory.

03.04.2024 - FTNT Stock was down 7.3%

• Today, Fortinet (FTNT) experienced a strong bearish movement in the market, and here's why:
• Despite beating earnings and revenue estimates for Q1 2024, the stock saw a significant decline, possibly due to a decrease in total billings compared to the same quarter last year.
• The overall market sentiment was positive with futures gaining strength, boosted by Apple's impressive buyback announcement, which could have shifted investor focus away from Fortinet.
• The drop in the dollar and steady Treasuries may have influenced investors to reallocate their capital, leading to the bearish movement in FTNT.
• The mixed results of product revenue falling while service revenue grew could have also contributed to uncertainty among investors, impacting the stock's performance negatively.

11.05.2024 - FTNT Stock was down 2.4%

• The decline in Fortinet's stock (FTNT) today may be connected to the following factors:
• Investors potentially harbor concerns about the high valuation of Fortinet's stock post its recent Lacework acquisition, despite the positive industry outlook.
• Questions surrounding the integration of Lacework into Fortinet's cybersecurity platform could be sparking worries about short-term dilution of shareholder value or operational challenges.
• Market sentiment today, though acknowledging Fortinet's cybersecurity prowess, may be influenced by profit-taking activities or a general correction affecting high-growth tech stocks.
• In the face of fierce competition in the cybersecurity sector, investors might be adopting a cautious approach, keen on observing how Fortinet harnesses its AI-driven cloud-native application protection platform to maintain a competitive edge.

03.04.2024 - FTNT Stock was down 8.2%

• Fortinet (FTNT) witnessed significant bearish movement in the market, potentially influenced by the following factors:
• Earnings exceeding expectations and strong sales growth were overshadowed by a shortfall in billings, causing concerns among investors about the company's future revenue.
• Market optimism stemming from a reduction in job creation reported by the Labor Department, hinting at a possible rate cut by the Fed, may have prompted investors to shift funds from cybersecurity stocks like Fortinet to other industries.
• Negative sentiment towards cybersecurity firms, including Fortinet, might have been intensified by the market's focus on tech giants such as Apple, which reported robust sales and a substantial buyback program, diverting attention and investments from other tech companies.
• The surge in Amgen's stock following promising early results from its new drug may have diverted investor interest away from Fortinet, contributing to the decline in FTNT shares.

11.05.2024 - FTNT Stock was down 2.3%

• The bearish movement in Fortinet's stock (FTNT) today could be attributed to the following factors:
• Despite the positive long-term view on cybersecurity stocks, Fortinet may have experienced a slight dip possibly due to profit-taking after recent gains.
• The marginal decrease in the stock price could also be influenced by broader market sentiment or sector rotation.
• The recent news of a Fortinet director buying company stock may not have been impactful enough to counter other market forces affecting the stock price.
• Investors might be awaiting more concrete developments or catalysts to push the stock higher in the short term.

07.07.2024 - FTNT Stock was up 21.8%

• Fortinet shares rose approximately 17%, as the company raised its annual revenue forecast and exceeded Q2 earnings and revenue expectations.
• The acquisition of data security startup Next DLP also played a role in the favorable market sentiment toward Fortinet.
• Growing corporate investment in cybersecurity due to increasing digital threats is likely a factor that boosted investor confidence in Fortinet's future growth opportunities.
• The company's robust financial performance and strategic acquisitions have instilled optimism in investors, driving today's bullish movement in the stock.

07.07.2024 - FTNT Stock was up 25.3%

• FTNT's stock surged significantly by 24% after beating Q2 estimates, showcasing strong performance in the second quarter.
• The company's healthy Q2 results, including surpassing earnings and revenue expectations, contributed to the bullish movement.
• Analysts had mixed reactions to the results, with some highlighting the muted billings growth despite the overall positive performance.
• Fortinet raising its annual revenue forecast indicates a positive outlook for the company, as businesses increase spending on cybersecurity to protect their digital assets.

07.07.2024 - FTNT Stock was up 25.3%

• Fortinet's stock surged by 24% after beating Q2 estimates, indicating strong performance and positive investor sentiment.
• The company raised its earnings forecast for the year, showcasing confidence in future growth prospects.
• The rise in Fortinet's stock price could be attributed to its second-quarter results reflecting strength in demand from large enterprise customers and growth in security subscriptions.
• Analysts had mixed reactions to the surge, highlighting that while the Q2 results were impressive, concerns remain about the muted billings growth.

07.07.2024 - FTNT Stock was up 25.6%

• Fortinet's stock saw a surge likely influenced by positive projections for the company in the second half of 2024, resulting in a raised price target of $72.
• With a remarkable 16% increase in three months, Fortinet's stock is attracting investors interested in growth prospects within the cybersecurity industry.
• The upward momentum of Fortinet's stock might have also been boosted by the overall performance of cybersecurity firms like Dynatrace, which stood out compared to sectors and stocks such as Amgen and Airbnb that faced declines.