why is fortinet stock down today

by Dr. Zane Murazik Published 3 years ago Updated 2 years ago

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Apr 16, 2022 · Here's Why Fortinet (FTNT) is a Strong Growth Stock finance.yahoo.com - April 27 at 11:55 AM: Down 10% Last Month, Can Fortinet Stock Recover Anytime Soon? - Forbes forbes.com - April 26 at 1:12 PM: Fortinet to Seek Hldr Approval for 5-for-1 Share Split - …

Is Fortinet a good buy?

Far from being a "legacy" security vendor, Fortinet is an incredible allocator of capital and has been a fantastic investment for many years. And with management forecasting another year of almost 30% sales growth in 2022, it's still a great time to buy.Feb 17, 2022

Is Fortinet a buy or sell?

The current Fortinet Inc [FTNT] share price is $266.37. The Score for FTNT is 44, which is 12% below its historic median score of 50, and infers higher risk than normal. FTNT is currently trading in the 40-50% percentile range relative to its historical Stock Score levels.

Is Fortinet a good stock?

The financial health and growth prospects of FTNT, demonstrate its potential to underperform the market. It currently has a Growth Score of A. Recent price changes and earnings estimate revisions indicate this would be a good stock for momentum investors with a Momentum Score of A.

Does Fortinet pay a dividend?

FTNTFortinet, Inc.

FTNT does not currently pay a dividend.Apr 29, 2022

Is Fortinet overvalued?

However, the shares of Fortinet (FTNT), Cloudflare (NET), and KnowBe4 (KNBE) are currently trading at lofty valuations despite their companies' bleak growth prospects. So, we think it could be wise to avoid these overvalued stocks now.Mar 25, 2022

Is fortinet a buy stock?

Analysts Say Buy the Stock Now. Fortinet's solid quarterly performance and upbeat financial forecasts prompted Mizuho Securities to raise its rating on the software company's stock while other analysts reaffirmed their bullish takes.6 days ago

Is fortinet a publicly traded company?

The company's first and main product was FortiGate, a physical firewall.
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Fortinet.

Type	Public company
Traded as	Nasdaq: FTNT Nasdaq-100 component S&P 500 component
Industry	Cloud Security Cybersecurity Network Security
Founded	2000

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Does Palo Alto pay dividends?

Does Palo Alto Networks pay dividends? Palo Alto Networks does not intend to declare or pay cash dividends on its capital stock in the foreseeable future.

Nasdaq Global Select

Environmental, Social, and Governance Rating

Fortinet Inc is provider of network security solutions that are designed to address the fundamental problems of an increasingly bandwidth-intensive network environment and a more sophisticated information technology threat landscape.

Business Summary

"B" score indicates good relative ESG performance and an above-average degree of transparency in reporting material ESG data publicly and privately. Scores range from AAA to D.

What happened

So what

Shares of enterprise cybersecurity specialist Fortinet ( FTNT -1.83% ) crashed on Friday. The stock fell as much as 9.5% in the morning session before climbing back to a milder 7.2% drop at 2:20 p.m. EDT.

NASDAQ: FTNT

Fortinet's total third-quarter revenue rose 19% year over year to $651 million, led by a 22% increase in service sales. Adjusted earnings landed at $0.88 per diluted share, 31% above the year-ago period's result. Your average Wall Street analyst would have settled for earnings near $0.78 per share on revenue of approximately $639 million.

Now what

Looking ahead to the fourth quarter, Fortinet's management expects earnings to rise 26%, landing near $0.96 per share. Sales should stop in the vicinity of $720 million. Here, the current analyst consensus pointed to earnings of roughly $0.87 per share on sales near $708 million.

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The report was followed by a plethora of bullish analyst reactions, including at least four that reiterated "buy" ratings with raised price targets. That didn't stop Fortinet's stock from sliding on a brutal day for the broader market.

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