Why Fortinet Stock Is Trading Higher Today

Fortinet Inc FTNT shares are trading higher THursday after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Fortinet said first-quarter revenue increased 34% year-over-year to $954.8 million, which beat the $884.17 million estimate, according to data from Benzinga Pro. The cybersecurity company reported quarterly adjusted earnings of 94 cents per share, which beat the estimate of 79 cents per share.

Fortinet said it expects second-quarter revenue of $1.005 billion and $1.035 billion versus the $1.01 billion estimate. It expects the adjusted earnings of $1.05 and $1.10 per share versus the $1.13 estimate.

Fortinet sees full-year 2022 revenue of $4.35 billion to $4.4 billion versus the $4.3 billion estimate. It expects full-year adjusted earnings per share of $5 and $5.15 versus the estimate of $4.96 per share.

Analyst Assessment:

• Mizuho analyst Gregg Moskowitz upgraded Fortinet from a Neutral rating to a Buy rating and raised the price target from $340 to $350.
• Wells Fargo analyst Andrew Nowinski maintained Fortinet with an Overweight rating and raised the price target from $360 to $400.
• Morgan Stanley analyst Hamza Fodderwala maintained Fortinet with an Equal-Weight rating and raised the price target from $315 to $330.

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FTNT 52-Week Range: $195.96 - $371.77

The stock was up 5.58% at $303.40 at press time.

Photo: aichinger76 from Pixabay.