Why Fortinet Stock Is Plummeting Today
Shares of leading cybersecurity juggernaut (NASDAQ: FTNT) were down 8% as of 1:15 p.m. ET on Thursday, according to data provided by S&P Global Market Intelligence.
The next-gen firewall specialist reported first-quarter earnings on Wednesday and delivered 14% sales growth alongside record-setting free cash flow (FCF).
However, with the company trading at 44 times FCF prior to earnings, the market expected perfection from Fortinet, and management's guidance didn't live up to these hopes.
Source Fool.com
Fortinet Inc. Stock
€70.73
1.080%
Our community is currently high on Fortinet Inc. with 28 Buy predictions and 5 Sell predictions.
As a result the target price of 99 € shows a positive potential of 39.97% compared to the current price of 70.73 € for Fortinet Inc..
