Why Fortinet Stock Is Trading Higher Today
Portfolio Pulse from Erica Kollmann
Fortinet, Inc. (NASDAQ:FTNT) shares rose after reporting Q4 financial results that exceeded expectations. Analysts have adjusted their price targets, with most raising them. HSBC downgraded the stock but still increased its target. Fortinet's earnings and sales beat estimates, with significant growth in Security Operations and SASE billings. The company provided optimistic guidance for Q1 and full-year 2024.
February 07, 2024 | 8:14 pm
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Fortinet's stock is trading higher due to better-than-expected Q4 results and positive analyst adjustments. The company also provided strong guidance for the upcoming quarters.
Fortinet's stock price increase is directly tied to its Q4 performance surpassing analyst expectations, leading to positive adjustments in analyst price targets. The optimistic guidance for future earnings and revenue further supports a positive outlook, making it likely that the stock price will continue to experience upward momentum in the short term.
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