Fortinet (FTNT) PT Lowered to $54 at UBS

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Go back to Fortinet (FTNT) PT Lowered to $54 at UBS

Fortinet (FTNT) Tumbles On Worse Than Expected Q4 Billings Guidance

November 3, 2022 2:04 PM EDT

Fortinet (NASDAQ: FTNT) shares plummeted on Thursday in reaction to its latest earnings release, which saw it top analyst expectations for most metrics but provide lower-than-expected billings guidance.

Fortinet shares are down over 13% at the time of writing, trading around the $46.44 mark. Earlier in the session, they hit a low of $42.61 per share. In 2022, the stock is down over 36%.

The cybersecurity company reported third-quarter earnings of $0.33 per share, $0.06 better than the analyst estimate of $0.27. Revenue for the quarter came in at $1.15 billion versus the consensus estimate of $1.12... More