Guggenheim Upgrades Fortinet (FTNT) to Buy, 'growth to reaccelerate into 2024'

Fortinet (FTNT) PT Lowered to $71 at Scotiabank

Scotiabank analyst Patrick Colville lowered the price target on Fortinet (NASDAQ: FTNT) to $71.00 (from $90.00) while maintaining a Sector Outperform rating.... More

Fortinet (FTNT) PT Lowered to $85 at Wells Fargo

Wells Fargo analyst Andrew Nowinski lowered the price target on Fortinet (NASDAQ: FTNT) to $85.00 (from $90.00) while maintaining a Overweight rating.... More

Fortinet (FTNT) PT Lowered to $85 at Jefferies

Jefferies analyst Joseph Gallo lowered the price target on Fortinet (NASDAQ: FTNT) to $85.00 (from $95.00) while maintaining a Buy rating.... More

Fortinet (FTNT) PT Lowered to $80 at Morgan Stanley

Morgan Stanley analyst Hamza Fodderwala lowered the price target on Fortinet (NASDAQ: FTNT) to $80.00 (from $84.00) while maintaining a Overweight rating.... More

Fortinet (FTNT) PT Lowered to $70 at Raymond James

Raymond James analyst Adam Tindle lowered the price target on Fortinet (NASDAQ: FTNT) to $70.00 (from $75.00) while maintaining a Outperform rating.... More

Fortinet (FTNT) PT Lowered to $90 at Rosenblatt

Rosenblatt analyst Catherine Trebnick lowered the price target on Fortinet (NASDAQ: FTNT) to $90.00 (from $95.00) while maintaining a Buy rating.... More

Fortinet (FTNT) PT Lowered to $84 at Baird

Baird analyst Shrenik Kothari lowered the price target on Fortinet (NASDAQ: FTNT) to $84.00 (from $93.00) while maintaining a Outperform rating.... More

Fortinet (FTNT) PT Lowered to $69 at Wedbush

Wedbush analyst Daniel Ives lowered the price target on Fortinet (NASDAQ: FTNT) to $69.00 (from $70.00) while maintaining a Outperform rating.... More

Fortinet (FTNT) PT Lowered to $72 at BMO Capital

BMO Capital analyst Keith Bachman lowered the price target on Fortinet (NASDAQ: FTNT) to $72.00 (from $88.00) while maintaining a Market Perform rating.... More

Fortinet (FTNT) PT Lowered to $68 at Mizuho Securities

Mizuho Securities analyst Gregg Moskowitz lowered the price target on Fortinet (NASDAQ: FTNT) to $68.00 (from $81.00) while maintaining a Neutral rating.... More

TD Cowen Downgrades Fortinet (FTNT) to Market Perform, 'Macro Still Weighs In'

(Updated - August 4, 2023 6:07 AM EDT)

TD Cowen analyst Shaul Eyal downgraded Fortinet (NASDAQ: FTNT) from Outperform to Market Perform with a price target of $70.00 (from $90.00).

The analyst comments "Downgrade Rationale: 1) Despite overall solid checks into the quarter and positive commentary from additional security vendors, FTNT's billings came at $1.541B (up 18.1% y/y) vs $1.548E. Management indicated a more normalized spending environment with... More

Fortinet (FTNT) PT Lowered to $71 at Barclays

Barclays analyst Saket Kalia lowered the price target on Fortinet (NASDAQ: FTNT) to $71.00 (from $86.00) while maintaining a Overweight rating.... More

Fortinet (FTNT) PT Lowered to $78 at Evercore ISI

Evercore ISI analyst Amit Daryanani lowered the price target on Fortinet (NASDAQ: FTNT) to $78.00 (from $88.00) while maintaining a Outperform rating.... More

After-hours movers: Amazon gains on beat, Apple falls

After-Hours Stock Movers:

Atlassian (NASDAQ: TEAM) 23% HIGHER; reported Q4 EPS of $0.57, $0.21 better than the analyst estimate of $0.36. Revenue for the quarter came in at $939 million versus the consensus estimate of $920.4 million. Atlassian sees Q1 2024 revenue of $950-970 million.

DigitalOcean (NYSE: DOCN) 18% LOWER; expects to report Q2 EPS of... More

Fortinet (FTNT) tumbles 18% after cutting full-year forecast; TD Cowen downgrades

(Updated - August 4, 2023 6:36 AM EDT)

Fortinet (NASDAQ: FTNT) shares fell as much as 18.8% in pre-market Friday trading after the cybersecurity company reported weaker-than-expected billings and revenue for the second quarter.

This underperformance prompted the management to lower the full-year forecast. Fortinet now sees FY revenue at $5.4 billion, down from the prior $5.46B and from the consensus of $5.47B. Full-year billings are now seen at $6.54B, down from the prior guidance of $6.78B, and the consensus of $6.79B.

As a leading cybersecurity platform and secure networking vendor, we remain... More

Fortinet (FTNT) Tops Q2 EPS by 4c, Revenues Misses

Fortinet (NASDAQ: FTNT) reported Q2 EPS of $0.38, $0.04 better than the analyst estimate of $0.34. Revenue for the quarter came in at $1.29 billion versus the consensus estimate of $1.31 billion.

GUIDANCE:

Fortinet sees Q3 2023 EPS of $0.35-$0.37, versus the consensus of $0.36. Fortinet sees Q3... More