Fortinet (FTNT) , a leading cybersecurity firm, has seen its stock surge an impressive 30.3% year to date, outpacing the Zacks Computer and Technology sector's return of 20.2% and many of its tech sector peers. This remarkable performance has caught the attention of investors and analysts alike, prompting questions about the sustainability of this growth and whether the ongoing cybersecurity boom can propel the stock even higher. This robust performance comes amid a growing focus on digital security, as org ...

Fortinet (FTNT) recently announced a new partnership with Juventus Football Club. Under this sponsorship agreement, Fortinet will become Juventus’ Official Cybersecurity Partner for the next two seasons through 2026.Juventus, based in Turin, Italy, is known for its sustainability efforts and its Allianz Stadium, which serves as a major entertainment and tourist venue. Fortinet’s solutions will be implemented across several key locations in the Continassa area, including the Juventus headquarters, Allianz St ...

As of Aug 16, 2024, three stocks in the information technology sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, ac ...

For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Fortinet (FTNT) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Fortinet is a member of the Computer and Technology sector. This group includes 617 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Rank includes 16 different groups and is listed in order from best ...

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fortinet. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. ...

Did you analyze how Fortinet (FTNT) fared in its international operations for the quarter ending June 2024? Given the widespread global presence of this network security company, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities.In the current global economy, which is more interconnected than ever, a company's success in penetrating international markets is crucial for its financial health and growth journey. Investors must ...

Global cybersecurity leader Fortinet Inc. NASDAQ: FTNT stock has been surging following its robust Q2 2024 earnings top and bottom line beats. The company went ahead and raised its full-year 2024 guidance as a sweet cherry on top. The strong demand for its next-generation firewalls and the convergence of networking and security needs underscored the masterful performance. Record-breaking ransomware extortion and enterprise security breach headlines have put companies on guard to limit their attack surfaces. ...

Earnings Performance - Fortinet reported 2Q24 revenue of $1.43 billion, exceeding consensus estimates of $1.4 billion, marking an 11% year-over-year increase [2] - Earnings per share (EPS) for the quarter was $0.57, surpassing consensus estimates of $0.43 [2] - The company achieved record gross margins of 81.5% and non-GAAP operating margins of 35.1% [2] - Operating expenses remained flat, with a slight decrease in sales and marketing expenses from $516 million in 2Q23 to $501 million in 2Q24 [2] Market Position and Growth Potential - Fortinet is positioned to benefit from the projected growth in global cybersecurity spending, expected to reach $450 billion by 2030 at a 13% CAGR from 2023 [4] - The company is a market leader with a diverse range of integrated cybersecurity products, achieving high customer satisfaction ratings [4][6] - Fortinet serves over 755,000 companies, including 73% of Fortune 100 and 69% of Global 2000 companies, indicating a strong market presence [8] Financial Health - Fortinet has demonstrated strong financial growth, with a 10-year revenue CAGR of 24%, operating profit CAGR of 41%, and free cash flow CAGR of 30% [9] - As of 2Q24, the company holds $3.3 billion in cash and short-term investments against $993 million in long-term debt, resulting in a net cash position of $2.3 billion [11] - The interest coverage ratio stands at 87x, indicating robust financial stability [11] Valuation Metrics - Despite the recent share price increase, Fortinet's forward P/E ratio of 38.5x is 37% lower than its peer average, and its forward EV/EBITDA of 26.8x is 46% lower than its peer average [16] - The company has consistently outperformed peers in terms of EBITDA margins, with a margin of 26% compared to lower margins for competitors [16] Recent Acquisitions - Fortinet has completed acquisitions of Lacework and Next DLP, which are expected to be accretive and synergistic to its operations [8] - Lacework was previously valued at $8.3 billion but was rumored to be sold for $150-200 million prior to the acquisition [8] Future Outlook - Early indicators suggest a potential recovery in the cybersecurity market, with improvements in registered security service contracts [12][13] - The company is optimistic about future growth, despite previous budget cuts in cybersecurity spending reported in 2023 [12]

da-kuk It's been 8 months since the last time I wrote about Fortinet, Inc. (NASDAQ:FTNT). Since then, the company has had a very volatile 2024. It was up +25% in March but dropped to -5% a week ago. After the Q2 earnings release, which we will discuss in detail, Fortinet's shares have surged to more reasonable prices given the quality of the business. In January, I rated the stock as a buy, and thanks to the recent rise, we have a 19.87% return compared to the S&P 500's 10.69% and the 5.36% of the security ...

Fortinet TodayFTNTFortinet$70.62 +0.69 (+0.99%) 52-Week Range$44.12▼$73.91P/E Ratio46.16Price Target$70.97Add to WatchlistFortinet NASDAQ: FTNT stock surged more than 25% following its Q2 release because it reached an inflection point. The company's lean into unified SASE and Security Ops resonates with businesses, providing a simpler approach to cloud-based cybersecurity. It is developing into a market leader, as evidenced by its ranking in Gartner Magic Quadrant reports. The company is the #1 single-sourc ...