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Killexams : Fortinet Professional action - BingNews https://killexams.com/pass4sure/exam-detail/FCESP Search results Killexams : Fortinet Professional action - BingNews https://killexams.com/pass4sure/exam-detail/FCESP https://killexams.com/exam_list/Fortinet Killexams : Fortinet Stock Is Rising Today: What's Going On? © Provided by Benzinga

Fortinet Inc (NASDAQ: FTNT) shares are rising Wednesday morning after the company reported mixed fourth-quarter results and issued strong guidance. Several analysts also raised price targets on the stock following the company's quarterly results.

Q4 Revenue: $1.28 billion missed estimates of $1.29 billion Q4 EPS: $0.44 beat estimates of $0.39

Fortinet said product revenue was up 43% year-over-year, while service revenue grew 27%. Billings jumped 32% compared to the prior year's quarter.

"Our market share gains are being driven by Fortinet's integrated and single platform approach to cybersecurity combined with FortiASIC technology, which lowers the management costs and the total cost of ownership for organizations," said Ken Xie, founder, chairman and CEO of Fortinet.

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Must Read: EXCLUSIVE: Meet The Company Offering Mardi Gras NFTs For Bathroom, Bar Access And Helping Grow Web3 In New Orleans

Outlook: Fortinet expects first-quarter revenue to be between $1.18 billion and $1.22 billion versus estimates of $1.18 billion. First-quarter adjusted earnings are expected to be in a range of 27 cents to 29 cents per share versus estimates of 27 cents per share.

Fortinet sees full-year 2023 revenue between $5.37 billion and $5.43 billion versus estimates of $5.36 billion. The company sees full-year adjusted earnings in a range of $1.39 to $1.41 per share versus estimates of $1.39 per share. 

Analyst Assessment: 

Piper Sandler analyst Rob Owens maintained Fortinet with a Neutral and raised the price target from $57 to $64. Raymond James analyst Adam Tindle maintained Fortinet with an Outperform and raised the price target from $60 to $70. JPMorgan analyst Brian Essex maintained Fortinet with an Overweight and raised the price target from $69 to $70. Wells Fargo analyst Andrew Nowinski maintained Fortinet with an Overweight and raised the price target from $62 to $72. Wedbush analyst Daniel Ives maintained Fortinet with an Outperform and raised the price target from $64 to $70.

One firm also downgraded the stock after shares charged higher on earnings: Keybanc analyst Michael Turits downgraded Fortinet from Overweight to Sector Weight.

FTNT Price Action: Fortinet has a 52-week high of $71.52 and a 52-week low of $42.61.

Fortinet shares are up 12.1% at $60.26 Wednesday morning, according to Benzinga Pro.

Photo: vicky gharat from Pixabay.

Latest Ratings for FTNT

Date Firm Action From To
Feb 2022 Wedbush Maintains Outperform
Feb 2022 Wells Fargo Maintains Overweight
Feb 2022 Raymond James Maintains Outperform

View More Analyst Ratings for FTNT

View the Latest Analyst Ratings

Tue, 07 Feb 2023 23:46:44 -0600 en-US text/html https://www.msn.com/en-us/money/topstocks/fortinet-stock-is-rising-today-what-s-going-on/ar-AA17fyPl
Killexams : Is It Too Late to Buy Fortinet Stock?

Fortinet's (FTNT -1.22%) stock jumped nearly 11% on Feb. 8 after the company posted its fourth-quarter earnings report. The cybersecurity company's revenue rose 33% year over year to $1.28 billion but narrowly missed analysts' estimates by $20 million. However, its adjusted earnings rose 76% to $0.44 per share and topped the consensus forecast by a nickel.

Fortinet also posted strong guidance for 2023. It expects its revenue to rise 24% to 28% year over year in the first quarter and grow 21% to 23% for the full year. Both estimates easily surpassed Wall Street's expectations.

That stable outlook suggests that Fortinet is still well insulated from the macro headwinds, but is it too late to buy its stock after its post-earnings pop? Let's take a fresh look at Fortinet's business and valuations to decide.

A digital padlock on a circuit board.

Image source: Getty Images.

An early mover in next-gen firewalls

Back in 2002, Fortinet launched FortiGate, a next-gen firewall that upgraded traditional firewalls with network device filtering tools. It established an early-mover's advantage in that market and now serves about 615,000 customers globally, including most of the Fortune 500. FortiGate subsequently became the foundation of Fortinet's Security Fabric, which provides end-to-end protection tools for on-premise, cloud-based, and Internet of Things devices through a blend of on-site appliances, software, and cloud-based services.

That expansion boosted Fortinet's annual revenue from $1.49 billion in 2017 to $4.42 billion in 2022, which represented a compound annual growth rate (CAGR) of 24%, as its annual adjusted operating margin expanded from 15% to 27%. Its stock has also rallied more than 550% over the past five years as the ETFMG Prime Cyber Security ETF, which holds a basket of top cybersecurity stocks, rose less than 50%.

Unlike many of its other cybersecurity peers, Fortinet is firmly profitable by both generally accepted accounting principles (GAAP) and non-GAAP (adjusted) metrics. On a non-GAAP basis, its net income increased at a CAGR of 39% from $185 million in 2017 to $962 million in 2022. 

But can it maintain those growth rates?

Fortinet believes it can generate $10 billion in billings in 2025, which implies a CAGR of 21% from its $5.59 billion in billings in 2022. That forecast implies its top-line growth will barely slow down over the next three years.

During its fourth-quarter conference call, CFO Keith Jensen attributed the company's stable outlook to the "convergence and consolidation" of "network firewalls, Secure SD-WAN, 5G and OT security" into its "single operating system." Jensen also noted that Fortinet's development of its own ASIC chips, which are customized for its own hardware and operating system, gave it an edge against other cybersecurity appliance companies that used third-party chips.

Unlike many other tech companies, Fortinet didn't fret over macroeconomic headwinds at all during its latest conference call. Instead, Jensen said that even though Fortinet faced a "challenging global supply chain environment" during the year, its product revenue still rose 42% and represented its "highest annual product revenue growth rate in over 10 years."

Fortinet expects its adjusted operating margin to dip slightly to 25% to 26% in 2023 as it ramps up its investments in its cloud services, data centers, and facilities, but it still expects its adjusted earnings per share to rise 17% to 18%.

Fortinet is also swimming in cash. Its free cash flow rose 21% to $1.45 billion in 2022, and it spent more than 100% of that total ($1.99 billion) on buybacks. It repurchased its shares at an average price of $55.37 -- a discount of about 9% to its stock price as of this writing -- and reduced its outstanding shares by 4% throughout the year.

So is it too late to buy Fortinet's stock?

Fortinet's stock isn't cheap at 51 times forward earnings, but I believe its rock-solid growth rates justify that higher valuation. It's also fairly valued relative to its industry peers. For example, Palo Alto Networks -- which provides similar services and is growing at a comparable rate -- trades at 49 times forward earnings.

I believe Fortinet's glowing track record and crystal-clear road map make it a great long-term play on the growing cybersecurity sector. If it generates $10 billion in billings by 2025 -- which certainly seems achievable at this rate -- its stock could easily double in less than three years. Therefore, it's certainly not too late to add this high-quality stock to your portfolio.

Leo Sun has positions in Palo Alto Networks. The Motley Fool has positions in and recommends Fortinet and Palo Alto Networks. The Motley Fool has a disclosure policy.

Thu, 09 Feb 2023 02:52:00 -0600 Leo Sun en text/html https://www.fool.com/investing/2023/02/09/is-it-too-late-to-buy-fortinet-stock/
Killexams : Why Fortinet Stock Is Soaring After Hours

Fortinet Inc FTNT shares are trading higher in Tuesday's after-hours session after the company reported mixed fourth-quarter results and issued strong guidance

What Happened: Fortinet said fourth-quarter revenue increased 33% year-over-year to $1.28 billion, which missed consensus estimates of $1.29 billion. The cybersecurity company reported fourth-quarter adjusted earnings of 44 cents per share, which beat average analyst estimates of 39 cents per share.

Fortinet said product revenue was up 43% year-over-year, while service revenue grew 27%. Billings jumped 32% compared to the prior year's quarter.

Free cash flow reached $497.2 million during the quarter, while cash flow from operations totaled $528.1 million. 

"Our market share gains are being driven by Fortinet's integrated and single platform approach to cybersecurity combined with FortiASIC technology, which lowers the management costs and the total cost of ownership for organizations," said Ken Xie, founder, chairman and CEO of Fortinet.

"Given our cost-for-performance advantage, the convergence of security and networking, and the consolidation of products and vendors, we expect to continue our solid growth trajectory."

Fortinet expects first-quarter revenue to be between $1.18 billion and $1.22 billion versus estimates of $1.18 billion. First-quarter adjusted earnings are expected to be in a range of 27 cents to 29 cents per share versus estimates of 27 cents per share.

On a full-year basis, Fortinet sees 2023 revenue between $5.37 billion and $5.43 billion versus estimates of $5.36 billion. The company sees full-year adjusted earnings in a range of $1.39 to $1.41 per share versus estimates of $1.39 per share. 

See Also: After-Hours Alert: Why Chipotle Stock Is Getting Cooked

FTNT Price Action: Fortinet has a 52-week high of $71.52 and a 52-week low of $42.61.

The stock was up 17% after hours at $62.90 at the time of publication, according to Benzinga Pro.

Photo: Kris from Pixabay.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Tue, 07 Feb 2023 10:48:00 -0600 en text/html https://www.benzinga.com/news/earnings/23/02/30781119/why-fortinet-stock-is-soaring-after-hours
Killexams : Fortinet Weathers Economic Storm by Helping Users Cut Costs

Governance & Risk Management , Operational Technology (OT) , SASE

Fortinet CEO Says Performance Advantage Over Rivals Has Blunted Impact of Downturn
Fortinet Weathers Economic Storm by Helping Users Cut Costs
Ken Xie, CEO, Fortinet (Image: Fortinet)

Fortinet has blunted the impact of the economic downturn by helping customers consolidate their security footprint and add protection in areas such as OT, Wi-Fi and SD-WAN.

See Also: Live Webinar | Navigating the Difficulties of Patching OT

The Silicon Valley-based platform security vendor says its proprietary ASIC chip allows the company to take market share from rivals as it delivers superior performance in fields such as SD-WAN at a fraction the cost. IDC found Fortinet leads the market with 48% of firewall units shipped, which CEO Ken Xie says offers economies of scale and creates cost barriers for any rival looking to develop a chip of its own (see: Ken Xie on Why Fortinet Is Leaning Into SD-WAN, OT Security).

"We continue to gain market share in the cybersecurity industry," Xie tells investors Tuesday. "Fortinet has a huge security computing power advantage, allowing FortiOS to integrate more security functions and applications than our competitors with much better performance and much lower energy consumption."

Chief Financial Officer Keith Jensen tells investors Fortinet will deliver a $29 million cost savings over the next half-decade to a U.S. retailer with more than 500 locations. Fortinet replaced the multiple consoles the retailer previously used with a single pane of glass and took out the competitor's basic firewalls in favor of FortiGates that delivered URL filtering, Wi-Fi security and edge router replacement, Jensen says.

'We Do Have a Huge Advantage Compared to Other Competitors'

Customers increasingly want protection for more than just traditional corporate networks, and Xie says Fortinet's ability to secure both conventional IT settings as well as operational technology environments has gained traction in the market. Xie said in May Fortinet's OT business will be bigger than its SD-WAN practice due to the elevated threat environment and increased interest from manufacturing customers (see: Fortinet CEO Ken Xie: OT Business Will Be Bigger Than SD-WAN).

"In the long term, we do have a huge advantage compared to other competitors because of the investment we made in the product and the hardware with the ASIC, which gives us a huge advantage around total cost of ownership," Xie says. "We're committed to keep gaining market share in the space."

While protecting profit margins and lowering the total cost of ownership have driven interest from large enterprises, Xie says small and midsized businesses have turned to Fortinet due to the need for greater ransomware protection. Fortinet's SMB growth has been particularly strong in regions such as Europe, according to Xie.

Xie says enterprises also have turned to Fortinet to drive convergence between their security and networking teams, and many large organizations are making moves to bring their security operations center and network operations center closer together.

"That's where we see a lot of the big enterprise customers," Xie says. "They definitely want to add additional protection for their infrastructure while having a better total cost of ownership at the same time and leveraging a single, integrated platform to offer better security and networking together."

From a backlog perspective, Xie says the logjam has shifted in latest quarters from network firewalls to more traditional networking equipment such as switches and Wi-Fi routers. Xie expects supply chain issues to dissipate over the course of 2023, but Fortinet recognizes that not all the backlog will convert into revenue due to cancellation rates in the high single digits around networking equipment.

In August, networking equipment accounted for 50% of Fortinet's backlog due to continued challenges sourcing raw materials for switches and access points, while the company's FortiGate firewalls accounted for 40% of the backlog (see: Fortinet Looks to Address Rising Costs With Price Increases).

Sales Surge in North America, Europe

Category Q4 2022 Q4 2021 % Change
Total Revenue $1.28B $963.6M 33.1%
Service Revenue $742.9M $584.7M 27.1%
Product Revenue $540.1M $378.9M 42.5%
Americas Revenue $521.2M $380.8M 36.9%
EMEA Revenue $510.1M $370.8M 37.6%
APAC Revenue $251.7M $212M 18.7%
Net Income $313.8M $199M 57.7%
Earnings Per Diluted Share $0.40 $0.24 66.6%
Non-GAAP Net Income $349.7M $205.8M 69.9%
Non-GAAP Earnings Per Share $0.44 $0.25 76%
Source: Fortinet

Fortinet's revenue of $1.28 billion in the quarter ended Dec. 31 fell short of Seeking Alpha's sales estimate of $1.3 billion. Meanwhile, the company's non-GAAP earnings of $0.44 per share crushed Seeking Alpha's non-GAAP estimate of $0.39 per share.

For the full year, Fortinet's revenue surged to $4.42 billion, up 32.2% from $3.34 billion the year prior. Net income jumped to $857.3 million, or $1.06 per diluted share, up 41.3% from $606.8 million, or $0.73 per diluted share, in 2021. On a non-GAAP basis, net income skyrocketed to $961.6 million, or $1.19 per diluted share, up 44.4$ from $666 million, or $0.80 per diluted share, in 2021.The company's stock is up $6.96 - 12.94% - to $60.74 per share in after-hours trading Tuesday. That's the highest Fortinet's stock has traded since Aug. 3.

The Americas accounted for 40.6% of Fortinet's revenue in the fourth quarter, while Europe, the Middle East and Africa, or EMEA, delivered 39.8% of revenue and Asia-Pacific, or APAC, was responsible for the remaining 19.6% of revenue.

For the quarter ending March 31, Fortinet expects non-GAAP net income of $0.27 to $0.29 per share on revenue of between $1.18 billion and $1.22 billion. Analysts had been expecting non-GAAP net income of $0.28 per share on sales of $1.18 billion, according to Seeking Alpha.

Mon, 06 Feb 2023 10:00:00 -0600 en text/html https://www.govinfosecurity.com/fortinet-weathers-economic-storm-by-helping-users-cut-costs-a-21145
Killexams : Fortinet Q4 Earnings: Strong Product Growth
Lock. Data Concept

BlackJack3D

Investment Thesis

Fortinet, Inc. (NASDAQ:FTNT) is a U.S.-based cybersecurity company founded by Xie Jing back in 2000. The company has been one of the best compounders in the past decade, with the stock up over 1,000% during the period. The share price

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Wed, 08 Feb 2023 08:41:00 -0600 en text/html https://seekingalpha.com/article/4576481-fortinet-q4-earnings-strong-product-growth
Killexams : Fortinet Q4 Earnings: Despite The Challenging Macro, This Sizzles
Padlock Icon Cyber Security of Digital Data Network Protection, Secure Technology Blockchain Data Network Connectivity Background, And Secure Information for Privacy 3d rendering

KanawatTH

Investment Thesis

Fortinet (NASDAQ:FTNT) has a less-than-straightforward story. Its business makes the bulk of its revenues from its Product segment. Something that the Street has generally been skeptical of.

But what Fortinet has excelled in, is in delivering high ROI

FTNT revenue growth rates

FTNT revenue growth rates

FTNT Q4 2022

FTNT Q4 2022

Tue, 07 Feb 2023 20:28:00 -0600 en text/html https://seekingalpha.com/article/4576245-fortinet-stock-despite-challenging-macro-strong-q4-earnings
Killexams : Fortinet patches two critical bugs in its FortiNAC and FortiWeb products

Fortinet on Thursday patched two critical bugs in its FortiNAC and FortiWeb products that if exploited could allow an unauthenticated attacker to execute unauthorized code or commands via a specifically crafted HTTP request.

While both were rated critical, the FortiNAC bug — CVE-2022-39952 — was rated at 9.8 and affected versions 9.4.0; 9.2.0 through 9.2.5; 9.1.0 through 9.1.7; 8.8.0 through 8.8.11; 8.7.0 through 8.7.6; 8.6.0 through 8.6.5; 8.5.0 through 8.5.4; and 8.3.7.

The FortiWeb bug — CVE-2021-42756 — was reported as a multiple stack-based buffer overflow vulnerabilty in the proxy daemon of FortiWeb 5.x all versions; 6.0.7 and below; 6.1.2 and below; 6.2.6 and below; 6.3.16 and below; and 6.4.

Fortinet encourages its users to do the upgrades as specified in its advisories for the FortiNAC and FortiWeb products.

Mike Parkin, senior technical engineer at Vulcan Cyber, said  while there aren't a lot of details available on either of these issues beyond them being remote exploits, Fortinet did release updated versions that address the vulnerabilities. 

“As always, especially with a security product, deploying using industry best practices and keeping up to date on patches are just the starting points,” said Parkin.

When asked about how the FortiWeb bug dates back to 2021, Parkin said he wish he knew the reason for the long time lag.

“We've all seen these long delays between a CVE reservation and an real publication,” said Parkin. “It would be nice if there was more clarity about the delays when they happen.”

A Fortinet spokesperson said the FortiWeb bug was found internally and published in its February advisory as part of its product security incident response policies.

Fri, 17 Feb 2023 08:06:00 -0600 en text/html https://www.scmagazine.com/news/vulnerability-management/fortinet-patches-two-critical-bugs-in-its-fortinac-and-fortiweb-products
Killexams : fortinet inc.

Major global brands, including McDonald's Corp, PepsiCo Inc. and the Estee Lauder Cos Inc. should consider pausing their operations in Russia, New York state's pension fund chief wrote in letters to several companies on Friday.

Top senators on the Senate Intelligence Committee introduced bipartisan legislation Thursday that seeks to sanction any nation involved in ransomware attacks against the U.S.

Thu, 16 Feb 2023 20:54:00 -0600 en-US text/html https://www.foxbusiness.com/quote?stockTicker=ftnt
Killexams : Why Fortinet Stock Topped the Market on Tuesday No result found, try new keyword!Well before market open this morning, Goldman Sachs' Gabriela Borges launched her coverage of Fortinet. She initiated it with a buy recommendation at a price target of $73, implying potential ... Tue, 14 Feb 2023 09:57:00 -0600 text/html https://www.nasdaq.com/articles/why-fortinet-stock-topped-the-market-on-tuesday
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