Fortinet Posts Strong Earnings, JP Morgan Ups Price Target (FTNT)
Fortinet (NASDAQ: FTNT) posted Billings/Revenue/ Non-GAAP EPS of $90.3M/$76.3M/$0.11 compared to JP Morgan's estimates of $82M/$72.5M/$0.09 and consensus of $72.6M/$0.09.
Fortinet is a provider of network security solutions.
Fortinet mentioned that it is seeing larger deals. It had 18 deals over $500,000 this quarter, compared to 8 last quarter and 7 a a year ago.
JP Morgan analysts Sterling Auty, Lauren Ye, and Saket Kalia said, "The growing adoption of UTM and the need for higher performance drove demand in the high end of the market and surprisingly in Europe given the macro backdrop. Results easily topped our estimates and consensus, and guidance was increased for the rest of the year. In particular, the 31% growth in billings and increase in FCF we believe will provide the fuel for stock outperformance.
An Overweight rating was maintained. The analysts raised their price target for FTNT by a dollar to $21.00.
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