Market News

Fortinet Soars Upward after Beating Guidance

Shares of Fortinet (NASDAQ:FTNT) soared in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $0.44, which beat analysts’ consensus estimate of $0.39 per share. Sales increased by 32.8% year-over-year, with revenue hitting $1.28 billion. This missed analysts’ expectations of $1.26 billion.

Looking forward, management now expects revenue for Q1 2023 to be in the range of $1.18 billion to $1.22 billion. For reference, analysts were expecting $1.18 billion in revenue. For the 2023 fiscal year, meanwhile, management now expects revenue to be in the range of $5.37 billion to $5.43 billion. Meanwhile, analysts were expecting $5.35 billion.

Overall, Wall Street has a consensus price target of $63.5 on Fortinet stock, implying 18.07% upside potential, as indicated by the graphic above.


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