Shares of Fortinet (NASDAQ: FTNT) plunged in after-hours trading despite a solid third quarter and better-than-expected guidance. Indeed, adjusted earnings per share came in at $0.33, which beat analysts’ consensus estimate of $0.27 per share. In addition, Sales increased 32.6% year-over-year, with revenue hitting $1.15 billion. This was higher than the $1.124 billion that analysts were looking for.
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Looking forward, management expects revenue and adjusted earnings per share for Q4 2022 to be in the ranges of $1.275 billion to $1.315 billion and $0.38 to $0.40, respectively.
For reference, analysts were expecting $1.27 billion in revenue along with with an adjusted EPS of $0.35.
Is FTNT Stock a Buy or Sell?
FTNT has a Strong Buy consensus rating based on 13 Buys, three Holds, and zero Sells assigned in the past three months. The average FTNT stock price target of $71 implies 33.38% upside potential.
