Why Fortinet Shares Rose 51.6% Last Year
Shares of cybersecurity expert Fortinet (NASDAQ: FTNT) returned 51.6% in 2019, according to data from S&P Global Market Intelligence. The market-crushing gain hinged on a fantastic fourth-quarter report at the end of October.
Fortinet's fourth-quarter sales rose 21% year over year to $548 million, roughly $14 million ahead of the analyst consensus. Adjusted earnings increased from $0.49 to $0.67 per share, also much better than the Street's estimates of approximately $0.56 per share. The stock closed 10.5% higher the next day.
Image source: Getty Images.
Source Fool.com
