Why Fortinet Stock Lost 18% in August
Shares of Fortinet (NASDAQ: FTNT) were pulling back last month as the cybersecurity company delivered solid results in its second-quarter earnings report, but its guidance seemed to fall shy of analyst expectations.
In a market where investors are already turning away from growth stocks, that and delays in billings was enough to cause the stock to fall 18%, according to data from S&P Global Market Intelligence.
As you can see from the chart below, Fortinet fell sharply on Aug. 4 when its earnings report came out but mostly traded in line with the S&P 500 after that.
Source Fool.com
