Why Fortinet Stock Soared Last Month
Shares of cybersecurity expert Fortinet (NASDAQ: FTNT) rose 13.6% in February 2023, according to data from S&P Global Market Intelligence. The company posted strong earnings and a bullish slate of guidance targets early in the month. The stock gained 11% that day and continued to bubble higher as investors digested the robust report.
Fortinet's fourth-quarter sales stopped at $1.28 billion, 33% above the year-ago reading. Adjusted earnings increased by 76% to $0.44 per diluted share. The top-line result was in line with Wall Street's expectations, but the bottom-line profits beat the consensus analyst view by 13%.
Looking ahead, Fortinet's management set up full-year earnings and revenue targets just above the current Street views.
Source Fool.com
