Why Fortinet Stock Is Plummeting Today
Shares of leading cybersecurity juggernaut (NASDAQ: FTNT) were down 8% as of 1:15 p.m. ET on Thursday, according to data provided by S&P Global Market Intelligence.
The next-gen firewall specialist reported first-quarter earnings on Wednesday and delivered 14% sales growth alongside record-setting free cash flow (FCF).
However, with the company trading at 44 times FCF prior to earnings, the market expected perfection from Fortinet, and management's guidance didn't live up to these hopes.
Source Fool.com
Fortinet Inc. Stock
€138.06
-0.520%
Based on 14 Buy predictions and 15 Sell predictions the sentiment towards Fortinet Inc. is rather balanced.
The target price of 63 € compared with the current price of 138.06 € for the stock indicates a negative potential of -54.37%.
