These Analysts Boost Their Forecasts On Fortinet Following Upbeat Q2 Earnings

Fortinet Inc (NASDAQ: FTNT ) on Wednesday reported better-than-expected second- quarter financial results.

Fortinet reported second-quarter revenue of $2.05 billion, up 26% year-over-year.

The revenue total beat a Street consensus estimate of $1.89 billion, according to data Pro.

Earnings of 90 cents per share beat a Street consensus estimate of 75 cents per share. “We are very pleased with our excellent second quarter results, which reflect the differentiated value of our innovation in the AI Era,” Fortinet CEO Ken Xie said.

The company sees third-quarter revenue in a range of $2.01 billion to $2.10 billion, higher than a current Street estimate of $1.95 billion.

Earnings per share are expected to be in a range of 83 cents to 87 cents per share for the third quarter, versus a Street estimate of 76 cents per share.

The company raised its full-year guidance and now expects earnings per share in a range of $3.41 to $3.47, up from a prior range of $3.10 to $3.16.

The current Street estimate is $3.16 according to Pro.

Fortinet also raised its full-year revenue guidance, now expecting $8.02 billion to $8.18 billion.

The prior estimated range was $7.71 billion to $7.87 billion.

The Street estimates full-year revenue at $7.81 billion.

Fortinet shares jumped 10.4% to $169.15 in pre-market trading.

These analysts made changes to their price targets on Fortinet following earnings announcement.

BTIG analyst Gray Powell maintained the stock with a Buy and raised the price target from $186 to $203.

Barclays analyst Saket Kalia maintained the stock with an Equal-Weight rating and raised the price target from $170 to $190.

Considering buying FTNT stock? Here’s what analysts think: Photo via Shutterstock