Why Is Fortinet Stock Climbing on Thursday?

Fortinet Inc (NASDAQ: FTNT ) stock traded higher Thursday following the release of second-quarter financial results on Wednesday. 23%. 89 billion. Product revenue reached $773 million, up 52%, while billings grew 33%.

Earnings per share of 90 cents beat the Street consensus estimate of 75 cents. 10 billion and earnings per share of 83 cents to 87 cents, both above Street estimates. 18 billion. Analysts Increase Forecasts Following the report, Cantor Fitzgerald maintained a Neutral rating and raised its price forecast to $185, while Barclays maintained Equal-Weight with a $190 forecast.

Rosenblatt maintained Buy with a $195 forecast, and BTIG maintained Buy with a $203 forecast. According to ’s analyst ratings data, Wall Street maintains a consensus Buy rating on the stock, with six of 22 analysts rating it Buy, 13 assigning Hold and three recommending Sell. 6% downside from current levels. 18).

The 20-day SMA sitting above the 50-day SMA keeps the near-term structure constructive, and the golden cross in May (50-day above 200-day) reinforces the bigger-picture trend. 35) after a recent swing high in July. A clean push toward that area would likely need momentum to improve, while a pullback would put more focus on whether buyers defend the recent consolidation band. 91 on Thursday, according to Pro data.

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