Fortinet stock rose as September-quarter earnings and revenue topped analyst estimates, while the cybersecurity firm’s guidance also came in above expectations.
X Sunnyvale, Calif.-based Fortinet ( FTNT ) reported third-quarter earnings late Thursday.FTNT stock rose 2.2% to near 346 in extended trading on the stock market today .
Fortinet earnings came in at 99 cents a share, up 12% from a year earlier.Also, Fortinet revenue climbed 33% to $867 million.Analysts expected Fortinet earnings of 94 cents a share on sales of $812 million for the period ended Sept.30.
The cybersecurity firm said billings, a sales growth metric, rose 42% to $1.06 billion versus estimates of $950 million.
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x Thank You! You will now receive IBD Newsletters ALL DONE! Something Went Wrong! Please contact customer service CLOSE Fortinet Stock: Revenue Outlook Above Views For the quarter ending in December, Fortinet forecast revenue of $955 million at the midpoint of its forecast vs.
estimates of $917 million.
Fortinet stock trades in a buy zone , with an entry point of 322.10.FTNT stock has gained 126% in 2021.
In addition, Fortinet stock was recently featured as an IBD Stock of the Day .
The company competes in the firewall network security market versus Palo Alto Networks ( PANW ), Check Point Software Technologies ( CHKP ) and others.
Firewalls block online intrusions and monitor web-based apps.
Heading into the Fortinet earnings report, FTNT stock owned a Relative Strength Rating of 96 out of a possible 99, according to IBD Stock Checkup .
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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