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On Thursday, cybersecurity giant Fortinet disclosed a breach involving customer data.
Fortinet's Q2 report showed a significant boost in margins due to improved operational efficiency and stabilizing demand for its hardware products. Despite a persistent billings slowdown, the product revenue decline was less severe than expected, indicating potential growth in Fortinet's firewall and security appliance business. The company's improved inventory levels and strong service revenue growth are driving overall margin expansion, enhancing Fortinet's earnings outlook.
Fortinet and Zscaler both face tough macro and competitive headwinds. Fortinet is bigger, better diversified, and more profitable.
Fortinet (FTNT) reported earnings 30 days ago. What's next for the stock?
The solid growth in Fortinet's revenue and margins last quarter has sparked a tremendous rally in the stock. The company is pulling the right strings as it has managed to increase its margins and is building a robust revenue pipeline.
Fortinet (FTNT) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
FTNT's cutting-edge cybersecurity solutions, including next-gen firewalls and AI capabilities, make the stock worth buying despite fierce competition.
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Cybersecurity stock Fortinet Inc. FTNT has been on a bullish tear, with the stock up 31.48% year-to-date, 29.42% over the past year, and an impressive 32.37% in the last month alone. The cybersecurity powerhouse continues to flex its muscles, outperforming market expectations and delivering robust financial results.
Fortinet (FTNT) announces that it has been chosen as the official cybersecurity partner for Juventus Football Club for the next two seasons.
As of Aug 16, 2024, three stocks in the information technology sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.