{"id":80215,"date":"2023-11-03T09:13:41","date_gmt":"2023-11-03T13:13:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/fortinet-stock-tumbles-again-after-earnings-palo-alto-crowdstrike-fall-too\/"},"modified":"2023-11-03T09:13:48","modified_gmt":"2023-11-03T13:13:48","slug":"fortinet-stock-tumbles-again-after-earnings-palo-alto-crowdstrike-fall-too","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80215","title":{"rendered":"Fortinet Stock Tumbles Again After Earnings. Palo Alto, CrowdStrike Fall, Too."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

It\u2019s deja vu for
\n Fortinet
\n investors.<\/p>\n

\n Fortinet
\n (ticker: FTNT) stock tumbled 23% early Friday dragging other cybersecurity names lower after its earnings and guidance disappointed.<\/p>\n

The shares plunged 25% the day after its previous earnings in August, weighing on its peers, too. Once again it\u2019s the company\u2019s outlook, in particular, that appears to be spooking the market and spreading the negative sentiment across the sector. <\/p>\n

\n

Fortinet\u2019s revenue and billings forecast for the fourth-quarter both fell short of Wall Street\u2019s expectations.<\/p>\n

Rival
\n Cloudflare
\n (NET) stock fell 6% after its own fourth-quarter guidance late Thursday also fell short of expectations. The rest of the sector also came under pressure, as
\n Palo Alto Networks
\n (PANW) was 4.1% lower,
\n CrowdStrike
\n (CRWD) fell 2.8% and
\n Zscaler
\n (ZS) pointed 4.2% lower.<\/p>\n

\u201cIn our view, the current cyclical downturn is likely to be steeper and shorter than the last, which lasted about eight quarters,\u201d Guggenheim analysts led by Raymond McDonough said in a note on Fortinet Friday.\u201d They said that Fortinet\u2019s earnings and guidance suggest a steeper decline, also adding that buying behaviors could limit the recovery in 2024.<\/p>\n

However, they maintained a Buy rating on the stock, lowering their price target to $62, noting that \u201cmanagement has proven its ability to navigate cycles in the past.\u201d<\/p>\n

Stifel analyst Adam Borg downgraded the stock to Hold from Buy, also lowering his price target to $52 from $69.\u00a0<\/p>\n

RBC Capital Markets analysts led by Dan Bergstorm kept a Sector Perform rating but cut their price target to $55 from $68. \u201cResults were again mixed as we exit several years of more robust growth,\u201d they said, noting that billings growth has now decelerated for six consecutive quarters.<\/p>\n

Fortinet expects revenue of between $1.38 billion and $1.44 billion in the fourth quarter, lower than the $1.5 billion consensus seen by analysts polled by FactSet. Billings are forecast to be between $1.56 billion and $1.7 billion, again missing estimates of $1.9 billion.<\/p>\n

The stock came into Friday trading up 18% so far in 2023. Those gains may not last the day.<\/p>\n

Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s deja vu for Fortinet investors. Fortinet (ticker: FTNT) stock tumbled 23% early Friday dragging other cybersecurity names lower after its earnings and guidance disappointed. The shares plunged 25% the day after its previous earnings in August, weighing on its peers, too. Once again it\u2019s the company\u2019s outlook, in particular, that appears to be spooking […]<\/p>\n","protected":false},"author":1,"featured_media":80216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-80215","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nFortinet Stock Tumbles Again After Earnings. Palo Alto, CrowdStrike Fall, Too. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"It\u2019s deja vu for Fortinet investors. 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