It’s a good day to be Fortinet (NASDAQ:FTNT). Up 5.57% in Friday’s trading, the cybersecurity stock turned in a solid win and made itself look great in the process. That’s something of a big win in its own right, as more companies out there decide to make their old firewalls and cybersecurity tools last just a little longer in the face of economic uncertainty.
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Fortinet turned in quite a quarter, based on its earnings report. Fortinet posted $0.34 in earnings, which beat analyst projections of $0.29 per share. Further, Fortinet’s revenue delivered a similar beat, coming in at $1.26 billion against projections of $1.2 billion, a 32% year-over-year increase. Billings were up 30%, coming in at $1.5 billion, and service revenue was also up 30% at $761.6 million.
Citigroup analyst Fatima Boolani reiterated her Buy rating on Fortinet and also hiked the price target, going from $67 to $73. Boolani was just one of several analysts who also reiterated Buy ratings yesterday. Boolani further noted that several of Fortinet’s key metrics were well above “buy-side expectations.”
Analysts are clearly on Fortinet’s side here. Multiple reiterations of Buy left Fortinet stock with 18 Buy recommendations and only eight Holds, making the consensus opinion a Moderate Buy. Fortinet stock’s average price target of $75.13, meanwhile, gives it 16.32% upside potential.