FTNT - 1 Stock Down 11% to Buy Before Artificial Intelligence (AI) Could Supercharge Its Growth and Send It Soaring
2024-05-19 14:38:00 ET
Technology stocks have been in fine form in the past year, which is evident from the 50% gains clocked by the Nasdaq-100 Technology Sector index during this period. But not all tech stocks have benefited from the broader market's surge. Fortinet (NASDAQ: FTNT) is one of them.
Shares of the cybersecurity company are down 11% in the past year, and the latest quarterly results (for the first quarter of 2024) haven't helped matters, either. Let's see why that was so, before taking a closer look at the catalysts that could help Fortinet regain its mojo.
First-quarter revenue increased just 7% year over year to $1.35 billion, while its adjusted net income was up 26% to $0.43 per share. The numbers exceeded Wall Street's outlook as analysts were expecting Fortinet to deliver $0.38 per share in earnings on revenue of $1.34 billion. The problem, however, was with Fortinet's billings during the quarter.
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1 Stock Down 11% to Buy Before Artificial Intelligence (AI) Could Supercharge Its Growth and Send It Soaring