Is Today's Selloff In Fortinet A Buying Opportunity?
Alpha Gen Capital
Alpha Gen Capital
Mon, Nov. 21, 5:45 PM
- Earlier: Palo Alto Networks -13.8%; Q1 actual, Q2 guide off revenue expectations
- Proofpoint's (NASDAQ:PFPT) at present lower by nearly 4%, FireEye (NASDAQ:FEYE) and Fortinet (NASDAQ:FTNT) 2%, and CyberArk Software (NASDAQ:CYBR) 1.15%.
- Names in the sector unchanged include Check Point Software Technologies, Imperva, Symantec, Barracuda Networks and VASCO Data Security International, though trading in both Check Point Software Technologies and Barracuda Networks is relatively active.
Tue, Nov. 15, 11:19 AM
- Analyst Melissa Gorham cites a healthy demand environment, easing enterprise traction and service provider growth concerns, a competitive product offering, strong renewal base, greater sales productivity and potential for margin expansion.
- Price target from $33 to $39 (current price $32.46). Prior rated Equal weight.
- Fortinet's (NASDAQ:FTNT) higher by 2.5% today, corresponding with gains realized by peers (FireEye, Palo Alto Networks, Proofpoint [Outperform coverage just initiated at Baird], Imperva, Barracuda Networks) within the cybersecurity sector this morning.
Wed, Nov. 9, 3:03 PM
- With a Trump agenda calling for "an immediate review of all U.S. cyber defenses and vulnerabilities" among other items to be addressed, the sector has seemingly responded positively on the near-term. Exact methods or execution revolving around the position, however, of course remains awaited.
- Sector price movements – FireEye (FEYE +0.5%), Palo Alto Networks (PANW +3%), Fortinet (FTNT +1%), CyberArk Software (CYBR +3.5%), Check Point Software Technologies (CHKP +1.7%), Proofpoint (PFPT +2.3%), Imperva (IMPV +0.8%), Symantec (SYMC +0.6%), Barracuda Networks (CUDA +2.2%), VASCO Data Security International (VDSI +3.7%), Akamai Technologies (AKAM +0.3%), Limelight Networks (LLNW +2.2%), Level 3 Communications (LVLT +1.9%)
- Related – (NYSEARCA:HACK)
Thu, Oct. 27, 4:17 PM
Wed, Oct. 26, 5:35 PM
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Fri, Oct. 21, 1:50 PM
- See: Internet attack takes many sites offline for hours
- Up today – FireEye (FEYE +1.9%), Palo Alto Networks (PANW +0.6%), Fortinet (FTNT +1.5%), Cyberark Software (CYBR +3.9%), Check Point Software Technologies (CHKP +0.8%), Proofpoint (PFPT +10.5%) [see earnings]
- Despite these gains, on the last-month term FireEye's lower by 9%, Palo Alto Networks' unmoved, Fortinet's down 11%, Cyberark Software's down 6%, Check Point Software Technologies' up 2% and Proofpoint's up 1.7%. Names down today in the space include Imperva (IMPV -2.6%), Symantec (SYMC -0.3%) and Barracuda Networks (CUDA), respectively lower by 12%, 4% and 1% on the month.
- CDN providers – Akamai Technologies (AKAM +1.5%), Limelight Networks (LLNW -0.5%), Level 3 Communications (LVLT -0.6%)
- Related – (NYSEARCA:HACK)
Wed, Oct. 12, 12:43 PM
Wed, Oct. 12, 10:16 AM
- A Buy rating, however, is retained.
- Analyst Gabriela Borges cites Fortinet's (FTNT -12.6%) Q3 guidance reduction, though notes positioning, valuation and other possibilities (capital allocation, restructuring, M&A) remain positives.
- Price target lowered from $43 to $36 (current price $29.61).
- Additionally, Citi's Walter Pritchard maintains Fortinet at Neutral while lowering his price target to $31, from $35 previously, following the pre-announcement.
Wed, Oct. 12, 9:15 AM
Tue, Oct. 11, 5:35 PM
Tue, Oct. 11, 4:35 PM
- Fortinet (NASDAQ:FTNT) is expecting total billings of $343M-$348M (vs. $372M-$376M previously), total revenue of $311M-$316M (vs. $319M-$324M previously) and net income per share of $0.15-$0.16 (vs. $0.17-$0.18 previously).
- Authorization of $100M increase to existing share repurchase program disclosed.
- Founder, chairman and CEO Ken Xie: "Our third quarter results were primarily impacted by the lengthening of deal cycles as enterprises are becoming more strategic with their purchasing decisions and buying with less urgency than last year. We also encountered sales execution challenges in the North America resulting from the newness of our sales organization, as well as macro issues in Latin America and the U.K. Though we are disappointed with our third quarter performance, we continue to feel good about our competitive-differentiating and market-leading security fabric. We remain confident in the underlying strength of our business and long-term growth opportunity, and committed to delivering returns to our shareholders."
- Fortinet will report finalized Q3 results on October 27.
- Conference call
Thu, Sep. 22, 2:59 PM
- Yahoo has confirmed a breach affecting at least 500M of its users and SecureWorks (SCWX +6.9%) FireEye (FEYE +5.1%), Barracuda Networks (CUDA +2.9%), Palo Alto Networks (PANW +1.8%), Fortinet (FTNT +1.4%), Imperva (IMPV +1.2%), CyberArk Software (CYBR +1%) and others are benefitting because of it.
- The impact of the development on Yahoo has so far been minimal, with shares presently trading up 0.6% on the day.
Thu, Jul. 28, 5:37 PM
Thu, Jul. 28, 4:18 PM
Wed, Jul. 27, 5:35 PM
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Tue, Jun. 7, 12:03 PM
- Fortinet (FTNT) is buying AccelOps, a provider of integrated network security, performance, and availability monitoring software and security analytics tools, for an undisclosed sum.
- AccelOps claims it provides the first solution to simultaneously address both security operations centers (SOCs) and network operations centers (NOCs), and to correlate security and network data into a common view. The company provides both on-premise and cloud-based versions of its software.
- Fortinet argues the purchase will give customers "greater visibility across both Fortinet and multi-vendor security solutions." The purchase strengthens Fortinet's recently-unveiled Security Fabric strategy, through which the company is looking to feed threat intelligence from both Fortinet and non-Fortinet hardware and software into a common security policy engine.
- Security correlation data and analytics produced by AccelOps' software will feed into Fortinet's Security Fabric. In addition, AccelOps will help power a new subscription service that will "provide customers with automated security and performance audits of their specific security infrastructure."