Fri, Jan. 30, 9:39 AM
- In addition to topping Q4 estimates, Proofpoint (NASDAQ:PFPT) has guided for Q1 revenue of $56M-$57M (above a $54.3M consensus) and full-year revenue of $245M-$247M (above a $242.5M consensus). Q1 EPS guidance of -$0.08 to -$0.09 is above a -$0.11 consensus, but (due to aggressive spending) full-year guidance is at -$0.36 to -$0.38 (below a -$0.29 consensus).
- Q1 and full-year billings guidance is respectively at $61M-$63M and $288M-$292M. Q4 billings totaled $74.9M, +53% Y/Y and well above guidance of $63M-$64M. Full-year free cash flow guidance is at $20M-$25M.
- GAAP operating expenses rose 31% Y/Y in Q4 to $51.2M. The deferred revenue balance at quarter's end stood at $162.7M (+31%).
- Shares are making new 52-week highs in early trading.
- Q4 results, PR
Thu, Jan. 29, 4:24 PM
Wed, Jan. 28, 5:35 PM
- ABAX, ALGN, AMZN, AVNW, BCR, BIIB, BRCM, BXP, CB, COHR, CORT, CPHD, CPSI, CTCT, DECK, EFII, ELX, ELY, EMN, EPAY, FICO, GDOT, GIMO, GOOG, HA, HBI, HLIT, INVN, ISBC, IXYS, JDSU, LEG, MCHP, MITK, MTW, N, NATI, NEU, NFG, NGVC, PCCC, PFG, PFPT, PKI, PMCS, QLGC, RHI, RVBD, SFG, SWI, SYNA, TFSL, TUES, UIS, V, VR, WERN
Oct. 23, 2014, 4:15 PM
Oct. 23, 2014, 12:03 PM
- Check Point (CHKP +4.2%) beat Q3 estimates and offered healthy Q4 guidance: Revenue of $395M-$430M and EPS of $0.99-$1.09 vs. a consensus of $410.3M and $1.03.
- Fortinet (FTNT -0.1%) posted a Q3 beat, reported strong billings growth, and issued above-consensus Q4 revenue guidance. EPS guidance was light due to aggressive spending.
- Several security tech peers are outperforming on a day the Nasdaq is up 1.7%. PANW +4.4%. FEYE +4.5%. PFPT +4.9%. QLYS +2.7%. The numbers follow downbeat guidance from IBM, SAP, and VMware, and arguably highlight security's growing share of IT spend.
- Oppenheimer is reiterating an Outperform and $30 target on Fortinet, and notes the company's new billings guidance implies 26% 2014 growth at the midpoint (up from 22%). It thinks the UTM hardware vendor's performance is being driven by strong high-end appliance sales, product refreshes, and the fruits of major sales/marketing investments.
Oct. 22, 2014, 5:35 PM
- ADES, ALGN, ALTR, AMZN, BAS, BJRI, BLDR, BMRN, CB, CBI, CERN, CLMS, CLNE, CNMD, CPWR, CTCT, CYN, DECK, DLB, DV, ECHO, ELY, EW, FET, FII, FLS, FSL, GHL, GIMO, HBHC, HUBG, HWAY, IM, INFA, JNPR, KLAC, LOGM, LSCC, MSFT, MTSN, MXIM, MXWL, N, NCR, NTGR, OLN, P, PACB, PCCC, PDFS, PEB, PFG, PFPT, POL, QLIK, RMD, RUBI, RVBD, SHOR, SIVB, SPNC, SRCL, SWFT, SWN, SYNA, VMI, VRSN, WOOF, WRB, WRE, WRI
Jul. 24, 2014, 4:22 PM
Jul. 24, 2014, 1:57 PM
- Fortinet (FTNT +6.7%) beat Q2 estimates with the help of 33% Y/Y billings growth (exceeded rev. growth of 25%) and a 95% Y/Y increase in $500K+ deals.
- The company guided in its CC slides (.pdf) for Q3 revenue of $182M-$185M and EPS of $0.11 vs. a consensus of $177.3M and $0.13. Full-year guidance is for revenue of $735M-$740M and EPS of $0.47-$0.48 vs. a consensus of $714M and $0.50. Billings are expected to grow ~22% to $835M-$840M.
- On its CC (transcript), the UTM hardware leader suggested its light EPS guidance is due to a heavy investment pace, including aggressive sales hiring. It also mentioned Americas sales were up 40% Y/Y, fueled by a 73% increase for U.S. enterprise.
- Meanwhile, Vasco Data (VDSI +16.9%) trounced Q2 estimates and hiked its guidance for 2014 revenue from traditional businesses to $175M-$180M from $168M-$172M. The company notes adoption of new productions leveraging its Cronto visual authentication tech (acquired last year) has been strong.
- FireEye (FEYE +3%), Palo Alto Networks (PANW +2.8%), Proofpoint (PFPT +3.6%), and Check Point (CHKP +1.7%) are trading higher. Proofpoint reports after the bell; Check Point provided a Q2 beat and healthy top-line guidance yesterday.
- On the other hand, Barracuda (CUDA -5.9%) is selling off. JPMorgan attributes the decline to Fortinet's CC remarks about rapidly growing sales to mid-sized businesses - Barracuda depends heavily on them - with the help of new resellers. The firm argues the concerns are overblown, particularly since Fortinet is more focused on larger mid-sized businesses.
Jul. 23, 2014, 5:35 PM
- ABAX, ACTG, ALGN, ALTR, AMZN, ATRC, AWAY, BAS, BCOV, BCR, BIDU, BJRI, BLDR, CB, CBI, CERN, CLS, COLM, CTCT, CYN, DECK, DGII, DLB, DTLK, ECHO, ELY, EPR, FET, FICO, FII, FLEX, FSL, GIMO, HBHC, IM, INFA, KLAC, LEG, LOGM, LSCC, MITK, MKTO, MLNX, MSCC, MTD, MTSN, MXIM, N, NR, NTGR, OLN, P, PACB, PEB, PFG, PFPT, QLGC, QLIK, RFMD, RGA, RGC, RSG, RVBD, SBAC, SBUX, SIVB, SPNC, SRCL, SWFT, SWI, SYA, TPX, TSRO, UHS, V, VR, VRSN, WOOF, WRE, WRI
May. 7, 2014, 2:24 PM
- FireEye (FEYE -26.2%) has crashed to new post-IPO lows after offering light EPS guidance to go with a revenue beat, and has sparked a sharp selloff in IT security stocks on (another) down day for momentum plays. PANW -10.2%. IMPV -7.1%. PFPT -6.8%. QLYS -8.7%. FTNT -3.3%.
- Citi is worried about a lack of "opacity" for FireEye's top-line numbers following the Mandiant deal. "Management noted 'bookings' for both FireEye and Mandiant grew >50% Y/Y. With FY13 growth of near 100% this leaves an outstanding question of whether or not business decelerated meaningfully on an organic basis."
- Others are more positive. Wells Fargo (Outperform) is still confident about its forecast for 50%+ revenue growth over the next 3 years, and the "disruptive nature" of FireEye's business model (integrated threat-prevention hardware/software/services). Goldman (Neutral, but with a $58 PT) thinks organic growth is good enough, and expects a flurry of new products to provide a boost.
- FBN (Outperform) is still bullish long-term, but also notes product revenue was below consensus, and is on edge over a May 21 lockup expiration that will lead 68% of shares to become eligible for sale.
May. 1, 2014, 11:49 AM
- Cloud data protection software/service provider Proofpoint (PFPT +16.5%) expects Q1 revenue of $43M-$44M and EPS of -$0.11 to -$0.13, largely above a consensus of $42M and -$0.13. Full-year guidance is for revenue of $178M-$180M and EPS of -$0.41 to -$0.46, above a consensus of $175.9M and -$0.49.
- Moreover, full-year billings are expected to be in a range of $207M-$209M, well above revenue and also $4M better than prior guidance. Q1 billings rose 33% Y/Y to $46.6M (compares with revenue of $42.7M, +39%).
- Palo Alto Networks (PANW +7.4%) and FireEye (FEYE +7.9%), each of whom offer subcription-based cloud services to complement their security hardware/software, are following Proofpoint higher, as is Barracuda Networks (CUDA +6.3%). Imperva (IMPV +3.5%), whose April 9 warning triggered a massive rout in security stocks, is getting a lift ahead of today's Q1 report.
- On its CC (transcript), Proofpoint noted its Targeted Attack Protection business posted 100%+ Y/Y sales growth, thanks in part to a deal with a major enterprise that involves 300K+ users. Recently-acquired Sendmail provided $2.4M in subscription revenue.
Apr. 30, 2014, 5:55 PM
Jan. 30, 2014, 4:08 PM
Jan. 30, 2014, 2:47 PM
- In addition to beating Q4 estimates, Fortinet (FTNT +2.9%) guided for Q1 revenue of $155M-$159M (+16% Y/Y and largely above a $155.2M consensus) and billings of $168M-$173M (+15% Y/Y). EPS, pressured by aggressive sales hiring, is expected to come in at $0.08, below a $0.12 consensus.
- Several other security hardware and software names are also outperforming on a strong day for tech stocks. PANW +5.9%. IMPV +3.8%. PFPT +4.8%. CUDA +6.3%. QLYS +6.5%. The gains come even though security software giant Symantec (has been losing share) is selling off after providing soft March quarter guidance.
- Fortinet produced billings and free cash flow of $684M and $134M in 2013, well above revenue and net income of $684M and $81M. A major reason: the company's deferred revenue balance rose 19% Y/Y to $433M.
- 37 $500K+ deals were signed in Q4, up from 27 a year earlier. At the same time, Fortinet saw a notable mix shift towards cheaper hardware: 41% of all sales of Fortinet's flagship FortiGate unified threat management platform involved entry-level products in Q4, up from 34% a year earlier. High-end products fell to 30% of sales from 36%.
- CC transcript, earnings slides
Jan. 30, 2014, 12:10 AM| 2 Comments
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