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Marketwire (Fri, 9:00AM)
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at CNBC.com (Feb 20, 2014)
Marketwire (Feb 10, 2014)
Marketwire (Feb 5, 2014)
Marketwire (Feb 3, 2014)
Marketwire (Jan 29, 2014)
Marketwire (Jan 27, 2014)
Marketwire (Jan 14, 2014)
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at CNBC.com (Dec 2, 2013)
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at CNBC.com (Oct 23, 2013)
at CNBC.com (Aug 27, 2013)
at CNBC.com (Aug 26, 2013)
FTNT vs. ETF Alternatives
Fortinet, Inc., is provider of network security solutions that are designed to address the fundamental problems of an increasingly bandwidth-intensive network environment and a more sophisticated information technology threat landscape.
Tuesday, Mar 49:39 AM
Tuesday, Mar 49:39 AM| Comment!
- SunEdison (SUNE +7.3%) has been upgraded to Overweight by Morgan Stanley. The firm is upbeat about SunEdison's addressable market for commercial-scale solar projects.
- GT Advanced (GTAT +8.4%) has been started at Buy by Goldman.
- WebMD (WBMD -3.5%) has been cut to Hold by Stifel. The firm says ad metrics are turning negative, and thinks the launch of a convertible offering following a huge buyback is a troubling sign..
- Fortinet (FTNT +1.3%) has been started at Outperform by Wedbush.
- TiVo (TIVO +1.3%) has been started at Buy by Topeka Capital.
- Constant Contact (CTCT +3.4%) has been started at Buy by Roth.
Thursday, Jan 302:47 PM
Thursday, Jan 302:47 PM| Comment!
- 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
Wednesday, Jan 294:21 PM
Tuesday, Jan 289:44 AM
Tuesday, Jan 289:44 AM| Comment!
- Orange (ORAN -1.5%) has been cut to Reduce by Kepler Capital.
- Fortinet (FTNT +2%) has been upgraded to Outperform by JMP ahead of Wednesday's Q4 report. Wedbush and Morgan Stanley upgraded shares two weeks ago.
- Sierra Wireless (SWIR -2.7%) has been cut to Hold by Salman Partners. Q4 results are due on Feb. 5.
- Control4 (CTRL +2.9%) has been started at Outperform by Imperial Capital. Shares flew higher two weeks ago following the Google/Nest deal, but have since given back a chunk of their gains.
Thursday, Jan 236:02 PM|Thursday, Jan 236:02 PM| Comment!
Wednesday, Jan 159:58 AM
Wednesday, Jan 159:58 AM| Comment!
- Intel (INTC +0.9%) has been upgraded to Outperform by BMO a day after JPMorgan upgraded shares to Overweight. Both moves come ahead of tomorrow's Q4 report.
- Cirrus Logic (CRUS -3.3%) has been cut to Underperform by Pac Crest ahead of its Jan. 28 FQ3 report.
- Fortinet (FTNT +2.3%) has been upgraded to Outperform by Wedbush two days after Morgan Stanley upped shares to Overweight. Q4 results are due on Jan. 29.
- Xilinx (XLNX +2%) has been upgraded to Overweight by Barclays ahead of its Jan. 21 FQ3 report. Rivals Altera (ALTR +1.3%) and QuickLogic (QUIK +4.3%) are also trading higher.
- Telefonica Brasil (VIV +0.9%) has been upgraded to Overweight by HSBC.
- Synnex (SNX +3.3%) has been upgraded to Buy by Citi six days after posting an FQ4 beat.
- Teradyne (TER +2%) has been upgraded to Outperform by Pac Crest ahead of its Jan. 22 Q4 report. Goldman declared shares a Conviction Buy yesterday.
Monday, Jan 139:56 AM
Monday, Jan 139:56 AM| 2 Comments
- H-P (HPQ +3.7%) and Teradata (TDC +1.8%) have been started at Overweight by Atlantic Securities.
- BlackBerry (BBRY -6.2%) has been cut to Underperform by Oppenheimer following a major rally over the last four weeks. RBC upgraded shares last Friday.
- F5 (FFIV +3.7%) has been upgraded to Outperform by William Blair.
- Qihoo (QIHU +4.3%) has been upgraded to Buy by Stifel, and started at Buy by UBS. Shares fell last Thursday following a report questioning the size of the company's search share gains, and rose the day before thanks to an Alibaba investment rumor.
- Cree (CREE -6.6%) has been cut to Hold by Stifel.
- Autodesk (ADSK +1.8%) has been upgraded to Overweight by Morgan Stanley.
- Skyworks (SWKS +4.7%) has been upgraded to Buy by B. Riley.
- Red Hat (RHT +4.4%) has been upgraded to Overweight by Morgan Stanley.
- Fortinet (FTNT +2.1%) has been upgraded to Overweight by Morgan Stanley.
- HomeAway (AWAY +2%) has been upgraded to Overweight by Barclays.
- Garmin (GRMN +1.1%) has been upgraded to Outperform by Oppenheimer.
- Nimble Storage (NMBL +2.2%) has been upgraded to Outperform by Pac Crest. The firm started Nimble and Sector Perform just six days ago.
- Peregrine Semi (PSMI -9.1%) has been cut to Hold by Deutsche.
- Sanmina (SANM -7%) has been cut to Underperform by Raymond James.
- Symantec (SYMC -2.3%) has been cut to Underweight by Morgan Stanley.
- NCR (NCR +2.2%) has been started at Overweight by JPMorgan, and added to the firm's Focus List.
- Vipshop (VIPS +1.8%) has been started at Buy by UBS.
- Parametric Sound (PAMT +4.5%) has been started at Strong Buy by Needham.
Friday, Jan 105:39 PM
Monday, Dec 232013, 9:52 AM
Monday, Dec 232013, 9:52 AM| Comment!
- Fortinet (FTNT +2.7%) has hired Drew Del Matto, most recently Symantec's (SYMC +0.2%) chief accounting officer and interim CFO, its new permanent CFO. (PR)
- The hiring comes a month after CFO/COO Ahmad Rubaie resigned for personal reasons, leading shares to tumble. Fortinet says it's still looking for "a senior operations executive." Baird has upgraded shares to Outperform.
- Symantec has named tax VP Don Rath its new interim CFO, and also its interim accounting chief. James Beer, Symantec's last full-time CFO, left three months ago to become McKesson's CFO.
Friday, Nov 292013, 11:31 AM|Friday, Nov 292013, 11:31 AM| 1 Comment
Friday, Nov 292013, 6:49 AM
Friday, Nov 292013, 6:49 AM| 1 Comment
- FBR reiterates its Outperform rating and $26 price target on Fortinet (FTNT) despite the surprising departure of CFO/COO Ahmed Rubaie, which will send 'shockwaves' to investors.
- "We believe this announcement will likely send shockwaves to investors as Mr. Rubaie was thought to be a key ingredient in the company's recipe for success over the next few years, as his strong reputation/turnaround specialist from being Ariba's CFO, coupled by his immediate impact already felt at the company gave investors incremental confidence in the Fortinet story heading into 2014."
- "While there are a plethora of reasons that could have led to Mr. Rubaie's abrupt departure, we believe initial investor reaction today will likely be negative as Fortinet will now go back to square one in its CFO search as Nancy Bush will yet again take over the interim role until a permanent replacement is found."
- Still, firm says that fundamentally Fortinet is in a much better place today than it was back in April. "In a nutshell, despite the head scratching CFO departure that Fortinet announced in an "interestingly timed" pre-Thanksgiving press release, we remain positive on the overall story heading into 2014 as we find the risk/reward compelling on the heels of strong secular growth, a healthy product cycle, and attractive valuation." Firm also views Fortinet as a top M&A candidate in the security landscape given expectations large technology players will look to enter the cyber security sector over the next 12 to 18 months given its heightened importance in the technology landscape (e.g., Cisco's recent acquisition of Sourcefire).
- FTNT was down more than 4% following the late Wednesday announcement.
Wednesday, Nov 272013, 5:39 PM
Wednesday, Nov 272013, 4:46 PM
Wednesday, Nov 272013, 4:46 PM| Comment!
- Fortinet (FTNT) CFO/COO Ahmed Rubaie is resigning for personal reasons, and will be replaced by corporate controller Nancy Bush on an interim basis. Rubaie will be employed with Fortinet until Dec. 5, and "remain available on a reasonable basis" until March 5. (PR)
- Rubaie, who was the CFO of SAP-acquired Ariba before joining Fortinet, was only hired in April. He joined the company seven months after the respected Ken Goldman, who had been Fortinet's CFO for five years, left to become Yahoo's CFO.
Thursday, Oct 242013, 9:12 AM
Wednesday, Oct 232013, 6:00 PM
Wednesday, Oct 232013, 6:00 PM| Comment!
- In slides (.pdf) published following its Q3 report, Fortinet (FTNT) guides for Q4 revenue of $162M-$167M (+9% Y/Y at the mid-point) and EPS of $0.13-$0.14, below a consensus of $167.3M and $0.15.
- Billings are expected to total $186M-$196M (+10% Y/Y at the mid-point) for the seasonally strong quarter. Fortinet's full-year free cash flow guidance range has been widened to $125M-$135M from $130M-$135M.
- With expectations relatively low - Fortinet had underperformed the Nasdaq by over 30% YTD going into the report - investors are focusing more on the Q3 beat, which was accompanied by a 14% Y/Y increase in billings to $165.2M (above revenue of $154.7M). Also, Fortinet's deferred revenue balance rose 3% Q/Q and 18% Y/Y to $400.2M.
- Q3 product revenue (45% of total, drives future services revenue) +11% Y/Y vs. +8% in Q2. Services revenue +20% vs. +22% in Q2. Americas sales +14%, EMEA +13%, Asia-Pac +13%.
- Q3 results, PR
Wednesday, Oct 232013, 5:45 PM