Fortinet, IBD Stock Of The Day, Leads Cybersecurity Industry Group Amid 70% Rally

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Fortinet Fortinet FTNT $ 97.44 $0.73 0.74% 2% IBD Stock Analysis Stock in short consolidation FTNT poised for flat base after this week Rivals PANW, ...

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class=\"title\">\nFortinet, IBD Stock Of The Day, Leads Cybersecurity Industry Group Amid 70% Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-18 00:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/research/ibd-stock-of-the-day/fortinet-ibd-stock-of-the-day-cybersecurity-stocks-to-watch/><strong>Blockhead</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fortinet\t\t\t\n\n\n\t\t\t\t\tFortinet\t\t\t\t\n\n\t\t\t\tFTNT\t\t\t\n\n\n $\n\t\t\t\t\t97.44\t\t\t\t\n\n\n\n$0.73\n\n\n\n0.74%\n\n\n\n2%\n\n\n\n\n\n IBD Stock Analysis \n\nStock in short consolidation\nFTNT poised for flat base after this week\nRivals PANW, ...</p>\n\n<a href=\"https://www.investors.com/research/ibd-stock-of-the-day/fortinet-ibd-stock-of-the-day-cybersecurity-stocks-to-watch/\">Source 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Stock Analysis \n\nStock in short consolidation\nFTNT poised for flat base after this week\nRivals PANW, ZS also setting up\n\n\n\n\n\n\n\n\n\n Composite Rating \n\n\n\n99/99\n\n\n\n Industry Group Ranking \n\n\n\n 87/197\n\n\n\n\n Emerging Pattern \n\n\nConsolidation\n\n\n\nConsolidation\n\n\t\t\t\t\tA sideways pattern that doesn’t fit traditional base definitions. Sometimes will have a handle.\t\t\t\t\n\n\n\n\n\n\n\n\n* Not real-time data. All data shown was captured at\n\t\t10:38AM EST on\n\t\t12/17/2024.\n\t\n\nFortinet (FTNT) is the IBD Stock of the Day for Tuesday. Shares of the cybersecurity company are in a short consolidation pattern that could become a flat base by next week.\nOn the stock market today, Fortinet stock was up a fraction at 99.06 in recent action. Shares of the Sunnyvale, Calif.-based company have rallied 67% this year, including a 16% gain since the company reported third-quarter earnings in early November. Fortinet is the top-ranked stock among the 85-stock Computer Software-Security group tracked by Investor's Business Daily.\n\n\n\n↑\nX\n\n\n\n\nHow This Cybersecurity Leader Plans To Combat The Growing Threat Of AI Computer Attacks\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nHow This Cybersecurity Leader Plans To Combat The Growing Threat Of AI Computer Attacks\n\n\n\n\nFounded in 2000, Fortinet competes against Palo Alto Networks (PANW) and other firms in the firewall network security market, designed to block against online intrusions and other cyber threats. Fortinet also targets a growing market called Secure Access Service Edge. SASE rolls up a range of cybersecurity functions for enterprises to a single cloud-based package.\nAnalysts See Fortinet Benefiting From 'Vendor Consolidation'\nAnalysts project Fortinet's 2024 adjusted earnings will increase 38% to $2.25 per share while sales climb 11% to $5.9 billion. That's a slowdown from the 20% sales growth Fortinet posted in 2023 and 32% growth in 2022. The company's product revenue has slowed as companies have pulled back on network firewall spending.\nCompetition is also increasing as companies look to provide a broader cybersecurity platform across several services.\nBut Fortinet stock jumped 10% on Nov. 8 following a third-quarter earnings report that beat expectations for both earnings and sales. Later in November, Fortinet hosted an analyst presentation that led to a mostly positive reception from Wall Street.\n\"Even though there were no new product announcements, we came away incrementally more positive from the conference as it is one of the best positioned security companies to benefit from vendor consolidation based on its product breadth, in our opinion,\" Truist analyst Junaid Siddiqui said in a note to clients following the Nov. 18 presentation. \"We continue to be impressed with the company's pace of innovation and favor its balanced approach between growth and profitability.\"\nTruist reiterated a buy rating for Fortinet stock with its report. Analysts at BofA Securities also rate Fortinet stock a buy and were positive overall on the analyst presentation last month.\n\"On the one hand, management did not provide guidance for 2025, driving some uncertainty about the magnitude of the upcoming firewall refresh cycle,\" BofA analyst Tal Liani said in a Nov. 19 note. \"On the other hand, (Fortinet's) three- to five-year guidance targets are solid, and we see room for upside vs. (Wall) Street estimates for 6.6% product revenue growth in 2025.\"\nAnalysts are mostly neutral on the stock overall, however. There are 42 analysts following Fortinet, according to FactSet, with 16 holding a buy or equivalent rating. Meanwhile, 25 analysts are neutral and one analyst holds a sell call.\nGuggenheim analyst John DiFucci, for example, wrote following the analyst day that Fortinet is a \"strong technology company\" but he \"cannot ignore the fact that business momentum has deteriorated in each of the last eight quarters.\" He kept to a neutral call.\nFortinet Stock On IBD 50 List\nMeanwhile, Fortinet stock is on the IBD 50 flagship list of growth stocks. It has strong ratings by several metrics.\nFortinet stock holds a best-possible Composite Rating of 99, according to IBD Stock Checkup. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks typically have a Composite Rating of 90 or better.\nAnother positive indicator is that shares hold a Relative Strength Rating of 92 out of a best-possible 99.\nEven with some challenges with its sales growth, Fortinet has posted strong earnings results, as shown in its best-possible EPS Rating of 99.\nMeanwhile, the Computer Software-Security group ranks No. 85 out of 197 industry groups that IBD tracks. Read more about IBD's industry group approach here.\nOther cybersecurity stocks have made recent moves as well. CrowdStrike (CRWD) on Monday broke out past an alternate handle buy point of 377.42. Palo Alto Networks (PANW) and Zscaler (ZS) are setting up chart bases as well.\nYou can read more here on cybersecurity trends and stocks to watch in 2025.\nYOU MAY ALSO LIKE:\nHow Oracle Got Its Mojo Back. What's Behind The AI Cloud Push Powering Its 80% Stock Gain.\nIBD Live: Learn And Analyze Growth Stocks With The Pros\nGet Timely Buy & Sell Alerts With IBD Leaderboard\nTop Growth Stocks To Buy And Watch\nLearn How To Time The Market With IBD's ETF Market Strategy","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492989769"}