Fortinet's stock declines due to Q1 2021 backlog and 1% Q2 decline, but exceeds Wall St. estimates and has a strong market position.
Fortinet's stock decline is attributed to Q1 2021 backlog and a slight 1% Q2 decline, but the company exceeded Wall St. estimates and boasts a strong cybersecurity market position with 500K+ customers. The total addressable market is expected to grow from $150B to $208B by 2027, and the forward P/E ratio is less than competitors. Despite the recent volatility, Fortinet's potential growth and competitive pricing make it a potentially attractive buy.
July 14, 2024
3 Articles