Fortinet Inc. (NASDAQ: FTNT) reported first-quarter results after markets closed Tuesday and the reaction was swift and frothy. Shares jumped more than 10% at the opening bell on Wednesday, and although the price has moderated somewhat, the stock traded up more than 7% in the early afternoon with more than double average daily volume.
The security technology maker reported a 34% year-over-year increase in revenues to $284.6 million and adjusted earnings per share of $0.12, a third higher than the consensus estimate for per share profit of nine cents.
Total billings rose 30% to $330.5 million and deferred revenue rose by almost 6% sequentially. The company did not offer any guidance in its earnings announcement, but analysts are looking for earnings per share of $0.15 and revenues of $300.8 million in the second quarter. Full-year estimates call for earnings of $0.68 per share and revenues of $1.25 billion.
In the meantime, analysts weighed in with some price target changes:
- Cowen rates the stock at Outperform and raised its price target from $37 to $39.
- Evercore ISI raised its price target from $30 to $34 with a Hold rating.
- FBR bumped its price target from $35 to $41 and has an Outperform rating on the stock.
- Goldman Sachs raised its price target from $39 to $42 and has the stock on its Conviction Buy list.
- Piper Jaffray boosted its price target from $30 to $33 with a Neutral rating.
- RBC raised its price target from $35 to $36 and rates the stock Sector Perform.
On Wednesday, shares traded at $33.02, up about 6.7% for the day, in a 52-week range of $23.16 to $50.31. The consensus price target was $39.07 and the latest changes have very likely not been included.
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