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Top related persons:
Dado Ruvic - 2 Raymond James - 2 Keith Jensen - 2 Samrhitha - 2 Sriraj Kalluvila - 1
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Palo Alto Bengaluru Fortinet
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REUTERS - 2 Palo - 2 Thomson - 2 Competition - 1

Search resuls for: "Keith Jensen"


2 mentions found


☆ Fortinet, rivals tumble as dour forecast signals slowing cybersecurity spending
  + stars: | 2023-11-03 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 3 (Reuters) - Fortinet (FTNT.O) sank 23% and sparked a selloff in cybersecurity stocks with a dismal forecast that compounded fears of slowing client spending in an uncertain economy. Fortinet cut its annual revenue target on Thursday and said it expects current-quarter sales between $1.38 billion and $1.44 billion, below estimates of $1.50 billion, LSEG data showed. Growth is also slowing in some parts of the company's business as demand normalizes after two years of rapid growth during the pandemic. Overall, five brokerages downgraded the company and at least 14 analysts cut their price targets, pushing the median to $60, LSEG data showed. It currently trades at nearly 33 times its 12-month forward earnings estimates, compared with Palo Alto's 44.6 and CrowdStrike's 54.5.
Persons: Dado Ruvic, Raymond James, Keith Jensen, Samrhitha Organizations: REUTERS, Palo, Thomson Locations: Palo Alto, Bengaluru
☆ Fortinet, rivals fall on concerns around cybersecurity spending
  + stars: | 2023-11-03 | by ( Samrhitha A | ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 3 (Reuters) - Fortinet (FTNT.O) sank nearly 18% and sparked a selloff in cybersecurity stocks with a dismal forecast that compounded fears of slowing client spending in an uncertain economy. The current losses, if they hold, were set to wipe out nearly $8 billion from the company's market value. Fortinet cut its annual revenue target on Thursday and said it expects current-quarter sales between $1.38 billion and $1.44 billion, below estimates of $1.50 billion, LSEG data showed. Overall, eight brokerages downgraded the company and at least 18 analysts cut their price targets, pushing the median to $59, LSEG data showed. Fortinet shares have risen nearly 18% this year.
Persons: Dado Ruvic, Raymond James, Keith Jensen, Samrhitha, Sriraj Kalluvila Organizations: REUTERS, Competition, Palo, Thomson Locations: Palo Alto, Fortinet, Bengaluru
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