Fortinet Earnings Lift Cybersecurity Stocks

The stock is up 17.2% just in 2024

Deputy Editor
Feb 7, 2024 at 2:59 PM
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Fortinet Inc (NASDAQ:FTNT) stock is lifting the cybersecurity sector today, after the company's stronger-than-expected fourth-quarter results, announced after yesterday's close. FTNT has pared gains since its earlier surge to $73.91, but was still up 2.2% at $68.97 at last check.

No fewer than 21 analysts lifted their price targets on the equity after the report, bringing the 12-month consensus price target to $74.42. Over the last month, Fortinet stock saw two downgrades despite its recent uptrend, but analysts have yet to chime in with any rating adjustments today.

The stock has been climbing since its Nov. 3 52-week low of $44.12, up 17.2% just in 2024 with help from its 20-day moving average. Its earlier surge had it nearing its pre-August bear-gap levels, though not quite there. 

FTNT Feb7

Unsurprisingly, options traders are targeting Fortinet stock after the earnings event, with 54,000 calls and 28,000 puts exchanged so far -- five times the average daily volume. The weekly 2/9 70-strike call is the most popular, where new positions are being opened. 

 

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