Fortinet Inc. (FTNT) is a global cybersecurity company serving more than 700,000 customers. Its Fortinet Security Fabric combines the company’s FortiOS operating system and proprietary ASIC technology across firewalls, secure networking, SASE, security operations and operational technology security.
Fortinet recently reported strong second-quarter results, with revenue increasing 26% year over year to $2.05 billion and billings rising 33% to $2.37 billion. Product revenue advanced 52%, while operational technology billings grew 56%. Free cash flow reached $966 million, and management raised its full-year revenue guidance to between $8.02 billion and $8.18 billion. Large enterprise contracts, FortiSASE adoption, and demand for AI data centre security remain important growth drivers.
From a technical perspective, Fortinet carries an SIA SMAX score of 9 out of 10 and remains in the Favoured Green Zone of the SIA S&P 500 Index Report. The shares are ranked 20th out of 504 securities, having risen 19 positions over the past week and 11 positions during the past month. Fortinet has fallen nine positions over the quarter, but remains among the report’s stronger relative performers.
The Computer Software sector is also in the Favoured Green Zone and ranks second out of 31 sectors. The sector has risen 24 positions during the past quarter, providing a supportive backdrop for the shares.
Fortinet’s latest Point and Figure signal is a Double Top. Initial support is located at the 3-box reversal level of $158.00, followed by $148.89. Resistance appears at $174.45 and $200.39, with a measured move objective of $212.65.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
