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July 23, 2014
16:42 EDTFTNTFortinet sees Q3 EPS 11c, consensus 13c
Sees Q3 revenue $182-$185M, consensus $177.33M. Sees Q3 operating margin 14%-15%. Guidance provided in slides presentation.
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November 24, 2015
10:29 EDTFTNTPalo Alto seen adding confidence on IT security demand
The shares of IT security company Palo Alto (PANW) are rising after the company reported stronger than expected results last night. In a note to investors today, JPMorgan wrote that the results "should help restore investor confidence" in demand for IT security systems. WHAT'S NEW: Palo Alto reported first quarter earnings per share of 35c, versus analysts' consensus estimate of 32c. The company's revenue came in at $297M, versus the consensus outlook of $284M. The IT security company provided roughly in-line Q2 EPS guidance, while its Q2 revenue guidance came in slightly above expectations. "Security remains a strategic consideration embedded in virtually every IT decision, (and) as a result, the demand environment remains very healthy, said Palo Alto CEO Mark McLaughlin. ANALYST REACTION: Palo Alto's results should boost investors' confidence in the IT security demand environment, wrote JPMorgan analyst Sterling Auty. Palo Alto's results were "healthy" and the company's customer growth trends continue to be strong, the analyst stated. Moreover, the company is selling more of its products to each customer, Auty reported. As investors shift to valuing the company on cash flow, moving away from their current revenue based valuation method, the stock should rise, according to Auty, who kept a $216 price target and Overweight rating on the name. Palo Alto reported strong results, showing that the company is continuing to gain share in the new, fast growing next generation firewall and advanced threat detection market, according to Stephens analyst Jonathan Ruykhaver. Strong demand, good new products, and a wider distribution network will enable the company to deliver significant share gains and strong growth, believes the analyst, who increased his price target on the stock to $200 from $190. Also very upbeat on Palo Alto was Pacific Crest analyst Rob Owens. The company's growth continued to be "torrid" last quarter and it will clearly be among the winners in the IT security sector, wrote Owens, who raised his price target on the shares to $210 from $190 and kept an Overweight rating on the name. WHAT'S NOTABLE: Other publicly traded companies in the IT security space include Barracuda (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Palo Alto climbed 7% to $184.22.
November 23, 2015
09:02 EDTFTNTFortinet hires Tyson Macaulay as Chief Security Strategist
Fortinet announced that it has expanded its information security services with the appointment of security industry veteran Tyson Macaulay as Chief Security Strategist and vice president of consulting services. In this newly created role, Macaulay will be a trusted advisor to C-Level enterprise customers, helping them take a holistic approach to managing their data security environments in a threat landscape that is rapidly changing and evolving. Macaulay joins Fortinet from Intel Security, where he served as the Chief Technology Officer for Telecommunications Strategy and played an instrumental role in developing security solutions and sales channels through tier-1 carriers, service providers, and telecommunications equipment manufacturers.
November 19, 2015
07:15 EDTFTNTPalo Alto Fortinet seen as potential Cisco takeover targets, says Oppenheimer
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