Fortinet Inc (NASDAQ: FTNT) stock rose over 2.5% on March 29th, 2018. Analysts from BMO Capital Markets reiterated their outperform rating who enhanced their $58.00 target price on the software maker’s stock, better than their earlier target price of $50.00. Meanwhile, Oppenheimer maintained the stock with “Buy” rating but the stock got downgraded by Stifel Nicolaus.
The group released FortiOS 6.0, the world’s most deployed network security operating system, which has >200 new features and capabilities, while enterprises would benefit from new levels of security operations automation and advanced protections for their expanding digital attack surfaces. They introduced new security capabilities across the key solution areas within its Security Fabric architecture, including management and analytics, multi-cloud, network, advanced threat protection, unified access, web applications, email, IoT and endpoint security.
Du, UAE-based telecommunications service provider from Emirates Integrated Telecommunications Company (EITC), chose Fortinet Security Fabric solutions as the foundation of its Cloud Unified Threat Management (UTM) managed security services, designed for Enterprise broadband premium and professional customers, as well as small and medium organizations.
For the Fourth Quarter of 2017, the Revenue rose 15% yoy to $416.7 million, while Billings enhanced 15% yoy to $534.0 million. The deferred revenue surged 29% yoy to $1.34 billion during the quarter. The group’s Cash flow from operations was $157.5 million while Free cash flow reached $143.9 million. For Full Year 2017, the Revenue rose 17% yoy to $1.49 billion, while Billings enhanced 19% yoy to $1.80 billion.
For the first quarter of 2018, the group forecasts Revenue to be in the range of $387.0 million to $393.0 million while Billings are expected to be in the range of $449.0 million to $457.0 million. Non-GAAP gross margin is expected to be in the range of 75% to 76% while Non-GAAP operating margin is forecasted to be in the range of 12% to 13%. For the fiscal year of 2018, the group forecasts Revenue to be in the range of $1.695 billion to $1.715 billion while Billings are forecasted to be in the range of $2.030 billion to $2.050 billion. The Non-GAAP gross margin is expected to be in the range of 75% to 76%