Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Fortinet (NASDAQ: FTNT ) have skyrocketed today by as much as 25% after the network security specialist reported fourth-quarter earnings.
So what: Revenue during the quarter totaled $151.2 million, a 25% gain from a year ago. Non-GAAP earnings per share came in at $0.17. Both revenue and adjusted earnings results topped analyst forecasts, which would have been happy with $144.3 million in sales and a profit of $0.15 per share.
Now what: Topping off the figures, Fortinet also issued strong guidance for the upcoming year, predicting revenue in the range of $625 million to $635 million. That was ahead of Street forecasts of just $618.9 million. Nomura Securities has boosted its estimates on shares, increasing its price target from $24 to $26 on the strong outlook and expectation that growth will be sustainable.
Interested in more info on Fortinet? Add it to your watchlist by clicking here.
2013 and beyond
The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock it is in our brand-new free report: "The Motley Fool's Top Stock for 2013." I invite you to take a copy, free for a limited time. Just click here to access the report and find out the name of this under-the-radar company.