Fortinet Targets 45% Growth-Margin Combo, $450 Million Refresh Boost: Analysts See Big Upside

On November 7, Fortinet reported third-quarter revenue of $1.51 billion, up 13%, topping the consensus estimate of $1.48 billion. Product revenue was up 1.7% to $473.9 million. Service revenue grew 19.1% to $1.03 billion. Billings of $1.58 billion were up 6.1%. The company expects fourth-quarter revenue of $1.56 billion-$1.62 billion versus a consensus of $1.59 billion. Also Read: Vipshop Beats Q3 Estimates Despite Sales Dip, Focuses On Long-Term Resilience Several Wall Street analysts rerated F