We recently published 9 Stocks Jim Cramer Discussed As He Mentioned Trump & Intel’s CEO. Fortinet, Inc. is one of the stocks Jim Cramer recently discussed.
Fortinet, Inc. is a cybersecurity company that offers firewalls, application encryption, secure web gateways, and other associated products. Its shares have lost 17% year-to-date after they sank by a stunning 24.8% earlier this month second quarter earnings. Investors panicked after Fortinet, Inc. revealed during the report that it might have already accounted for as much as 50% of its firewall upgrade cycle. The revelation forced investors to recalibrate their growth estimates for Fortinet, Inc.. Cramer commented on the drop and the lack of firewall growth:
“They missed big. Cybersecurity miss. We tend not to have any. They did a new iteration, no one was really excited about it. You can’t have a not great cybersecurity company, cause they’re all valued on amazingly high revenues.”
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Here are his earlier thoughts about Fortinet, Inc.:
“No, we don’t want Fortinet. We’re going to wait till CrowdStrike reports. It’s going to go down because that’s what always happens, and then you’re going to snatch some CrowdStrike.”
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This article is originally published at Insider Monkey.
