The stock market had a mixed session on Tuesday as investors remained cautious on interest rate hike. The Federal Reserve Chairman Jerome Powell is set to deliver his annual address on Friday, which could indicate the central bank’s measures to bring down inflation.
Overall, S&P 500 declined 0.2% to 4,129, while NASDAQ was flat at 12,381.
In other news, Fortinet (FTNT) is seeing exceptional demand in a time when management believes demand is sustainable. FTNT is a quality cybersecurity stock with good profits.
Tweet of the Day
Global container freight rates have hit a 15-month low, down 48% from their peak. Still 4x higher than pre-pandemic levels but moving in the right direction. pic.twitter.com/5SQkQ8jPzV
— Charlie Bilello (@charliebilello) August 22, 2022
Chart of the Day
Our chart of the day is the one-year chart of FTNT as of August 20, 2022, when the stock was at $51.
FTNT is a one-stop-shop that can handle all the cybersecurity needs for organizations. It delivers hardware, software, and technical support for a range of offerings for cybersecurity. Now, the company offers firewall-based Zero Trust Network Access.
The company is a not-so-well known cybersecurity stock. That’s too bad as this is a quality company with a very good stock. What’s nice about FTNT is that it is making good profits — 26% growth last qtr — and the stock is reasonably priced with a P/E of 48. Bookings growth was fabulous with 42% growth, while revenue grew 29%. That’s a great sign for upcoming quarters that bookings grew faster than revenue.
FTNT is part of the Growth Portfolio. David Sharek’s Fair Value P/E remains at 55 this qtr. FTNT stock seems to have good upside for the year ahead.
