Tom Nash on $FTNT (Oct 29, 2026)
FTNT's 26% drop followed guidance of 5.15 billion versus 5.17 billion despite 20% growth, 52% free cash flow growth and 13%/37% services and product growth. The speaker calls the reaction unbelievable and the fall a 26% discount on a great business at 34 times forward earnings, though FTNT is not among his top five stocks.
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This comes in the wake of one of the worst days for companies like Fortinet, which fell by 26%.
The same thing is happening with the company " Fortinet". Fortinet has been on our list for a few years, with the stock rising 350% among our top stocks, but yesterday it fell 26% overnight.
What happened with "Fortunet"? Well, basically, the growth was 20%. Free cash flow growth reached 52%. They achieved a double advantage, outperforming in both profits and earnings per share.
Services rose by 13%, and products by 37%, but the problem here is that the guidance became 5.15 billion instead of 5.17 billion. Oh my God, is this the end of "Fortnite"? A cybersecurity giant , a huge player with top-tier clients , and the largest companies in the world, with liquidity four times its debt , is now trading at 34 times forward earnings with a 62-to-base-40 ratio, all because of a 5.17- to-5.15 spread.
Again, this is unbelievable. You get a 26% discount on a great business, but again, it's not the company on my top five stock list.