FTNT and NET are some of the best stocks on Wall Street today
Two cybersecurity firms are in focus this morning after their respective earnings reports. Fortinet Inc (NASDAQ:FTNT) and Cloudflare Inc (NYSE:NET) are both some of the best stocks on Wall Street today, melting up even as the broader market struggles for direction.
FTNT is 5% higher in premarket trading, after the February outperformer reported a top-line beat for the fourth quarter. In response, no fewer than 11 brokerages hiked their price targets, the highest coming from Piper Sandler to $135 from $120. The shares are poised to open at record highs and build on their 50% year-over-year level.
NET, meanwhile, is eyeing a 10% pop out of the gate, after the cloud-based security company's earnings triple play for the fourth quarter. Although Oppenheimer downgraded the shares to "perform" from "outperform," 10 other brokerages issued price-target hikes. Cloudflare will also open at a record high, and has added 31.4% already in 2025.
In the options pits, both stocks have seen an uptick in bearish bets lately. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), FTNT's and NET's respective 10-day put/call volume ratio's sit in the 80th and 89th percentile of their annual range.