NEW YORK (TheStreet) -- Shares of Fortinet (FTNT - Get Report) were falling 4.9% to $29.85 Thursday despite the software company beating analysts' estimates for revenue in the fourth quarter.

Fortinet reported earnings of 14 cents a share for the fourth quarter, in line with analysts' estimates for the quarter. Revenue grew 26.3% year over year to $223.96 million in the quarter, beating analysts' estimates of $211.16 million for the quarter.

"Fortinet had an excellent fourth quarter, exceeding or meeting our expectations across all key metrics," Fortinet founder, chairman and CEO Ken Xie said in a statement. "We are a growth-oriented company, we've been investing for growth, and that strategy is paying off. Our Q4 billings growth was the highest in sixteen quarters and we saw a continued increase in new enterprise customer wins and the number of large deals closed."

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TheStreet Ratings team rates FORTINET INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate FORTINET INC (FTNT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and premium valuation."

You can view the full analysis from the report here: FTNT Ratings Report

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