Growth Stock Updates-Fortinet, Genpact, and Mimecast
I recently began supercharging my portfolio with more growth and tech stocks.
Fortinet had an earnings report today. How did it do? Fortinet beat earnings and revenue. A 21% increase in revenue year over year here. Earnings of .76 vs. .59 from this quarter a year ago. So, that is looking pretty awesome here. Gross margins expanded 78%. Forecasts for revenue and earnings are still looking strong as well.
Genpact had an earnings as well. It beat on Earnings, Revenue and had a nice forecast. However, the price dropped by over 5%. This provided a nice opportunity to purchase more shares. Especially considering three different analysts upped their price targets.
Earnings were .57 vs .52 quarter over quarter. 940 million in revenue vs. 835 million. Genpact is currently outperforming the market this year, let’s see if it can continue this trend. Forecasts are calling for a 10.5 to 12.5% revenue growth in 2020 so that’s looking good.
Mimecast is an email cybersecurity stock that I recently purchased after doing some growth/revenue screening. They just got an upgrade today and they are reporting earnings on the 10th. Hopefully, all goes well there.
Let’s look at some other stocks I own quickly:
Netflix is up over 13% YTD. Talk about some nice performance!
CMI-Cummins: I decided to SELL Cummins today. They are forecasting 10% less revenue this year and I just don’t see a lot of positives for it over the long-term. CMI was a very small part of my portfolio and part of my goal this year is to trim the fat and get rid of stocks that I feel will underperform or don’t meet my cash flow demands. The earnings report on the 4th came out with a NEGATIVE 45% growth from this time last year. I decided I didn’t want to stick around and see what happens. I did sell for a short-term 9% capital gain but I’d rather be safe than sorry at this point.
Medical Properties Trust, while not one of my growth stocks, it also had an earnings report today. The Funds from operation looked good and I’m staying long and strong with MPW. I think this will be a serious wealth creator over the next five years.
Schneider Trucking-It STILL has not met my price target of $24, but I’m ALMOST there. Once that is reached I plan on selling my final shares in SNDR. It too has had negative earnings at least three quarters now, trucking is basically in a recession and I will buy back into this company at some point in the future when things have changed for the trucking industry. Once again, I want to reduce positions that are not amping my portfolio.