Shares of Fortinet (FTNT) plummeted 24.69% in pre-market trading on Thursday, following the cybersecurity firm's disappointing third-quarter revenue forecast and a wave of analyst downgrades. Despite beating expectations for the second quarter, Fortinet's weaker-than-anticipated guidance for Q3 sparked a sharp sell-off among investors.

For the second quarter, Fortinet reported adjusted earnings per share of $0.64, surpassing the analyst consensus estimate of $0.59. Revenue came in at $1.63 billion, slightly above the expected $1.624 billion. However, the company's third-quarter outlook fell short of expectations, with projected revenue between $1.67 billion and $1.73 billion, below the analyst consensus of $1.71 billion.

The weak guidance prompted several analysts to downgrade Fortinet and cut their price targets. Piper Sandler downgraded the stock to Neutral from Overweight and slashed its price target to $90 from $135. JP Morgan cut its target to $87 from $105, while Morgan Stanley downgraded the stock to Equal-Weight from Overweight. These downgrades further fueled the stock's decline, reflecting growing concerns about Fortinet's ability to maintain its growth trajectory in an increasingly competitive cybersecurity landscape.