Fortinet Inc (NASDAQ:FTNT) investors are heading for the hills after the security software maker reported downbeat preliminary results for the 2016 third quarter. Fortinet lowered its revenue outlook to $311 million to $316 million, down from its previous range of $319 million to $324 million, as a result of purchasing patterns, sales execution challenges and macro issues in Latin America and the U.K.

Fortinet shares reacted to the preliminary results, falling nearly 11% to $30.25 in early trading Wednesday.

“Our third quarter results were primarily impacted by the lengthening of deal cycles as enterprises are becoming more strategic with their purchasing decisions and buying with less urgency than last year. We also encountered sales execution challenges in the North America resulting from the newness of our sales organization, as well as macro issues in Latin America and the U.K.,” said Ken Xie, founder, chairman and chief executive officer. “Though we are disappointed with our third quarter performance, we continue to feel good about our competitive-differentiating and market-leading security fabric. We remain confident in the underlying strength of our business and long-term growth opportunity, and committed to delivering returns to our shareholders.”

On the ratings front, Fortinet has been the subject of a number of recent research reports. In a report released today, Needham analyst Scott Zeller maintained a Buy rating on FTNT, with a price target of $41, which represents a potential upside of 20% from where the stock is currently trading. Nomura’s Frederick Grieb also maintained a Buy rating today on the stock, with a price target of $47.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Scott Zeller and Frederick Grieb have a total average return of 6.8% and 11.2% respectively. Zeller has a success rate of 53% and is ranked #529 out of 4183 analysts, while Grieb has a success rate of 69% and is ranked #210.

The street is mostly Bullish on FTNT stock. Out of 12 analysts who cover the stock, 9 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $44.43, which implies an upside of 30.3% from current levels.

Fortinet, Inc. provides threat management and network security solutions that are designed to address the fundamental problems of an increasingly bandwidth-intensive network environment and a more sophisticated information technology threat landscape. Its products and subscription services provide broad, integrated and high-performance protection against dynamic security threats while simplifying the information technology security infrastructure for enterprises, service providers and governmental entities.