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Fortinet Inc FTNT Stock Quote

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Morningstar‘s Stock Analysis FTNT

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Is it the right time to buy or sell?

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Economic Moat


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Fortinet Tops Expectations in Tough Macroeconomic Environment; Maintain FVE; Shares Undervalued

Analyst Note

| Malik Ahmed Khan |

We are maintaining our $68 fair value estimate for Fortinet after the company reported third-quarter financial results that topped our estimates on both the top and bottom lines. While this outperformance is commendable, we remain cognizant of the risks the firm faces, including elongated sales cycles amid a turbulent macroeconomic environment. We believe that Fortinet’s wide economic moat will allow it to navigate the near-term headwinds while continuing to benefit from secular trends such as vendor consolidation in cybersecurity. The shares were down more than 10% after hours after falling almost 6% during trading. We view Fortinet shares to be moderately undervalued, with the recent selloff providing long-term investors with a good entry point.

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Key Statistics FTNT

Company Profile FTNT

Business Description

Fortinet is a cybersecurity vendor that sells products, support, and services to small and midsize businesses, enterprises, and government entities. Its products include unified threat management appliances, firewalls, network security, and its security platform, Security Fabric. Services revenue is primarily from FortiGuard security subscriptions and FortiCare technical support. At the end of 2021, products were 38% of revenue and services were 62% of sales. The California-based company sells products worldwide.

899 Kifer Road
Sunnyvale, CA, 94086
T +1 408 235-7700
Industry Software - Infrastructure
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 12,091

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