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Fortinet Inc - Stock Quote FTNT

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Morningstar's Fortinet Inc Stock Analysis

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Seize the Cybersecurity Selloff as Our Industry- and Company-Specific Theses Remain Intact

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are reiterating our fair value estimates for wide-moat network security vendors Check Point Software Technologies at $140, Fortinet at $340, and Palo Alto Networks at $585 after these more-established firms fell about 20% over the last month. We are also reaffirming our fair value estimates for narrow-moat cloud-based security firms CrowdStrike Holdings at $225, Okta at $280, and Zscaler at $265 after these higher-growth firms retracted by almost 40% over the last month. Our top pick is Okta, but all are trading at attractive valuations, albeit with different growth profiles.

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Fortinet Inc's Company Profile

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
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Aggressive Growth
Employees 10,860

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