FTNT
Fortinet Inc
TMT
08/26/2022
Presented
| Date | 08/22/2022 |
| Price | $50.32 |
| Market Cap | $39.68B |
| Ent Value | $45.08B |
| P/E Ratio | 61.7x |
| Book Value | N/A |
| Div Yield | 0% |
| Shares O/S | 788.52M |
| Ave Daily Vol | 5,527,128 |
| Short Int | 1.58% |
Current
| Price | $82.64 |
| Market Cap | $63.21B |
| Fortinet, Inc. provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology. The Network Security segment includes the majority of product sales from its FortiGate network security appliances. The Infrastructure Security segment provides a platform, which is an architectural approach that protects the entire digital attack surface, including network core, endpoints, applications, data centers and private and public clouds. Together with its network of Fabric-Ready Partners, the Fortinet Security Fabric platform enables disparate security devices to work together as an integrated, automated, and collaborative solution. The Cloud Security segment provides help to customers to connect securely to and across their cloud environments by offering security through its virtual firewall and other software products in public and private cloud environments. The Endpoint Protection, Internet of Things and Operational Technology segment includes the proliferation of Internet of Things (IoT) and an Operational Technology (OT). IoT and OT have created an environment where data moves freely between devices across locations, network environments, remote offices, mobile workers and public cloud environments, making the data difficult to consistently track and secure. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA. |
Publicly traded companies mentioned herein: Fortinet Inc (FTNT), Palo Alto Networks Inc (PANW), VMware Inc (VMW)
Highlights
The presenter is long shares of Fortinet Inc (FTNT), a worldwide provider of network security appliances such as enterprise security, firewall protection, cloud security, and other security solutions. Competing primarily against Palo Alto Networks and VMware, FTNT has an EV of $56.6B and trades at ~32x consensus 2023 EBITDA. He believes FTNT is well-positioned to benefit from an unwinding backlog in addition to organic industry growth as legacy networks upgrade their firewall security. There are also some over-appreciated and underappreciated aspects to the stock which has complicated the outlook for the company.
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