FTNT
Fortinet Inc
TMT
09/29/2023
Presented
| Date | 09/22/2023 |
| Price | $58.24 |
| Market Cap | $45.74B |
| Ent Value | $57.84B |
| P/E Ratio | 43.69x |
| Book Value | $0.41 |
| Div Yield | 0% |
| Shares O/S | 785.34M |
| Ave Daily Vol | 6,150,063 |
| Short Int | 1.32% |
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)
Highlights
The presenter is long shares of Fortinet (FTNT) based on secular trends in the security industry, emphasizing Fortinet's potential to benefit from the platform consolidation that has been taking place. He expects Fortinet to be a major consolidator in the security space with an ability to cross-sell new products and features to its 600K existing customers. If correct, the company should see strong growth with the potential for $3B in 2026 FCF, which would equate to $105 per share at 24x to 25x.
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