Fortinet (FTNT) Annual Update
Feb 7, 2025
Fortinet has quietly been a very strong performer in our portfolio, a double since being recommended 2 years ago and trouncing the market by nearly 50%. It finished its 2024 fiscal year with a very strong Q4, as revenue grew 17%, gross margins continued to expand (by 350 basis points!), and the firm continues its build out of cloud-based security edge offerings (SASE, +28%) and AI-driven security ops (+32% in annual recurring revenue). Fortinet is one of few companies with a strong offering in both the "new age" SASE/SecOps security model, and the traditional "perimeter security" hardware-based model. The stock continues to be a strong hold but priced a bit above the fair value of $102.
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Watch List
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| RDDT | 16.57% |
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vs. Fair Value Estimates
Buy List
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vs. Fair Value Estimates
Hold List
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| TOST | 18.60% |
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| V | -4.82% |
| ADSK | 1.57% |
| NOW | 15.34% |
| MELI | -19.68% |
| FTNT | 1.73% |
| TEAM | 0.14% |
vs. Fair Value Estimates