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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| S | 7.90% |
| NTNX | 29.15% |
| CRWD | 94.58% |
| SEMR | 10.97% |
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| SE | 72.46% |
vs. Fair Value Estimates
Buy List
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vs. Fair Value Estimates
Hold List
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| ODD | -23.48% |
| FLYW | -8.26% |
| CELH | 1.94% |
| TOST | 25.67% |
| CPNG | 5.62% |
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| MNDY | 30.15% |
| GLBE | -2.02% |
| ZS | 25.67% |
| V | -3.45% |
| ADSK | 6.74% |
| NOW | 13.33% |
| ABNB | -17.94% |
| MELI | -22.12% |
| FTNT | 7.86% |
| TEAM | 25.43% |
vs. Fair Value Estimates