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Fortinet (FTNT) has been benefiting from the growing demand for integration of AI in Secure Networking and the strong deployment of security solutions.Fortinet’s solutions are suitable for addressing the increasing cyber threats and the growing need for secure networks. Its latest next-generation firewall appliance is designed to provide top-tier security and networking performance, which is essential for modern campus infrastructure. These capabilities allow institutions to effectively manage and secure th ...

BARCELONA, Spain and SUNNYVALE, Calif., May 23, 2024 (GLOBE NEWSWIRE) -- FC Barcelona and Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, have signed a sponsorship agreement through which Fortinet becomes Espai Barça's new Official Cybersecurity Partner for the next three seasons, until 30 June 2028. As part of the agreement, FC Barcelona will enable a secure digital environment for its Spotify Camp Nou facilities leveraging Fortinet’s industry-l ...

BARCELONA, Spain and SUNNYVALE, Calif., May 23, 2024 (GLOBE NEWSWIRE) -- FC Barcelona and Fortinet® (NASDAQ:FTNT), the global cybersecurity leader driving the convergence of networking and security, have signed a sponsorship agreement through which Fortinet becomes Espai Barça's new Official Cybersecurity Partner for the next three seasons, until 30 June 2028. As part of the agreement, FC Barcelona will enable a secure digital environment for its Spotify Camp Nou facilities leveraging Fortinet's industry-le ...

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Fortinet, Inc. (NASDAQ:FTNT) J.P. Morgan Global Technology, Media and Communications Conference May 21, 2024 10:50 AM ET Company Participants Keith Jensen - CFO Ken Xie - Founder, Chairman, and CEO Conference Call Participants Brian Essex - J.P. Morgan Brian Essex Good afternoon, everyone. My name is Brian Essex. I'm J.P. Morgan security software analyst. And with me today are Ken Xie, Founder, Chairman, and CEO of Fortinet, and Keith Jensen, CFO. I've been cautioned before I start, I must turn things over ...

Fortinet, Inc. Conference Call Summary Company Overview - **Company**: Fortinet, Inc. (NASDAQ: FTNT) - **Participants**: Ken Xie (Founder, Chairman, and CEO), Keith Jensen (CFO) - **Event**: J.P. Morgan Global Technology, Media and Communications Conference - **Date**: May 21, 2024 Key Industry Insights 1. SASE and SecOps Growth - Fortinet is focusing on its SASE (Secure Access Service Edge) and SecOps solutions, which were highlighted as key growth areas during Q1 2024. The company is optimistic about the operational and financial milestones achieved in this segment [5][8]. 2. Backlog and Revenue Expectations - Q1 2024 was noted as the largest headwind due to backlog comparisons year-over-year. The company anticipates easing backlog impacts throughout the year, with expectations for a more normalized environment by Q4 2024 [5][6]. 3. Billing Trends - Guidance indicates that Q2 2024 may represent a trough in billings, with expectations for growth to accelerate in the latter half of the year. The midpoint of guidance suggests a 1.6% year-over-year growth [6][7]. 4. Customer Demand and Spending - There is a noted stabilization in customer demand, with a shift towards long-term investments despite high costs of capital. Specific sectors like telecommunications and retail are showing signs of recovery [10][9]. 5. SMB Market Dynamics - The SMB (Small and Medium Business) sector is experiencing increased demand due to rising ransomware attacks. Fortinet's strong channel partnerships are seen as advantageous in this market compared to competitors [12][10]. Financial Performance and Projections 6. Growth Projections - Analysts expect mid-teen growth rates for Fortinet in the coming years, contingent on the recovery of key verticals and improved pipeline health. The company is focused on maintaining pipeline hygiene to support this growth [13][14]. 7. Market Share and Competitive Landscape - Fortinet holds a leading position in network security and SD-WAN, with aspirations to become a leader in the SASE market. The company has a significant existing customer base that can be leveraged for upselling [8][20]. 8. Competitive Advantages - Fortinet's integration of SASE functions within the same operating system (FortiOS) is highlighted as a competitive edge over other vendors who rely on separate systems [20][19]. Technological Developments 9. AI Integration - Fortinet is actively integrating AI capabilities across its product lines, including FortiAI for IoT security and operational efficiencies. This is expected to enhance security operations and reduce operational costs [39][40]. 10. Hardware vs. Cloud Migration - Despite trends towards cloud solutions, Fortinet emphasizes the continued importance of hardware in network security, particularly for hybrid models and new use cases in IoT and OT security [35][36]. Conclusion - Fortinet is navigating a complex landscape with a focus on SASE and SecOps, while addressing backlog challenges and capitalizing on growth opportunities in the SMB sector. The company is well-positioned to leverage its existing customer base and technological advantages to drive future growth.

The near-term weakness that this cybersecurity stock is facing could eventually pave the way for stronger long-term growth thanks to AI.Technology stocks have been in fine form in the past year, which is evident from the 50% gains clocked by the Nasdaq-100 Technology Sector index during this period. But not all tech stocks have benefited from the broader market's surge. Fortinet (FTNT 0.31%) is one of them.Shares of the cybersecurity company are down 11% in the past year, and the latest quarterly results (f ...

TAMPA, Fla., May 15, 2024 /PRNewswire/ -- DGR Systems (DGR), a next generation technology solutions integrator, announced today they have been named a Fortinet Engage Preferred Services Partner (EPSP). This exclusive program recognizes elite Fortinet partners that have invested significantly in a service delivery model that ensures customer outcomes are delivered in a highly competent and professional manner. Fortinet continues to differentiate themselves through highly competent, value-aligned, integrated, ...

Fortinet appears to be going through growing pains, but that may be the wrong way to look at the situation.Shares of Fortinet (FTNT 0.09%) once again gave back recent gains as investors digested another muted outlook from the cybersecurity company's management team. After several years of accelerated growth due to pandemic lockdowns and organizations upgrading their IT infrastructure as a result, Fortinet's historically hardware-based business is going through a cyclical downturn.Ultimately, this has led to ...