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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 ...

Thomas Barwick Investment Thesis In one of my previous articles, I made the analogy that the stock market is like a manic depressive friend who is usually high functioning but who occasionally goes off their meds and gets either irrationally exuberant or depressed in their valuations of companies. The latter of the two scenarios has come to be for the cybersecurity company Fortinet (NASDAQ:FTNT). The recent release of FTNT's Q1 earnings was met by an almost 10% decline in the share price. While the results ...

SUNNYVALE, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- RSA Conference 2024 Jim Richberg, Head of Cyber Policy and Global Field CISO at Fortinet "At Fortinet, we have a long-standing commitment to being a role model in ethical and responsible product development and vulnerability disclosure. As part of this dedication, Fortinet has proactively aligned to international and industry best practices and upholds the highest security standards in every aspect of our business. We applaud CISA's continued call to the i ...

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fortinet. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34511 ______________________________________ FORTINET, INC. (Exact name of registrant as specified in its cha ...