Intrinsic value of Fortinet - FTNT

Previous Close

$66.23

  Intrinsic Value

$57.32

stock screener

  Rating & Target

hold

-13%

Previous close

$66.23

 
Intrinsic value

$57.32

 
Up/down potential

-13%

 
Rating

hold

We calculate the intrinsic value of FTNT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.84
  10.25
  9.73
  9.25
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
Revenue, $m
  1,752
  2,032
  2,335
  2,659
  3,005
  3,371
  3,759
  4,166
  4,593
  5,040
  5,506
  5,992
  6,498
  7,024
  7,572
  8,141
  8,732
  9,346
  9,984
  10,648
  11,338
  12,057
  12,804
  13,583
  14,394
  15,240
  16,122
  17,043
  18,004
  19,007
Variable operating expenses, $m
  1,217
  1,411
  1,621
  1,846
  2,085
  2,339
  2,607
  2,890
  3,186
  3,495
  3,815
  4,152
  4,503
  4,867
  5,247
  5,641
  6,050
  6,476
  6,918
  7,378
  7,857
  8,354
  8,872
  9,412
  9,974
  10,560
  11,172
  11,809
  12,475
  13,171
Fixed operating expenses, $m
  361
  369
  377
  385
  394
  402
  411
  420
  429
  439
  448
  458
  468
  479
  489
  500
  511
  522
  534
  545
  557
  570
  582
  595
  608
  622
  635
  649
  664
  678
Total operating expenses, $m
  1,578
  1,780
  1,998
  2,231
  2,479
  2,741
  3,018
  3,310
  3,615
  3,934
  4,263
  4,610
  4,971
  5,346
  5,736
  6,141
  6,561
  6,998
  7,452
  7,923
  8,414
  8,924
  9,454
  10,007
  10,582
  11,182
  11,807
  12,458
  13,139
  13,849
Operating income, $m
  174
  252
  337
  428
  526
  630
  740
  856
  978
  1,106
  1,242
  1,382
  1,527
  1,678
  1,836
  2,000
  2,170
  2,348
  2,532
  2,724
  2,924
  3,133
  3,350
  3,576
  3,812
  4,058
  4,315
  4,584
  4,865
  5,159
EBITDA, $m
  204
  286
  375
  472
  574
  684
  800
  922
  1,050
  1,185
  1,325
  1,472
  1,625
  1,784
  1,950
  2,123
  2,302
  2,489
  2,683
  2,885
  3,095
  3,315
  3,543
  3,781
  4,029
  4,288
  4,559
  4,841
  5,137
  5,446
Interest expense (income), $m
  0
  0
  15
  32
  51
  70
  91
  113
  136
  161
  187
  213
  242
  271
  301
  333
  366
  400
  436
  473
  511
  551
  593
  636
  681
  728
  777
  828
  881
  937
  995
Earnings before tax, $m
  174
  237
  305
  378
  456
  539
  627
  720
  817
  919
  1,029
  1,140
  1,256
  1,377
  1,503
  1,634
  1,770
  1,912
  2,059
  2,213
  2,373
  2,540
  2,713
  2,895
  3,084
  3,281
  3,487
  3,703
  3,928
  4,164
Tax expense, $m
  47
  64
  82
  102
  123
  146
  169
  194
  221
  248
  278
  308
  339
  372
  406
  441
  478
  516
  556
  597
  641
  686
  733
  782
  833
  886
  942
  1,000
  1,061
  1,124
Net income, $m
  127
  173
  222
  276
  333
  393
  458
  525
  596
  671
  751
  832
  917
  1,005
  1,097
  1,193
  1,292
  1,396
  1,503
  1,615
  1,732
  1,854
  1,981
  2,113
  2,251
  2,395
  2,546
  2,703
  2,868
  3,040

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,384
  2,765
  3,176
  3,618
  4,088
  4,587
  5,114
  5,668
  6,249
  6,857
  7,491
  8,152
  8,841
  9,557
  10,302
  11,076
  11,880
  12,715
  13,584
  14,487
  15,426
  16,404
  17,421
  18,480
  19,584
  20,735
  21,935
  23,187
  24,495
  25,860
Adjusted assets (=assets-cash), $m
  2,384
  2,765
  3,176
  3,618
  4,088
  4,587
  5,114
  5,668
  6,249
  6,857
  7,491
  8,152
  8,841
  9,557
  10,302
  11,076
  11,880
  12,715
  13,584
  14,487
  15,426
  16,404
  17,421
  18,480
  19,584
  20,735
  21,935
  23,187
  24,495
  25,860
Revenue / Adjusted assets
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
Average production assets, $m
  265
  307
  353
  401
  454
  509
  568
  629
  694
  761
  831
  905
  981
  1,061
  1,143
  1,229
  1,318
  1,411
  1,508
  1,608
  1,712
  1,821
  1,933
  2,051
  2,174
  2,301
  2,434
  2,573
  2,719
  2,870
Working capital, $m
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  28
  30
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  81
  85
  90
  95
Total debt, $m
  286
  598
  936
  1,297
  1,683
  2,092
  2,524
  2,979
  3,455
  3,953
  4,474
  5,016
  5,581
  6,168
  6,778
  7,413
  8,072
  8,758
  9,470
  10,211
  10,981
  11,782
  12,616
  13,485
  14,390
  15,334
  16,318
  17,345
  18,417
  19,537
Total liabilities, $m
  1,955
  2,267
  2,605
  2,966
  3,352
  3,761
  4,193
  4,648
  5,124
  5,622
  6,143
  6,685
  7,250
  7,837
  8,447
  9,082
  9,741
  10,427
  11,139
  11,879
  12,650
  13,451
  14,285
  15,154
  16,059
  17,003
  17,987
  19,014
  20,086
  21,205
Total equity, $m
  429
  498
  572
  651
  736
  826
  920
  1,020
  1,125
  1,234
  1,348
  1,467
  1,591
  1,720
  1,854
  1,994
  2,138
  2,289
  2,445
  2,608
  2,777
  2,953
  3,136
  3,326
  3,525
  3,732
  3,948
  4,174
  4,409
  4,655
Total liabilities and equity, $m
  2,384
  2,765
  3,177
  3,617
  4,088
  4,587
  5,113
  5,668
  6,249
  6,856
  7,491
  8,152
  8,841
  9,557
  10,301
  11,076
  11,879
  12,716
  13,584
  14,487
  15,427
  16,404
  17,421
  18,480
  19,584
  20,735
  21,935
  23,188
  24,495
  25,860
Debt-to-equity ratio
  0.670
  1.200
  1.640
  1.990
  2.290
  2.530
  2.740
  2.920
  3.070
  3.200
  3.320
  3.420
  3.510
  3.590
  3.660
  3.720
  3.780
  3.830
  3.870
  3.920
  3.950
  3.990
  4.020
  4.050
  4.080
  4.110
  4.130
  4.160
  4.180
  4.200
Adjusted equity ratio
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  127
  173
  222
  276
  333
  393
  458
  525
  596
  671
  751
  832
  917
  1,005
  1,097
  1,193
  1,292
  1,396
  1,503
  1,615
  1,732
  1,854
  1,981
  2,113
  2,251
  2,395
  2,546
  2,703
  2,868
  3,040
Depreciation, amort., depletion, $m
  30
  34
  38
  43
  48
  54
  60
  66
  72
  79
  83
  90
  98
  106
  114
  123
  132
  141
  151
  161
  171
  182
  193
  205
  217
  230
  243
  257
  272
  287
Funds from operations, $m
  157
  207
  261
  319
  381
  448
  518
  591
  669
  750
  834
  923
  1,015
  1,111
  1,211
  1,316
  1,424
  1,537
  1,654
  1,776
  1,903
  2,036
  2,174
  2,318
  2,468
  2,625
  2,789
  2,961
  3,140
  3,327
Change in working capital, $m
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  155
  205
  259
  317
  380
  446
  516
  589
  667
  748
  832
  920
  1,013
  1,109
  1,209
  1,313
  1,421
  1,534
  1,651
  1,773
  1,900
  2,032
  2,170
  2,314
  2,464
  2,621
  2,785
  2,956
  3,135
  3,322
Maintenance CAPEX, $m
  -23
  -26
  -31
  -35
  -40
  -45
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -106
  -114
  -123
  -132
  -141
  -151
  -161
  -171
  -182
  -193
  -205
  -217
  -230
  -243
  -257
  -272
New CAPEX, $m
  -38
  -42
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -152
Cash from investing activities, $m
  -61
  -68
  -77
  -84
  -92
  -100
  -109
  -118
  -127
  -136
  -146
  -156
  -166
  -177
  -189
  -200
  -212
  -225
  -237
  -251
  -265
  -279
  -295
  -311
  -328
  -345
  -363
  -382
  -402
  -424
Free cash flow, $m
  95
  136
  183
  233
  287
  345
  406
  471
  539
  611
  685
  764
  846
  931
  1,020
  1,112
  1,209
  1,309
  1,413
  1,522
  1,635
  1,753
  1,875
  2,003
  2,137
  2,276
  2,422
  2,573
  2,732
  2,898
Issuance/(repayment) of debt, $m
  286
  312
  337
  362
  386
  409
  432
  454
  476
  498
  520
  542
  565
  587
  611
  635
  659
  685
  712
  741
  770
  801
  834
  869
  905
  944
  984
  1,027
  1,072
  1,120
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  286
  312
  337
  362
  386
  409
  432
  454
  476
  498
  520
  542
  565
  587
  611
  635
  659
  685
  712
  741
  770
  801
  834
  869
  905
  944
  984
  1,027
  1,072
  1,120
Total cash flow (excl. dividends), $m
  381
  449
  520
  595
  673
  754
  838
  925
  1,016
  1,109
  1,206
  1,306
  1,410
  1,518
  1,630
  1,747
  1,868
  1,994
  2,126
  2,262
  2,405
  2,554
  2,710
  2,872
  3,042
  3,220
  3,406
  3,600
  3,804
  4,018
Retained Cash Flow (-), $m
  -64
  -69
  -74
  -79
  -85
  -90
  -95
  -100
  -105
  -109
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -150
  -156
  -163
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -225
  -235
  -246
Prev. year cash balance distribution, $m
  224
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  138
  161
  187
  215
  245
  276
  310
  346
  383
  423
  464
  507
  551
  598
  646
  697
  749
  803
  860
  919
  980
  1,043
  1,109
  1,178
  1,250
  1,324
  1,402
  1,483
  1,568
  1,656
Cash available for distribution, $m
  540
  380
  446
  516
  588
  664
  743
  826
  911
  1,000
  1,091
  1,187
  1,286
  1,389
  1,496
  1,608
  1,723
  1,844
  1,969
  2,100
  2,236
  2,378
  2,526
  2,681
  2,843
  3,013
  3,190
  3,375
  3,569
  3,772
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  518
  348
  388
  425
  456
  482
  502
  516
  523
  524
  518
  507
  489
  466
  439
  409
  375
  340
  303
  267
  231
  197
  166
  137
  111
  88
  68
  52
  39
  28
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fortinet, Inc. is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats. The Company's product offerings consist of its FortiGate product family, along with its FortiManager central management and FortiAnalyzer central logging and reporting product families. Its cybersecurity platform includes a range of products, which include its FortiMail e-mail security, FortiSandbox advanced threat protection (ATP), FortiWeb Web application firewall, FortiDDos and FortiDB database security appliances, as well as its FortiClient endpoint security software, FortiAP secure wireless access points and FortiSwitch secure switch connectivity products.

FINANCIAL RATIOS  of  Fortinet (FTNT)

Valuation Ratios
P/E Ratio 358.2
Price to Sales 9
Price to Book 13.7
Price to Tangible Book
Price to Cash Flow 33.1
Price to Free Cash Flow 41.1
Growth Rates
Sales Growth Rate 26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.1%
Cap. Spend. - 3 Yr. Gr. Rate 36.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 4%
Return On Equity - 3 Yr. Avg. 3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 73.6%
Gross Margin - 3 Yr. Avg. 71.7%
EBITDA Margin 7.2%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 25.6%
Eff/ Tax Rate - 3 Yr. Avg. 46.1%
Payout Ratio 0%

FTNT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FTNT stock intrinsic value calculation we used $1495 million for the last fiscal year's total revenue generated by Fortinet. The default revenue input number comes from 2017 income statement of Fortinet. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FTNT stock valuation model: a) initial revenue growth rate of 17.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FTNT is calculated based on our internal credit rating of Fortinet, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fortinet.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FTNT stock the variable cost ratio is equal to 69.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $353 million in the base year in the intrinsic value calculation for FTNT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Fortinet.

Corporate tax rate of 27% is the nominal tax rate for Fortinet. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FTNT stock is equal to 9.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FTNT are equal to 15.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Fortinet operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FTNT is equal to 0.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $589 million for Fortinet - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 174 million for Fortinet is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fortinet at the current share price and the inputted number of shares is $11.5 billion.

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COMPANY NEWS

▶ 8 Stocks for the Cybersecurity Boom: Goldman   [Jul-19-18 01:55PM  Investopedia]
▶ 5 Stocks Trading Near 52-Week High With More Room to Run   [Jul-17-18 11:00AM  InvestorPlace]
▶ 3 Cybersecurity Stocks to Buy on Midterm Election Hacking   [Jul-16-18 11:23AM  InvestorPlace]
▶ Fortinet to Announce Second Quarter 2018 Financial Results   [Jul-02-18 09:00AM  GlobeNewswire]
▶ Better Buy: Palo Alto Networks vs. Fortinet   [Jun-28-18 10:00PM  Motley Fool]
▶ Fortinet Inc Earnings Confirm My Bull Thesis   [Jun-08-18 01:42PM  InvestorPlace]
▶ Why IT Security Company Fortinet Rose 10.5% in May   [Jun-07-18 01:35PM  Motley Fool]
▶ Fortinet Acquires Bradford Networks   [Jun-04-18 09:00AM  GlobeNewswire]
▶ 5 Stocks Near 52-Week High With Scope to Perform Better   [May-14-18 01:00PM  InvestorPlace]
▶ Fortinet's Earnings Rocket Higher   [May-04-18 08:20PM  Motley Fool]
▶ Fortinet: 1Q Earnings Snapshot   [05:04PM  Associated Press]
▶ Fortinet quarterly profit surges   [04:26PM  Reuters]
▶ Proofpoint, Security Stocks Up Amid RSA Conference, Merger Talk   [Apr-16-18 04:34PM  Investor's Business Daily]
▶ Fortinet Proves Resilient   [12:49PM  TheStreet.com]
▶ How Cybersecurity Firms Palo Alto, Okta Can Capitalize On Blockchain   [Apr-13-18 11:18AM  Investor's Business Daily]
▶ Fortinet Price Target Hiked As Sector Credited With 'Staying Power'   [Mar-21-18 04:15PM  Investor's Business Daily]
▶ Fortinet Honors 2017 Partner of the Year Award Winners   [Mar-01-18 09:00AM  GlobeNewswire]
▶ Security Alert: Palo Alto Reports As Fortinet, FireEye Host Analysts   [Feb-23-18 04:54PM  Investor's Business Daily]
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