Hi Pat: I just joined your Inner Circle after having been a subscriber to your newsletters for more than 10 years. Would you comment on Fortinet? I have a significant holding of this stock.
Fortinet, $15.72, symbol FTNT on Nasdaq (Shares outstanding: 67.4 million; Market cap: $1.1 billion), is a computer-network security company.
The company specializes in unified threat management (UTM). That’s where a single UTM device manages a company’s security. Each device carries software that performs different functions, including firewalls, anti-virus, anti-spam, intrusion, spyware prevention, content filtering and bandwidth management.
Fortinet installs the system, then provides updates to block new and emerging threats through a subscription service. Fortinet sells its products to small businesses and large corporations.
The company gets 55% of its revenue from services such as updates. Its products (including UTM devices) supply the remaining 45%.
In the three months ended March 31, 2010, Fortinet’s revenue rose 28.8%, to $69.8 million from $54.2 million. Product revenue jumped 40% to $27.1 million, and service revenue rose 22%, to $38.6 million. Services provide a recurring source of revenue for the company.
Fortinet earned $4.2 million, or $0.06 a share, in the latest quarter. A year earlier,…
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