Report
Ilya Kundozerov
EUR 147.86 For Business Accounts Only

Fortinet Warns on Revenue Due to Sales Execution Issues; Plans to Invest in Marketing; Maintain FVE

On Tuesday, Fortinet announced weak preliminary results for its third quarter due to internal execution challenges. The company’s management cited sales execution issues primarily in the U.S. market, longer sales cycles in the enterprise segment, and macro headwinds in Latin America and the U.K. (due to Brexit). Fortinet has been ramping up its sales and marketing force in the past several years in order to penetrate deeper into the large enterprise and service provider markets. We view the firm...
Underlying
Fortinet Inc.

Fortinet provides cybersecurity solutions. The company's product offerings consist of its FortiGate product family and its non-FortiGate products. The company's FortiGate hardware and software licenses are sold with a set of security services. These security services are enabled by FortiGuard, which provides threat research and artificial intelligence capabilities from a global cloud network to deliver protection services to each FortiGate appliance. The company's non-FortiGate products include the Fortinet Security Fabric (such as FortiAP, FortiAnalyzer, FortiSwitch and FortiManager), certain cloud security products (such as virtual machines and cloud services) and other products.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Ilya Kundozerov

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