Fortinet Remains a Cybersecurity Giant With Solutions Spanning Multiple Segments

We see Fortinet as a leader in the security space with solutions ranging from network security firewalls to security operations. As we look at the firm’s market opportunity, we believe Fortinet stands to materially benefit as secular tailwinds in security and vendor consolidation increase its value proposition to its clients. In our view, the firm’s established customer switching costs, buttressed by its increasingly potent network effect, will allow Fortinet to continuously gain and expand the number of clients and has already enabled it to build a wide economic moat around its business.