• The company has made considerable progress, especially with its Fabric platform which is an attractive proposition for enterprise customers.
• While the company has performed better than expected and there is considerable operational leverage, much of this seems to be priced in the share price already.
• There are some worries that the product cycle will decelerate, so we rate the stock a market perform.

Source: Fortinet’s Progress Is Real, But It Seems Largely Priced In – Fortinet, Inc. (NASDAQ:FTNT) | Seeking Alpha