We believe that Fortinet’s strategy of focusing on selling subscription-based services will enable it to generate more stable revenues and help in expanding margins. Furthermore, acquisitions are a major positive for Fortinet as these help it to strengthen its product portfolio and capabilities, thereby boosting its top-line performance. A look at Fortinet’s YTD price performance shows that the company has outperformed the industry to which it belongs to. Nonetheless, we are slightly concerned over the company’s declining revenue growth rate. Notably, over the last seven quarters, the company’s revenue growth rates have been around 20%, which are significantly lower than its previous rates of over 30%.