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Fortinet Inc. Message Board

  • hollyannatexas hollyannatexas Jan 30, 2013 11:23 AM Flag

    Brian Freed - Wunderlich

    “While the strength of one’s products is most important in a controlled environment, in the real world, tech companies with superior S&M organizations but technically inferior products tend to outperform those with inferior S&M organizations but technically superior products,” Freed writes. “We believe under-investment in sales and marketing and its resultant loss of channel mindshare presents the company with significant short-term challenges, particularly within the context of a new CFO and difficult forward estimates. In addition, we take discomfort in the fact the company experienced problems in APAC last quarter which is otherwise the fastest growing geographical segment of the UTM market, according to industry research firms.”

    __________________________________________________________________________

    - "Under investing in sales and marketing (S & M), how so?

    S&M was approx. 36% of gross revenue in Q3 2012 @ $44m, up 20% YOY. Under investing???

    - "...resultant loss of channel mindshare presents the company with significant short-term challenges, particularly within the context of a new CFO and difficult forward estimates."

    What??? What loss of channel mind share?? You talking 2010 to Checkpoint??

    -problems in APAC last quarter which is otherwise the fastest growing geographical segment of the UTM market, according to industry research firms.”

    APAC grew by 18%, YOY!

    Freed's assessment borders on libelous.Utterly non-nonsensical and ludicrous at best. After Q3 upgrade by same firm and now this?? Recent hire of former Microsoft executive, Bill Neukom to board and this?? Fishy, fishy. Thumbs down Brian.

    Sentiment: Buy

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