Yahoo Finance Fortinet (FTNT) Upgrades its Secure Networking Portfolio
Fortinet FTNT recently unveiled new innovations to its Secure Networking Portfolio, FortiOS 7.4 Span Hybrid Mesh Firewall, Secure SD-WAN, Single-Vendor Secure Access Service Edge (SASE), Universal Zero Trust Network Access and Secure WLAN/LAN, to enable unified management and analytics across all secure networking elements.
Further, the company has integrated its FortiManager solution with FortiSASE, its Single-Vendor SASE solution and launched new updates across its secure networking portfolio, which include FortiGate 7080F and FortiFlex. FortiManager enables automation and orchestration across complex infrastructures via connectors, automation hooks and real-time alerts for any network abnormalities. It helps enterprises to simplify oversight of security infrastructure and automate responses to potential problems.
The newly introduced FortiGate 7080F is a series of next-generation firewalls that eliminates point products, reduces complexity and delivers higher performance through purpose-built ASIC technology and artificial intelligence/machine learning-powered advanced security. On the other hand, FortiFlex is a new points-based consumption program with support for Hybrid Mesh Firewall deployments and a variety of products, such as virtual machines, FortiGate appliances and software-as-a-service-based solutions.
The latest upgrades to Fortinet’s Secure Networking portfolio are likely to improve the company’s ability to deliver consistent security and user experiences, irrespective of user location and application distribution options.
Fortinet, Inc. Price and Consensus
Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote
In March, the company announced the addition of significant cloud-delivered advancements to its FortiSASE solution, which include additional deployment flexibility and new secure access capabilities for digital resources across private applications, SaaS and the Internet.
Fortinet also introduced new additions to its FortiGate Secure Edge integration platform ensuring that teams get improved granular control and flexibility while choosing when to perform security on-premises and in the cloud for optimal user experiences.
Currently, Fortinet is benefiting from the increased adoption of its networking and security platforms, driven by a rise in the remote working policy among top-notch companies. The cyber security firm continues to win back-to-back deals for offering unique cyber safety solutions, which ensure the blocking of attacks or malicious content. Its Fortinet Security Fabric, cloud and SD-WAN offerings are currently witnessing robust growth.
The growing adoption of SD-WAN solutions is a key growth driver for Fortinet in the long run. According to the latest MarketsandMarkets report, the market size for SD-WAN solutions is likely to reach $13.7 billion by 2027 from $3.4 billion in 2021, indicating a CAGR of 31.9% during the 2022-2027 forecast period. As there are only a few vendors that offer security and SD-WAN solution, Fortinet is well-positioned to capitalize on the increasing opportunities in the market.
On top of that, the company is currently focusing on selling more subscription-based services, which, in turn, are helping it to generate stable revenues while expanding margins. It is also bolstering the customer base of Fortinet. We believe that the subscription-based business model will continue to improve the company’s top- and bottom-line performances.
Zacks Rank & Other Stocks to Consider
Fortinet currently carries a Zacks Rank #2 (Buy). Shares of FTNT have lost 3.4% in the past year.
Some other top-ranked stocks from the broader Computer and Technology sector are Airbnb ABNB, Baidu BIDU and Fabrinet FN. While Baidu and Fabrinet sport a Zacks Rank #1 (Strong Buy), Airbnb carries a Zacks Rank #2 at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Baidu’s first-quarter 2023 earnings has been revised 17 cents northward to $2.60 per share over the past 30 days. For 2023, earnings estimates have fell by 0.8% to $11.53 per share over the past 30 days.
BIDU’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 45.5%. Shares of the company have increased 2.8% in the past year.
The Zacks Consensus Estimate for Fabrinet's third-quarter fiscal 2023 earnings has been revised 7 cents upward to $1.90 per share over the past 60 days. For fiscal 2023, earnings estimates have moved north by 23 cents to $7.71 in the past 60 days.
FN’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, missing once, the average surprise being 5.1%. Shares of the company have jumped 9% in the past year.
The Zacks Consensus Estimate for Airbnb’s first-quarter 2023 earnings has been revised northward from a loss of a penny to 14 cents per share over the past 60 days. For 2023, earnings estimates have moved up by 58 cents to $3.38 in the past 60 days.
ABNB's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 57.2%. Shares of the company have declined 30.8% in the past year.
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