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Fortinet (FTNT - Free Report) recently announced the addition of significant cloud-delivered advancements to its Secure Access Service Edge (“SASE”) solution — FortiSASE. With this update, the company includes enhanced support for secure private access and secure SaaS access use cases in its FortiSASE solution.
FortiSASE is Fortinet’s scalable cloud-based service powered by FortiOS innovations and FortiGuard Labs AI-driven Threat Intelligence, which offers a unique combination of security capabilities, including web filtering, domain name system Security, inline cloud access security broker (“CASB”), antivirus, antimalware, anti-botnet, security service edge inspection and data loss prevention. It enables consistent web security posture across the entire infrastructure for both on-premise and remote users.
With the new cloud-delivered Software-defined Wide Area Network (SD-WAN) connectivity in FortiSASE, the company is extending the convergence of networking and security from the edge to remote users. This extends the company’s existing ability to deliver granular application access with Fortinet universal zero-trust network access by adding broader application access with SD-WAN to support the most comprehensive set of private applications running at the data center or public cloud, while also ensuring superior user experience.
Further, FortiSASE is now enhanced with next-generation dual-mode CASB. The solution leverages both inline and application programming interface-based support, to ensure full visibility into sanctioned and unsanctioned applications addressing shadow IT and data exfiltration challenges.
The latest upgrades to Fortinet’s integrated single-vendor SASE solution are likely to improve the company’s ability to deliver consistent security and user experiences, irrespective of user location and application distribution options.
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 stands as a key growth driver for Fortinet in the long run. According to the latest Future Market Insights report, the market size for SD-WAN solutions is likely to reach $53.8 billion by 2032 from $3.4 billion in 2022, indicating a CAGR of 31.6% during the 2022-2032 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 Key Picks
Fortinet currently carries a Zacks Rank #2 (Buy). Shares of the company have declined 22.3% in the past year.
The Zacks Consensus Estimate for Zscaler's first-quarter fiscal 2023 earnings has been revised 7 cents north to 26 cents per share over the past 60 days. For fiscal 2023, earnings estimates have moved a penny north to $1.18 per share in the past 30 days.
Zscaler’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have declined 49.3% in the past year.
The Zacks Consensus Estimate for Digi’s fourth-quarter fiscal 2022 earnings has increased by 2 cents to 42 cents per share over the past 60 days. For fiscal 2022, earnings estimates have moved 3.2% up to $1.61 per share in the past 30 days.
DGII's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have increased 65.2% in the past year.
The Zacks Consensus Estimate for Baidu's third-quarter 2022 earnings has been revised 46 cents southward to $2.51 per share over the past 60 days. For 2022, earnings estimates have moved 16.2% north to $9.16 per share in the past 60 days.
Baidu's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 58.1%. Shares of BIDU have slumped 42.8% in the past year.
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Fortinet (FTNT) Upgrades Single-Vendor FortiSASE Solution
Fortinet (FTNT - Free Report) recently announced the addition of significant cloud-delivered advancements to its Secure Access Service Edge (“SASE”) solution — FortiSASE. With this update, the company includes enhanced support for secure private access and secure SaaS access use cases in its FortiSASE solution.
FortiSASE is Fortinet’s scalable cloud-based service powered by FortiOS innovations and FortiGuard Labs AI-driven Threat Intelligence, which offers a unique combination of security capabilities, including web filtering, domain name system Security, inline cloud access security broker (“CASB”), antivirus, antimalware, anti-botnet, security service edge inspection and data loss prevention. It enables consistent web security posture across the entire infrastructure for both on-premise and remote users.
With the new cloud-delivered Software-defined Wide Area Network (SD-WAN) connectivity in FortiSASE, the company is extending the convergence of networking and security from the edge to remote users. This extends the company’s existing ability to deliver granular application access with Fortinet universal zero-trust network access by adding broader application access with SD-WAN to support the most comprehensive set of private applications running at the data center or public cloud, while also ensuring superior user experience.
Further, FortiSASE is now enhanced with next-generation dual-mode CASB. The solution leverages both inline and application programming interface-based support, to ensure full visibility into sanctioned and unsanctioned applications addressing shadow IT and data exfiltration challenges.
The latest upgrades to Fortinet’s integrated single-vendor SASE solution 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
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 stands as a key growth driver for Fortinet in the long run. According to the latest Future Market Insights report, the market size for SD-WAN solutions is likely to reach $53.8 billion by 2032 from $3.4 billion in 2022, indicating a CAGR of 31.6% during the 2022-2032 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 Key Picks
Fortinet currently carries a Zacks Rank #2 (Buy). Shares of the company have declined 22.3% in the past year.
Some other top-ranked stocks from the broader Computer and Technology sector are Zscaler (ZS - Free Report) , Digi International (DGII - Free Report) and Baidu (BIDU - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Zscaler's first-quarter fiscal 2023 earnings has been revised 7 cents north to 26 cents per share over the past 60 days. For fiscal 2023, earnings estimates have moved a penny north to $1.18 per share in the past 30 days.
Zscaler’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have declined 49.3% in the past year.
The Zacks Consensus Estimate for Digi’s fourth-quarter fiscal 2022 earnings has increased by 2 cents to 42 cents per share over the past 60 days. For fiscal 2022, earnings estimates have moved 3.2% up to $1.61 per share in the past 30 days.
DGII's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have increased 65.2% in the past year.
The Zacks Consensus Estimate for Baidu's third-quarter 2022 earnings has been revised 46 cents southward to $2.51 per share over the past 60 days. For 2022, earnings estimates have moved 16.2% north to $9.16 per share in the past 60 days.
Baidu's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 58.1%. Shares of BIDU have slumped 42.8% in the past year.