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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 additional deployment flexibility and new secure access capabilities for digital resources across private applications, SaaS and the Internet.
Fortinet 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. This enhancement specifically intends to help organizations with a hybrid workforce and better ensure consistent security for users located anywhere.
Further, the company upgraded all three key FortiSASE use cases to secure access for users across the Internet, SaaS and private applications. The SASE solution has been updated with better performance and infrastructure scalability and dedicated public IP support. The solution will offer enhanced geolocation-based experience that will allow custom service access based on a user’s location. Fortinet will also provide expanded Secure SD-WAN hub connectivity in support of large global hybrid networks delivering remote users secure access to corporate applications.
As part of the latest update, Fortinet declared innovations to FortiSASE cloud access security broker (CASB) enabling more application coverage and deeper control of SaaS application behavior imposing restriction on tenants’ access control. FortiSASE is already 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.
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 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.
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 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 climbed 7.5% in the past year.
The Zacks Consensus Estimate for Airbnb’s first-quarter 2023 earnings has been revised northward from breakeven to 14 cents per share over the past 30 days. For 2023, earnings estimates have moved up by 52 cents to $3.38 per share in the past 30 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 15.6% in the past year.
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 decreased 1.2% 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 30 days. For fiscal 2023, earnings estimates have moved north by 24 cents to $7.71 per share in the past 30 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 23.5% 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 additional deployment flexibility and new secure access capabilities for digital resources across private applications, SaaS and the Internet.
Fortinet 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. This enhancement specifically intends to help organizations with a hybrid workforce and better ensure consistent security for users located anywhere.
Further, the company upgraded all three key FortiSASE use cases to secure access for users across the Internet, SaaS and private applications. The SASE solution has been updated with better performance and infrastructure scalability and dedicated public IP support. The solution will offer enhanced geolocation-based experience that will allow custom service access based on a user’s location. Fortinet will also provide expanded Secure SD-WAN hub connectivity in support of large global hybrid networks delivering remote users secure access to corporate applications.
As part of the latest update, Fortinet declared innovations to FortiSASE cloud access security broker (CASB) enabling more application coverage and deeper control of SaaS application behavior imposing restriction on tenants’ access control. FortiSASE is already 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.
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 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.
Fortinet, Inc. Price and Consensus
Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote
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 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 climbed 7.5% in the past year.
Some other top-ranked stocks from the broader Computer and Technology sector are Airbnb (ABNB - Free Report) , Baidu (BIDU - Free Report) and Fabrinet (FN - Free Report) . While Airbnb and Baidu each sport a Zacks Rank #1 (Strong Buy), Fabrinet carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Airbnb’s first-quarter 2023 earnings has been revised northward from breakeven to 14 cents per share over the past 30 days. For 2023, earnings estimates have moved up by 52 cents to $3.38 per share in the past 30 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 15.6% in the past year.
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 decreased 1.2% 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 30 days. For fiscal 2023, earnings estimates have moved north by 24 cents to $7.71 per share in the past 30 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 23.5% in the past year.