Fortinet (FTNT - Free Report) added some key capabilities into the Security Fabric platform to enhance security management in hybrid environments. These offerings have been categorized for convenience into New Management and Automation Capabilities; Containers, Amazon’s (AMZN - Free Report) AWS (Amazon Web Services) Security Hub and Broad Protection; Native Integration for DevOps Teams; as well as Access to Cloud Offerings Via Partners.
Fortinet, as part of the new initiatives, joined the AWS Consulting Partner Private Offer ecosystem, which will enable the company to be natively rooted in the new AWS selling process and enable them to accelerate customers’ journey to the cloud.
Expansive Efforts on Fortinet Security Fabric
Fortinet is focused on expanding the Security Fabric product suite. Strong global demand for the company’s Security Fabric offerings, led by digital transformation and security refresh cycle across most industries, is propelling the company to undertake such initiatives.
The Fortinet Security Fabric is a platform that facilitates automatic synchronization of different security solutions used by the customer and easy management of those solutions through a single platform.
At the beginning of this month, Fortinet had announced three more key customers in its Fabric-Ready Partner program which already includes AWS and Nozomi Networks — RAD, Indegy and SecurityMatters, further enhancing the security solutions available to operational technology customers through the Fortinet Security Fabric.
Moreover, the company recently announced that more than 50 solutions in the Security Fabric suite have been approved by Department of Defense Information Network.
In October, Fortinet acquired the threat analytics company — ZoneFox — that strengthened the Security Fabric platform.
Fortinet’s Competition & Competitive Edge
Cyber security has become a mission-critical and high-profile requirement, considering the growing exposure of enterprises to sophisticated cyber threats. Per a Markets and Markets report, worldwide cyber security spending is expected to reach $248.26 billion by 2023, at a CAGR of 10.2% in the period between 2018 and 2023.
As prospects in the cyber-security market look bright, new entrants are giving tough competition to existing players that are undertaking robust steps to improve their game.
However, the Fortinet Security Fabric provides the company major competitive advantages. Fortinet builds ASIC security processor with integrated security and network functionality, providing 10 times the speed of other software products. This ensures improved security performance for cloud and edge computing.
Moreover, the recognition from NSS Labs and Gartner for the SD-WAN solution bodes well for the company. These products were recommended in nine NSS Lab categories, which is significantly more than the recommendations received by competitors.
We believe that the company’s robust steps to maintain stronghold in the cyber-security market position it comfortably amid intense competition.
Zacks Rank & Stocks to Consider
Fortinet currently has a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the broader Computer and Technology sector are CACI International (CACI - Free Report) and Symantec Corporation (SYMC - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for CACI and Symantec is projected at 10% and 7.9%, respectively.
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