Fortinet Stock Price, News & Analysis

Fortinet (NASDAQ: FTNT) has been named a Visionary in the 2022 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure for the third consecutive year. This recognition underscores the strengths of its Wired and Wireless LAN portfolio, which integrates networking and security to enhance digital transformation while reducing cyber risks. Fortinet's solutions deliver significant cost savings by bundling features into its FortiGate platform, ensuring simplified management and robust security.

Fortinet (NASDAQ: FTNT) has been recognized as a Leader in the 2022 Gartner Magic Quadrant for Network Firewalls, marking its thirteenth accolade in this category. The company achieved the highest scores in Ability to Execute and Completeness of Vision. FortiGate Next-Generation Firewalls (NGFWs) are highlighted for their superior ROI and AI/ML-powered security features. The press release emphasizes Fortinet's commitment to innovation, which is supported by over two decades of organic development in ASIC technology and FortiOS.

Fortinet (NASDAQ: FTNT) has announced that five new Managed Security Service Providers (MSSPs), including B.Online and Telefónica, have adopted its Secure SD-WAN solution. This adoption is aimed at improving customer experiences and business outcomes through enhanced digital transformation capabilities. Fortinet’s Secure SD-WAN provides comprehensive security along with SASE and ZTNA integrations, helping MSSPs deliver flexible, secure access to applications across various environments. Fortinet's efforts in this area have garnered third-party recognition, including being named a Leader in the 2022 Gartner Magic Quadrant for SD-WAN.

Fortinet (NASDAQ: FTNT) reports significant benefits from its Secure SD-WAN solution, with a 300% ROI over three years and payback in eight months. According to a Forrester study involving large enterprises, users noted a 65% reduction in network disruptions and a 50% improvement in issue resolution times. The study highlights that organizations saved 75% of deployment time, reallocating resources towards higher-value tasks. Fortinet was recognized as a leader in the 2022 Gartner Magic Quadrant for SD-WAN for its execution capability.

Fortinet has launched the FortiGate Cloud-Native Firewall (CNF) on Amazon Web Services (AWS), providing a managed next-generation firewall service tailored for cloud environments. This solution integrates FortiGuard AI security services for real-time threat detection and protection, simplifying security operations for organizations transitioning to the cloud. Key benefits include optimized costs for region-wide protection, simplified operations through cloud-native integrations, and enhanced compliance with consistent security across deployments.

Fortinet (NASDAQ: FTNT) will participate in the Annual Meeting on Cybersecurity 2022, hosted by the World Economic Forum in Geneva from November 14-16. CEO Ken Xie emphasized the importance of making the internet safer as cyber threats continue to rise. Fortinet will engage in discussions on scalable methods to combat emerging cybercrime threats and work on closing the cybersecurity skills gap. The firm aims to mitigate risks through its collaboration with global entities.

Fortinet (NASDAQ: FTNT) forecasts a rise in cybercrime fueled by Cybercrime-as-a-Service (CaaS) in a recent report from its global threat intelligence team. This report highlights the dangers of evolving attack methods, including Ransomware-as-a-Service (RaaS) and new exploit vectors targeting edge devices and online environments. Increased automation and commoditized wiper malware are expected to escalate attacks, making security measures more essential. The report emphasizes the necessity for organizations to bolster cybersecurity with integrated threat intelligence and effective response strategies.

Fortinet (FTNT) announced Q3 2022 results, revealing total revenue of $1.15 billion, a 33% year-over-year increase, driven by product revenue of $468.7 million (+39%) and service revenue of $680.8 million (+28%). Billings rose to $1.41 billion, and deferred revenue reached $4.19 billion. GAAP diluted net income per share was $0.29, while non-GAAP diluted net income per share was $0.33. Fortinet expects Q4 revenue between $1.275 billion and $1.315 billion.