Fortinet Stock Price, News & Analysis

Fortinet (NASDAQ: FTNT) forecasts a significant evolution in the cybersecurity threat landscape for 2021 and beyond. Key predictions include the rise of sophisticated attacks targeting intelligent edges and 5G-enabled devices, as well as an increase in social engineering tactics. The company emphasizes the necessity for organizations to adopt AI and machine learning to enhance threat prevention and response. As cybercriminals evolve their strategies, Fortinet advises businesses to utilize integrated threat intelligence to combat emerging threats effectively.

Fortinet (NASDAQ: FTNT) reported strong Q3 2020 results, with total revenue of $651.1 million, representing a 19% year-over-year increase. Product revenue rose to $223.8 million, up 14% year-over-year, while service revenue grew to $427.3 million, up 22%. Billings reached $749.8 million, a 20% increase. Deferred revenue climbed to $2.39 billion, up 24%. GAAP diluted net income per share was $0.75, and non-GAAP diluted net income per share was $0.88. The company expects Q4 revenue between $710 million and $730 million.

Fortinet has launched the FortiGate 2600F, a high-performance network firewall designed to enhance security for enterprise data centers, WAN, and cloud environments. It offers up to 10x higher performance than competitors, with Security Compute Ratings significantly exceeding industry averages. Key features include advanced SSL inspection, DDoS protection, and accelerated IPsec VPN that improves remote workforce operations. The device's capability to segment networks and reduce complexity aims to address insider threats, simplifying operations while providing a potential ROI boost.

Fortinet has expanded its Security Academy Program with over 20 new academic and nonprofit partners globally, aimed at providing advanced cybersecurity training and certifications. This initiative is part of Fortinet's commitment to address the cybersecurity skills gap and enhance career pathways, particularly for veterans. The NSE Training Institute has issued more than 450,000 certifications worldwide, with over 200,000 in 2020 alone. The program focuses on increasing access to cybersecurity education, supporting a diverse workforce, and building essential skills for in-demand careers.

Fortinet (NASDAQ: FTNT) has appointed Ken Goldman, former CFO and board member, back to its Board of Directors. With over 40 years of experience, including roles at Fortune 500 companies like Yahoo! and Siebel Systems, Goldman aims to enhance the company's strategic vision as it expands into new markets. CEO Ken Xie expressed enthusiasm about Goldman's return, noting the significant depth and expertise he brings. Goldman previously served as Fortinet's CFO and has held high-level positions across multiple prestigious organizations.

Fortinet (NASDAQ: FTNT) has released its FortiGuard Labs Global Threat Landscape Report for H1 2020, highlighting a dramatic increase in cyber threats during the COVID-19 pandemic. Attackers have exploited the surge in remote work, targeting IoT devices and consumer-grade routers. Ransomware incidents have not diminished, with COVID-19-themed messages used as lures. The report shows a significant rise in phishing attacks and the urgency for organizations to secure their remote workforces. Overall, the evolving threat landscape necessitates robust cybersecurity measures to mitigate risks.

Fortinet has launched the FortiGate 4400F, the world's first hyperscale firewall, designed to enhance cybersecurity for hyperscale data centers and 5G networks. This new firewall utilizes the NP7 network processor, providing up to 13 times better performance than competitors. It addresses the growing need for secure, high-speed connections, supporting millions of simultaneous connections while preventing DDoS attacks. The FortiGate 4400F aims to solve the security challenges faced by modern businesses, offering unmatched scalability and security in a single appliance.

Fortinet (NASDAQ: FTNT) has announced significant advancements in its Secure SD-WAN solutions, particularly with the launch of the FortiGate 80F appliance. This innovation showcases a 247% year-over-year revenue growth in Fortinet's SD-WAN segment, leading to its recognition as the fastest-growing vendor in the industry. The new appliance offers advanced networking capabilities and robust security features optimized for multi-cloud environments. Fortinet's strategic focus on scalable SD-WAN solutions positions it as a market leader, providing enterprises with enhanced application experiences and operational efficiencies.

Fortinet (NASDAQ: FTNT) announced its Security-as-a-Service (SECaaS) offerings through FortiCloud, which helps clients like Continent 8 Technologies, Illinois State Treasurer, and SuperCare Inc. manage and secure their cloud environments efficiently. FortiCloud simplifies security management, reducing complexities and risks associated with multi-cloud environments. The platform provides comprehensive security solutions, enhancing both on-premises and cloud security, while customers report improved visibility and streamlined operations.