Fortinet
FTNT
recently announced that five newly managed security service providers (MSSPs) have selected its Secure SD-WAN (software-defined wide area network) solution to drive better business outcomes and enhance customers’ experiences. The new partnership expands the global presence of Fortinet’s Secure SD-WAN solutions.
The five companies which will be utilizing Fortinet’s Secure SD-WAN as the foundation for new and differentiated connectivity services without compromising on security are B.Online, Cirion, ngena, PT&T and Telefonica.
FTNT’s EVP of Products and CMO, John Maddison, said that “Fortinet has the unique ability to deliver industry-leading SD-WAN, SASE, Universal ZTNA, SD-Branch and many other solutions built on a common operating system. This allows our global MSSP partners to easily grow their business and deliver new services. We’re proud to support our partners and their customers with flexible solutions to tackle their biggest digital acceleration challenges.”
The growing adoption of its SD-WAN solutions is proving to be a key growth driver for Fortinet. With digital transformation taking place across all industries, more enterprises are moving their operations to the cloud. This, combined with the work-from-home wave, has exposed organizations to more frequent and advanced cyberattacks.
According to the latest MarketsandMarkets research, the global SD-WAN market size is anticipated to rise from $3.4 billion in 2022 to $13.7 billion by 2027, indicating a CAGR of 31.9%. As few vendors offer the security and SD-WAN solution, Fortinet is well-positioned to capitalize on increasing opportunities in the market.
In the third quarter of 2022, Fortinet’s Product revenues jumped 39% year over year to $468.7 million. This uptick was supported by the continued adoption of the FortiGate-based secure SD-WAN solution and strong revenues from non-FortiGate products, and increased demand for integrated security fabric products.
Zacks Rank & Other Stocks to Consider
Currently, Fortinet carries a Zacks Rank #2 (Buy). Shares of FTNT have plunged 23.8% year to date (YTD).
Some other top-ranked stocks from the broader technology sector are
Celestica
CLS
,
Zscaler
ZS
and
Blackbaud
BLKB
. Celestica sports a Zacks Rank #1 (Strong Buy) at present, while Zscaler and Blackbaud each carry a Zacks Rank #2. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
The Zacks Consensus Estimate for Celestica’s fourth-quarter 2022 earnings has increased by 9 cents to 53 cents per share over the past 60 days. For 2022, earnings estimates have moved up 9.4% to $1.86 per share in the past 60 days.
CLS’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 11.8%. Shares of the company have increased 2.4% YTD.
The Zacks Consensus Estimate for Zscaler’s second-quarter fiscal 2023 earnings has been revised 3 cents upward to 29 cents per share over the past 30 days. For fiscal 2023, earnings estimates have moved up by 5 cents to $1.23 per share in the past 30 days.
ZS’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 27.3%. Shares of the company have declined 61.4% YTD.
The Zacks Consensus Estimate for Blackbaud’s fourth-quarter 2022 earnings has been revised southward by 3 cents to 58 cents per share over the past 60 days. For 2022, earnings estimates have moved upward by 4 cents to $2.59 per share in the past 60 days.
Blackbaud’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing the same on one occasion, the average surprise being 4.9%. Shares of BLKB have slumped 26.6% YTD.
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