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Cyber Security Ransomware Email Phishing Encrypted Technology, Digital Information Protected Secured

Just_Super

Investment Thesis

Fortinet's (NASDAQ:FTNT) revenue growth rates could be set up to slow down. And if that's the case, investors are left with a choice. Is paying up 37x next year's non-GAAP EPS all that compelling? And I don't know the answer to this question.

I guess it depends on whether the Fed deems it necessary to stop raising rates as quickly. But even this line of thought illustrates that Fortinet's valuation isn't that amazing.

To help me drive my point, here's a quote from the earnings call that lays out everything investors need to know,

[...] we remain on track to achieve all of our medium-term financial targets from our May 2022 Analyst Day, including $10 billion in billings and $8 billion in revenue in 2025, each representing a 22% three-year CAGR from the midpoint of our 2022 guidance.

FTNT Analyst Day 2022

FTNT Analyst Day 2022

Management clearly stated that it's going to exit 2022 growing at close to 32% CAGR and that in the next 3 years its CAGR gets down to around 22%. Even if there's a substantial amount of conservatism baked in, we are nevertheless forced to question, what's a fair growth rate for 2023?

What's Happening Right Now?

Investor trepidation is now starting to creep into valuations. For a long period of time, cyber security companies were deemed to be recession-proof. Not only are investors now a lot more skeptical, but it also appears that even ''recession resistant'' could now involve substantial qualifiers around it.

To get to my point, consider what Fortinet's CEO stated on the call,

We expect fourth quarter ending backlog to be relatively consistent with the third quarter backlog as we are seeing early signs of a transition back to more normalized customer buying behaviors.

Within that paragraph, we see the news that investors didn't want to hear, ''more normalized customer buying behavior''.

And that's a theme that is percolating throughout enterprise tech. Tech had been seen as the trade to be in, during a recession. And within tech, cyber security was seen as a safe haven. And now? Well, perhaps this trade became a tiny bit too crowded for what it is.

That being said, to be clear, it's absolutely not all bad news when it comes to Fortinet.

Revenue Growth Rates Remain Attractive

FTNT revenue growth rates

FTNT revenue growth rates

Fortinet's revenue growth rates continue to point to a mid-30% CAGR. For a cybersecurity firm that has seen its share price mostly move down for the bulk of 2022, one has to question, whether investors may not be too negative about Fortinet's prospects?

FTNT revenue consensus

FTNT revenue consensus

For their part, analysts remain positively bullish on Fortinet's prospects. Even as cyber security and enterprise SaaS companies generally speak of the tough macro environment, Fortinet's analysts continue to revise their revenue estimate outlook upwards.

With this in mind, let's discuss one blemish in the bull thesis.

Capital Allocation, Needle Moving?

Consider this:

During the three and nine months ended September 30, 2022, Fortinet repurchased 10.2 million and 36.0 million shares of its common stock, respectively, at an average price of $49.15 and $55.37 per share, respectively, and for an aggregate purchase price of $500.0 million and $1.99 billion.

And now see if you see a pattern here:

  • Q1 2022: $691 million (average price $61)
  • Q2 2022: $800 million (average price $55)
  • Q3 2022: $500 million (average price $49)

It appears to me that as the share price is moving lower, this coincides with the total amount deployed towards share repurchases coming lower. That being said, there's still a further $530 million left for share repurchases. So it could be the case that these share repurchases could end up being accretive to long-term shareholders.

Altogether, as we look ahead to Q4 2022 this translates into the total share count ending the year down 4.2% y/y.

FTNT Stock Valuation -- 37x non-GAAP EPS

The problem that investors are facing right now, is that there's so much uncertainty over what will FTNT's 2023 revenue growth rates normalize at? On the one hand, we have management openly stating that customer behavior is normalizing.

On the other hand, FTNT's GAAP margins are extremely enticing. In fact, as a point of reference, Q3 2022 reported 23.1% GAAP margins, an increase of 390 basis points from 19.2% reported in the same period a year ago.

On yet the third hand, we have to highlight that the bulk of the revenue growth is coming from its Product business line. And many investors are skeptical that Product revenues will continue to be a growing TAM over the next few years.

The Bottom Line

Optically Fortinet is cheap. Why? Because it has GAAP earnings. Something that many tech companies haven't figured out yet, how to get their business to report GAAP profits.

On the other hand, a large proportion of its growth is not coming from its Service unit, but instead from its Product business. As a point of reference, two years ago, Fortinet's product business made up approximately 34% of its total revenues. While for its most accurate quarter, its Product business makes up 41% of its total revenues.

So, it could be that soon 50% of Fortinet's business could be coming from its Product business, with a very limited TAM.

Tue, 29 Nov 2022 01:29:00 -0600 en text/html https://seekingalpha.com/article/4561094-fortinet-looking-ahead-to-2023
Killexams : New Fortinet service offers next-gen firewall protection for AWS environments

Cybersecurity firm Fortinet Inc. today announced the availability of FortiGate Cloud-Native Firewall on Amazon Web Services Inc., a managed next-generation service specifically designed for AWS environments.

FortiGate CNF incorporates FortiGuard artificial intelligence-powered Security Services for real-time detection of and protection against malicious external and internal threats. Underpinned by FortiOS, Fortinet’s network operating system, the service is said to deliver a consistent network security experience across AWS and on-premises environments.

Fortinet is pitching the service as allowing customers to focus more on their core competencies and deploy effective security policies to protect their business-critical applications and data. Natively supporting AWS, FortiGate CNF gives customers immediate access to FortiGuard AI-powered Security Services for enterprise-grade protection, including URL filtering, DNS filtering, IPS, application control and other FortiGuard security services that organizations rely on.

Benefits include regionwide network protection at optimized costs, with FortiGate CNF designed to aggregate security across cloud networks, availability zones and virtual private clouds in a cloud region. FortiGate CNF natively supports AWS to optimize cloud security spending and uses AWS Graviton instances to deliver better price-performance than other offerings.

Network security operations with FortiGate CNF offer a simple, intuitive user interface that minimizes the need for security expertise, with support for defining and deploying robust security policies such as dynamic meta-data-based policies on AWS. The AWS support helps security teams move at the speed and scale of applications teams and the support of AWS Gateway Load Balancer eliminates do-it-yourself automation and helps secure Amazon Virtual Private Cloud environments. Additionally, support for AWS Firewall Manager simplifies security management and automates security rollouts.

As part of the Fortinet Security Fabric platform, the new service also offers a single pane of glass through FortiManager to centralize policy management, increase visibility and automate policy enforcement on AWS and beyond.

“Organizations that are accelerating their cloud adoption may not have the resources or time to build, scale or adapt their cloud security to meet the pace of their business,”explained John Maddison, executive vice president of products and chief marketing officer at Fortinet. “As a managed next-generation firewall service, FortiGate CNF removes the heavy lifting around network security operations and provides a frictionless experience to help customers easily deploy best-in-class security on the cloud.”

Fortinet CNF is available now in the AWS Marketplace.

Photo: Robert Hof/SiliconANGLE

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Mon, 05 Dec 2022 11:09:00 -0600 en-US text/html https://siliconangle.com/2022/11/28/new-fortinet-service-offers-next-gen-firewall-protection-aws-environments/
Killexams : Security Tech Talk: Fortinet Makes Anywhere The Office, Securely

Sponsored

Katie Bavoso

The Fortinet Security Fabric brings together endpoint security, zero trust access and network security in one unified portfolio with solutions that seamlessly follow and protect your clients from the office desk to the kitchen table, to the hotel room with public WiFi — all while providing a consistent level of enterprise-grade protection.

Providing security solutions designed to protect your clients while they work from anywhere is a lucrative business move for channel providers as hybrid work has become the norm. Gartner says the ideal approach to doing this is with a “cybersecurity mesh architecture,” or an ecosystem of integrated security tools, which can reduce financial loss from a cyberattack by 90 percent. This is the exact foundation of the Fortinet Security Fabric. “Our Work-From-Anywhere value proposition is resonating with customers across all sales verticals. It’s truly one of the fastest-growing segments of our portfolio and it’s one of the only true integrated offerings on the market from a work-from-anywhere perspective,” says Aaron Griffith, senior director of channels at Fortinet.

The Fortinet Security Fabric brings together endpoint security, zero trust access and network security in one unified portfolio with solutions that seamlessly follow and protect your clients from the office desk to the kitchen table, to the hotel room with public WiFi — all while providing a consistent level of enterprise-grade protection.

“The FortiGate and FortiGate-VM security platforms (are) going to provide advanced security at a campus, a datacenter, a branch and even cloud environments,” says Griffith. “Endpoint technologies like FortiClient, FortiEDR, and FortiXDR (are) going to secure your remote workers and their devices. And then ZTNA and technologies like our SASE are going to control and secure access to applications and secure the remote worker.”

Partners don’t have to struggle to get started. Fortinet makes it easy for partners to gain competency and capability through its programmatic specialization designations to go to market quickly. “This is a framework that we designed to help partners define a solution offering, create efficiencies in their professional and managed services motions and ultimately maximize profitability,” says Griffith.

And Fortinet is 100 percent channel go-to-market and never competes with its partners at the point of sale.

Mon, 14 Nov 2022 23:40:00 -0600 en text/html https://www.crn.com/video/security-tech-talk-fortinet-makes-anywhere-the-office-securely
Killexams : Cyberattackers Selling Access to Networks Compromised via accurate Fortinet Flaw

Fortinet customers that have not yet patched a critical authentication bypass vulnerability that the vendor disclosed in October in multiple versions of its FortiOS, FortiProxy, and FortiSwitch Manager technologies now have an additional reason to do so quickly.

At least one threat actor, operating on a Russian Dark Web forum, has begun selling access to multiple networks compromised via the vulnerability (CVE-2022-40684), and more could follow suit soon. Researchers from Cyble who spotted the threat activity described the victim organizations as likely using unpatched and outdated versions of FortiOS.

Selling Access to Compromised Networks

Dhanalakshmi PK, senior director of malware and research intelligence at Cyble, says the company's available intelligence indicates the threat actor might have access to five major organizations via the vulnerability. Cyble's analysis showed the attacker attempting to add their own public key to the admin user's account on the compromised systems.

"An attacker can update or add a valid public SSH key to a targeted account on a system and can then typically gain complete access to that system," Dhanalakshmi says. "Additionally, the threat actor could launch other attacks against the rest of the IT environment with the foothold and knowledge gained through exploiting this vulnerability."

Cyble said a scan it conducted showed more than 100,000 Internet-exposed FortiGate firewalls, a substantial number of which are likely exploitable because they remain unpatched against the vulnerability

Fortinet publicly disclosed CVE-2022-40684 on Oct. 10, a few days after privately notifying customers of affected products about the threat. The vulnerability essentially gives an unauthenticated attacker a way to gain full control of an affected Fortinet product by sending it specially crafted HTTP and HTTPS requests. Security researchers have described the vulnerability as easy to find and trivial to exploit because all that an attacker needs to do is gain access to the management interface of a vulnerable system.

Popular Target for Attackers

When Fortinet disclosed the vulnerability, it urged customers to immediately update to patched versions of the affected products and warned of active exploit activity targeting the flaw. It also urged companies that could not update to immediately disable HTTPS administration on their vulnerable Internet-facing Fortinet products. The US Cybersecurity and Infrastructure Security Agency (CISA) promptly listed the flaw its catalog of known exploited vulnerabilities and gave federal civilian agencies until Nov. 1, 2022, to address the issue.

Much of the concern stemmed from the popularity of Fortinet products — and technologies from other vendors in the same network edge category — among threat actors. Soon after Fortinet disclosed the flaw, proof-of-concept code for exploiting it became publicly available, and security vendors reported large-scale scanning activity targeting the flaw. The number of unique IP addresses targeting the flaw soared in a matter of days from the single digits to more than 40.

And that number has grown. James Horseman, exploit developer at Horizon3ai, a security vendor that did much of the initial research around the vulnerability, says the number of unique IPs currently targeting the Fortinet flaw has risen to 112, according to data from GreyNoise, which tracks malicious scanning activity on the Internet.

"These Fortinet devices are typically Internet-facing for corporations and are seldom monitored," adds Zach Hanley, chief attack engineer at Horizon3ai. "This combination makes it great for sustained initial access into a network for threat actors who are looking to conduct reconnaissance, deploy ransomware, steal data, etc."

Threat actors have hammered away in similar fashion at other Fortinet flaws for the same reason. Notable examples include CVE-2018-13379, CVE-2020-12812, and CVE-2019-5591, a set of three flaws that Iran-backed threat groups were observed exploiting in numerous attacks. In April 2021, the FBI and CISA warned of other advanced persistent threat groups exploiting the same set of flaws in attacks against organizations in the US and elsewhere.

.

Tue, 29 Nov 2022 08:53:00 -0600 en text/html https://www.darkreading.com/threat-intelligence/tcyberattackers-selling-access-networks-compromised-fortinet-flaw
Killexams : Fortinet: Firewall Leader With Super Margins And Rapid Growth
Cyber security concept. Man using application on laptop, closeup

Liudmila Chernetska

According to one study, cybersecurity attacks globally have risen by 32% year over year and there are over 1,200 attacks per week. This is no surprise given the increase in the use of technology and the rise of remote working which has widened the attack surface. Therefore it is not surprising that the cybersecurity industry was valued at $139 billion in 2021 and is forecasted to grow at a rapid 13.4% compounded annual growth rate, reaching a value of $376 billion by 2029. Fortinet is in a prime position to benefit from this growth trend as a leader in firewalls. The company has recently posted strong financial results for the third quarter of 2022, beating both top and bottom-line estimates. In this post, I'm going to break down the company's business model, financials, and valuation, let's dive in.

Chart
Data by YCharts

Leading Business Model

Fortinet (NASDAQ:FTNT) has created a "Security Fabric" which aims to converge multiple cybersecurity solutions into a single platform. This includes Fortinet Threat Intelligence, Cloud Security, Zero Trust Access, Network Security and more. The company competes with companies such as Check Point (CHKP) and Palo Alto Networks (PANW) in its Cloud Security Segment. While the business also competes with Zscaler (ZS) for its Zero Trust access offering. "Zero Trust" is a network access methodology that aims to provide users the "least privileged access" to only the applications they need. This stops hackers from entering a company's network via a harmless application before moving laterally to the financial applications.

Fortinet

Fortinet (Official website)

Fortinet is a Gartner leader in its Next Generation Firewall solution and won the customer choice award in 2022. In addition, the company is the market leader in firewalls with its products making up 37% of all units shipping in 2021.

Fortinet Firewalls

Fortinet Firewalls (Investor presentation 2022)

Strong Third Quarter Results

Fortinet reported solid financial results for the third quarter of 2022. Starting with Billings, which is the amount invoiced to customers and the true "top line" for SaaS companies. Billings increased by 32.6% year over year to $1.41 billion. Following on from this revenue was $1.15 billion, which increased by a rapid 32% year over year and beat analyst estimates by $25.59 million.

Fortinet stock

Fortinet stock (Q3,22 report)

Total revenue was driven by solid product revenue growth of $468.7 million which increased by 39% year over year across its Core and Enhanced Platform technology products. This is impressive growth given a tough year-over-year comparison and supply chain challenges. Service revenue also increased by a solid 28.4% year over year and 3% sequentially to $680 million.

There are three drivers which are helping to accelerate revenue growth across its product range. These include the increase in cybersecurity threats (as mentioned in the introduction), the merging of security and networking, and vendor consolidation. For a long time, the cybersecurity industry has been categorized by a variety of single-point solutions and specialist companies. This was great in the short term as each company had its own expertly honed product. However, for IT and security teams the security tech stack has become unmanageable with high operational overhead. For example, internal security will have to manage patches, updates, licenses, etc. on many different solutions.

Fortinet solves this problem with its "platform strategy" which enables customers to "converge" together both networking and security products, resulting in lower management time and lower operating costs.

A Forrester report even highlighted this and labeled Fortinet as a leader in enterprise firewalls for the first time. The report stated, "Fortinet has built a flexible and capable platform" and it "excels at performance for value".

The company has continued to eat market share in the area of Secure SD-WAN (Wide-Area-Network) which increased bookings by 45% year over year. Management believes the company is on track to become the market share leader in this space over the next couple of years.

Fortinet has also been "growing upmarket" as it executes its strategy of targeting higher-order value enterprise customers. In the third quarter of 2022, the number of deals over $1 million increased by over 80% to 153 deals.

Number of Deals

Number of Deals (Fortinet)

Fortinet is well diversified with the Americas making up 40.7% of revenue followed by EMEA at 38.6% and APAC at 20.75%. EMEA was surprisingly the fastest growing segment as revenue increased by 37% year over year. This was followed by the Americas with 34% revenue growth and the APAC region with 23% growth.

Revenue by Geography

Revenue by Geography (Q3,22 report)

On to profitability and margins, the company reported $875.5 million, in gross profit which increased by 32% year over year at a solid 76.2% gross margin. Operating Income was $334.9 million, which increased by blistering 45% year over year. This was driven by a solid improvement in operating margin from 25.8% to 28.3%, as the company benefited from higher operating leverage and FX tailwinds.

Earnings per share were $0.29, which beat analyst expectations by $0.06.

Financials

Financials (Q3,22 report)

Fortinet has also reported solid growth in its cash flow which increased by 19.9% year over year to $463.8 million, including real estate add-backs.

Free Cash Flow

Free Cash Flow (Q3,22 report)

The company has a solid balance sheet with cash, short-term investments, and marketable securities of $1.81 billion. In addition, the company has ~$989 million in long-term debt.

Advanced Valuation

In order to value Fortinet I have plugged the latest financials into my advanced valuation model which uses the discounted cash flow method of valuation. I have forecasted a conservative 30% revenue growth for next year, which is lower than the 34% guidance for the full year of 2022. In addition, I have forecasted 32% revenue growth per year over the next 2 to 5 years in order to be conservative.

Fortinet stock valuation 1

Fortinet stock valuation 1 (created by author Ben at Motivation 2 Invest)

In order to increase the accuracy of the valuation, I have capitalized R&D expenses, which has lifted the net income. In addition, I have forecasted the company to continue to increase its operating margin to 27% over the next 8 years, as it continues to benefit from strong operating leverage.

Fortinet stock valuation 2

Fortinet stock valuation 2 (Created by author at Motivation 2 invest)

Given these factors I get a fair value of $52 per share, the stock is trading at $77.87 per share at the time of writing and is thus 33% undervalued.

As an extra data point, Fortinet trades at a Price to Sales ratio = 10 which fairly valued relative to historic multiples. It should be noted that Fortinet trades at a slightly higher PS multiple than industry Peers but the company does have strong profit margins which aren't factored in via the PS metric.

Chart
Data by YCharts

Risks

Recession/Longer Sales Cycles

The high inflation and rising interest rate environment is squeezing the margins of many businesses and analysts are even forecasting a recession. Therefore I expect longer sales cycles and delayed spending although the cybersecurity industry does look to be relatively immune from many of the major headwinds.

Final Thoughts

Fortinet is a solid technology innovator and has a diversified business model. The company has highlighted the problems in the market with multiple vendors and aims to help the industry consolidate. It is growing strong across all product lines and the stock is undervalued intrinsically.

Tue, 29 Nov 2022 14:57:00 -0600 en text/html https://seekingalpha.com/article/4561282-fortinet-stock-firewall-leader-super-margins-rapid-growth
Killexams : Is Fortinet Stock a Once-in-a-Decade Buying Opportunity?

Make no mistake, cybersecurity is a secular growth trend. As computing technology deepens its roots in the global economy, businesses have new opportunities ahead of them -- but they're simultaneously faced with new dangers too. The pandemic accelerated reliance on digital processes, which has in turn boosted demand for cybersecurity.

But that hasn't equated to shareholder gains. Take Fortinet (FTNT -1.17%), for example. It's the second-largest cybersecurity pure-play stock (as measured by revenue, behind only Palo Alto Networks), and shares are down 30% so far in 2022 as the bear market rages on. Business itself is booming, though. Is this a once-in-a-decade buying opportunity for this long-term growth story?  

Q3 was good, but it's all about the guidance

Fortinet's third-quarter revenue increased nearly 33% year over year to $1.15 billion -- driven by a 39% increase in product sales ($469 million) and a 28% increase in services ($681 million). Earnings per share jumped 65% to $0.33, and free cash flow was up 20% to $395 million (for a very healthy free-cash-flow margin of 34%).

Why is the market so down on Fortinet? Just like last quarter, free-cash-flow growth came in a bit light. That's a function of Fortinet's spending this year on research and development, as well as a sizable expansion of its sales and marketing team. The company sees big opportunities ahead of it (more on that in a moment), so it's keeping the foot on the gas to hold onto some of its momentum. With global economic conditions worsening, that's making some investors a bit nervous.

It isn't just the third-quarter free cash flow that's a problem for the market, though. After two years of accelerating growth in Fortinet's hardware sales, CFO Keith Jensen said on the earnings call the company is "seeing early signs of a transition back to more normalized customer buying behaviors."

What does that mean? Well, back in 2019 before the pandemic, revenue for Fortinet's product and services segments increased a respective 17% and 21%. While that's respectable, it's far lower than the full-year 2022 outlook for revenue to increase about 33% from 2021 (at the midpoint of guidance). If customer buying "normalizes" to a pre-pandemic pace, Fortinet is poised for a big deceleration in the next few years.

Buy Fortinet for the long haul

Worries aside, there is still plenty to like about Fortinet at this juncture. The company benefits from a type of cybersecurity flywheel effect. Once Fortinet's security equipment is installed, customers usually begin to pay for ongoing software and services attached to the hard asset. That means Fortinet's rapid rise in product sales this year should lead to a nice tail of service sales growth in the next few years -- even as product sales ease up.

Additionally, Fortinet has been investing heavily into new services in areas like employee endpoint protection (a must-have for remote workers) and providing various network security technologies from a single platform (from mobile 5G network operators to more traditional networks). CEO Ken Xie said this has led to expanding relationships with existing customers, especially as larger organizations look for more simplicity by consolidating the number of security vendors they use.

With that as the backdrop, Fortinet doesn't see a slowing economy -- perhaps even a recession -- as a significant risk to the medium-term guidance it laid out in May 2022. Specifically, management expects to reach $8 billion in revenue by 2025 (which would work out to a 22% average annual growth rate from today), and a 2025 free-cash-flow margin roughly in line with where it is now. Additionally, Fortinet has returned $2.56 billion to shareholders over the last 12-month stretch via share repurchases. Balancing profitable growth with shareholder returns will remain the focus going forward.

Fortinet stock now trades for 43 times expected 2022 adjusted earnings, or 35 times trailing-12-month free cash flow. With growth still going strong and a possible rebound in profitability in store next year as Fortinet's heavy rate of investment spending eases, it isn't an unreasonable price tag. The stock's fall this year doesn't exactly spell once-in-a-decade opportunity. However, if Fortinet achieves its goals, this remains a top buy among cybersecurity stocks in my book.

Nicholas Rossolillo and his clients have positions in Fortinet and Palo Alto Networks. The Motley Fool has positions in and recommends Fortinet and Palo Alto Networks. The Motley Fool has a disclosure policy.

Thu, 10 Nov 2022 16:38:00 -0600 Nicholas Rossolillo en text/html https://www.fool.com/investing/2022/11/10/is-fortinet-a-once-in-a-decade-buying-opportunity/
Killexams : Where Fortinet Stands With Analysts

Within the last quarter, Fortinet (NASDAQ:FTNT) has observed the following analyst ratings:

Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish
Total Ratings 2 11 1 0 0
Last 30D 0 1 0 0 0
1M Ago 1 6 1 0 0
2M Ago 0 2 0 0 0
3M Ago 1 2 0 0 0

In the last 3 months, 14 analysts have offered 12-month price targets for Fortinet. The company has an average price target of $65.93 with a high of $76.00 and a low of $57.00.

Below is a summary of how these 14 analysts rated Fortinet over the past 3 months. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the more negative analysts are on the stock

price target chart

This current average represents a 6.26% decrease from the previous average price target of $70.33.

Stay up to date on Fortinet analyst ratings.

Analysts are certified within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter.

Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

Tue, 15 Nov 2022 22:09:00 -0600 en text/html https://markets.businessinsider.com/news/stocks/where-fortinet-stands-with-analysts-1031918144
Killexams : Here's Our Strategy for Fortinet

Shares of cybersecurity firm Fortinet (FTNT) were cut to a neutral fundamental rating by a sell-side firm Thursday with a $55 price target. Let's combine some technical analysis with this fundamental backdrop to come up with a strategy.

In this daily bar chart of FTNT, below, we can see that prices have been in a downward trend since late December. Prices have made lower lows and lower highs. Currently FTNT is trading below the declining 200-day moving average line.

The daily On-Balance-Volume (OBV) has moved sideways since early August and has thus created a bullish divergence when compared to the price action. The Moving Average Convergence Divergence (MACD) oscillator has moved around the zero line the past year and is currently pointed down to the line.

In this weekly Japanese candlestick chart of FTNT, below, we can see a longer-term downward trend. Prices trade below the declining 40-week moving average line. The weekly OBV line has been in a decline since December. The MACD oscillator is trying to provide us a cover shorts buy signal.

In this daily Point and Figure chart of FTNT, below, we can see a potential downside price target in the $28 area.

In this weekly Point and Figure chart of FTNT, below, we can see an upside price target in the $82 area but a trade at $45 or lower could turn this chart bearish.

Bottom line strategy: Shares of FTNT could bounce to the upside in the short-run but the major trend is still down. FTNT needs to develop a base pattern to convince me that a buy recommendation is warranted.

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Wed, 09 Nov 2022 19:22:00 -0600 BRUCE KAMICH en text/html https://realmoney.thestreet.com/investing/here-s-our-strategy-for-fortinet-16108085
Killexams : Expert Ratings for Fortinet

Over the past 3 months, 14 analysts have published their opinion on Fortinet (NASDAQ:FTNT) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company's business to predict how a stock will trade over the upcoming year.

Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish
Total Ratings 2 11 1 0 0
Last 30D 0 1 0 0 0
1M Ago 1 6 1 0 0
2M Ago 0 2 0 0 0
3M Ago 1 2 0 0 0

These 14 analysts have an average price target of $65.93 versus the current price of Fortinet at $55.43, implying upside.

Below is a summary of how these 14 analysts rated Fortinet over the past 3 months. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the more negative analysts are on the stock

price target chart

This current average has decreased by 6.26% from the previous average price target of $70.33.

Stay up to date on Fortinet analyst ratings.

Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.

Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.

Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

Wed, 16 Nov 2022 01:19:00 -0600 en text/html https://markets.businessinsider.com/news/stocks/expert-ratings-for-fortinet-1031919189
Killexams : Fortinet Launches Managed Cloud-Native Firewall Service to Simplify Network Security Operations, Available Now on AWS

Fortinet, Inc.

FortiGate CNF delivers enterprise-grade security managed by Fortinet and cloud-native integrations on AWS to simplify, scale and modernize security operations

SUNNYVALE, Calif., Nov. 28, 2022 (GLOBE NEWSWIRE) -- AWS re:Invent 2022

John Maddison, EVP of Products and CMO at Fortinet
“Organizations that are accelerating their cloud adoption may not have the resources or time to build, scale or adapt their cloud security to meet the pace of their business. As a managed next-generation firewall service, FortiGate CNF removes the heavy lifting around network security operations and provides a frictionless experience to help customers easily deploy best-in-class security on the cloud.”

News Summary
Fortinet® (NASDAQ: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced the availability of FortiGate Cloud-Native Firewall (FortiGate CNF) on Amazon Web Services (AWS), an enterprise-grade, managed next-generation firewall service specifically designed for AWS environments. FortiGate CNF incorporates FortiGuard artificial intelligence (AI)-powered Security Services for real-time detection of and protection against malicious external and internal threats, and is underpinned by FortiOS for a consistent network security experience across AWS and on-prem environments.

By shifting the management of network security infrastructure to Fortinet via FortiGate CNF, customers can focus more on their core competencies and deploying effective security policies to protect their business-critical applications and data. Natively supporting AWS and available now in AWS Marketplace, FortiGate CNF gives customers immediate access to FortiGuard AI-powered Security Services for enterprise-grade protection, including URL filtering, DNS filtering, IPS, application control and other FortiGuard security services, that organizations rely on.

FortiGate CNF enables customers to realize the following benefits:

  • Region-wide network protection at optimized costs: FortiGate CNF is designed to easily aggregate security across cloud networks, availability zones and virtual private clouds (VPCs) in a cloud region. It also natively supports AWS to help optimize cloud security spend and uses AWS Graviton instances to deliver better price performance than other offerings.

  • Simplified network security operations with cloud-native integrations: FortiGate CNF provides a simple, intuitive user interface (UI) that minimizes the need for security expertise and makes it easy to define and deploy robust security policies including dynamic meta-data based policies on AWS. This AWS support helps security teams move at the speed and scale of applications teams, while support of AWS Gateway Load Balancer eliminates do-it-yourself automation and helps secure Amazon Virtual Private Cloud (Amazon VPC) environments while improving high availability and scaling. Additionally, support of AWS Firewall Manager simplifies security management and automates security rollout.

  • Increased compliance with consistent enterprise-grade security across on-prem and cloud deployments: In a recent survey of more than 800 cybersecurity professionals, 78% of respondents indicated that a cloud security platform with a single dashboard could help them better protect data across their cloud footprint and strengthen their security posture. FortiGate CNF provides an intuitive dashboard to easily manage security policies across a customer’s AWS deployments. As part of the Fortinet Security Fabric platform, it also offers a single pane of glass through FortiManager to centralize policy management, increase visibility and automate policy enforcement on AWS and beyond. This capability helps teams effectively apply security controls seamlessly across hybrid cloud and on-premises deployments.

  • Enhanced with AI-powered global threat intelligence: FortiGate CNF includes a suite of trusted FortiGuard AI-powered security services, developed and continually improved by FortiGuard Labs. Using AI/machine learning (ML) models, FortiGate CNF with FortiGuard Security Services enables a proactive security posture and remediation of known and unknown threats based on real-time threat intelligence, behavior-based detection and automated prevention.

Fortinet and AWS – Better Together

FortiGate CNF is the latest example of Fortinet's commitment to delivering cloud-native services to support our customers. Fortinet’s work with AWS ensures that customers’ public cloud workloads are protected by best-in-class security solutions powered by comprehensive threat intelligence. Fortinet support of key AWS services simplifies security management, facilitating full visibility across environments and providing broad protection across your workloads and applications. Throughout any stage in a customer’s migration to the cloud, Fortinet Security Fabric, the industry’s highest performing cybersecurity mesh platform, delivers security-driven networking and adaptive cloud protection for the ultimate flexibility and control needed to build in the cloud.

Supporting Quotes
“Fortinet was the clear choice for help when we decided to move our workloads from a data center to a public cloud environment on AWS. By leveraging Fortinet cloud security solutions to complement native AWS security groups, we were able to accelerate our cloud migration to just one month, a process that that would typically take one year. With the introduction of FortiGate CNF, Yedpay is looking forward to having the option of a managed firewall service powered by the collective cloud infrastructure expertise of Fortinet and AWS to further bolster our existing cloud security and enable us to securely grow our business.”

- Simon Lau, CIO & CISO, Yedpay

“We know organizations are looking to further simplify and modernize security on the cloud, which is why we’re working with Fortinet to deliver adaptive cloud security solutions. With FortiGate CNF, customers can build confidently, boost agility, and take advantage of everything AWS has to offer. As a fully managed cloud-native service, FortiGate CNF provides the enterprise-level firewall services and network security that helps reduce risk and Excellerate compliance, and optimizes customers’ security investments. We’re looking forward to continuing our work with Fortinet to help our mutual customers accelerate their cloud security goals.”

- Dave Ward, GM, Application Networking, AWS

Additional Resources

About Fortinet
Fortinet (NASDAQ: FTNT) makes possible a digital world that we can always trust through its mission to protect people, devices, and data everywhere. This is why the world’s largest enterprises, service providers, and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Security Fabric platform delivers broad, integrated, and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. Ranking #1 in the most security appliances shipped worldwide, more than 595,000 customers trust Fortinet to protect their businesses. And the Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda (TAA), provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

FTNT-O

Copyright © 2022 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently Tested statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

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