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Fortinet NSE 7 - Enterprise Firewall 7.0
Fortinet Enterprise download
Killexams : Fortinet Enterprise obtain - BingNews Search results Killexams : Fortinet Enterprise obtain - BingNews 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.

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 (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 (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.

Data by YCharts


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
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
Killexams : Fortinet Patches High-Severity Authentication Bypass Vulnerability in FortiOS

Cybersecurity solutions provider Fortinet this week announced patches for multiple vulnerabilities across its products, including a high-severity authentication bypass impacting FortiOS and FortiProxy.

Tracked as CVE-2022-35843 (CVSS score of 7.7), the authentication bypass was identified in the SSH login component of FortiOS. The bug can only be triggered when Radius authentication is used.

“An authentication bypass by assumed-immutable data vulnerability in the FortiOS SSH login component may allow a remote and unauthenticated attacker to login into the device via sending specially crafted Access-Challenge response from the Radius server,” Fortinet explains in an advisory.

The vulnerability, Fortinet says, impacts FortiOS versions 7.2.x, 7.0.x, 6.4.x, 6.2.x and 6.0.x, and FortiProxy versions 7.0.x, 2.0.x and 1.2.x.

Patches were included in FortiOS versions 7.2.2, 7.0.8, and 6.4.10, and in FortiProxy versions 7.0.7 and 2.0.11.

A network operating system powering Fortinet’s physical firewalls, FortiOS is often targeted by threat actors looking to compromise commercial, government, and technology services networks.

In fact, US government agencies have issued multiple alerts to warn of ongoing exploitation of known vulnerabilities in FortiOS, urging federal agencies and private organizations to apply available patches in a timely manner.

This week, Fortinet also announced patches for two medium-severity vulnerabilities in FortiADC (Application Delivery Controller), which ensures application availability, optimization, and security.

The first bug (CVE-2022-33876) cumulates multiple input validation issues leading to information disclosure via crafted HTML requests, while the second (CVE-2022-33875) is described as an improper neutralization of special elements leading to SQL injection.

Several low-severity vulnerabilities have also been resolved. Additional details on these security defects and the impacted products can be found on Fortinet’s PSIRT page.

Related: Fortinet Patches 6 High-Severity Vulnerabilities

Related: Fortinet Admits Many Devices Still Unprotected Against Exploited Vulnerability

Related: Fortinet Customers Told to Urgently Patch Remotely Exploitable Vulnerability

Ionut Arghire is an international correspondent for SecurityWeek.
Previous Columns by Ionut Arghire:
Wed, 07 Dec 2022 01:02:00 -0600 en text/html
Killexams : Fortinet's cloud firewall ditches custom ASICs for Amazon's Graviton CPUs © Provided by The Register

You might say they've Arm-ed their security suite for battle

For years, Fortinet has leaned on its custom security and networking ASICs to compete against rival vendors like Juniper, Palo Alto Networks, and Cisco in the firewall space.…

But when it comes to extending their security stack to the cloud, any advantage offered by its custom silicon starts to erode. Fortinet can’t exactly deploy its hardware in the cloud. Instead, it’s forced to — like most other vendors — run its firewall on general-purpose compute infrastructure, which has traditionally meant x86 CPUs from Intel or AMD.

Fortinet’s latest attempt to sell customers on its cloud firewalls involves repackaging its security stack as a software-as-a-service platform in AWS. Dubbed FortiGate CNF, the service features the standard assortment of security functionality you’d expect from a next-generation firewall, including URL, DNS and application filtering and intrusion prevention/detection to name a few.

However, unlike most virtualized or containerized firewalls, Fortinet’s kit is designed to take advantage of Amazon Web Services (AWS) own custom silicon in the form of its Graviton GPUs.

AWS began offering Arm-based VMs with the launch of Graviton in 2018. Rather than trying to out-perform x86 CPUs from Intel or AMD, the Graviton sought to achieve better value. Amazon claims its third-gen Graviton CPUs offer 40 percent better price-to-performance than “comparable fifth-generation x86-based instances.”

In a similar vein, Fortinet went out of its way to avoid the course of performance in its announcement. It’s an uncharacteristic move for a company that rarely misses an opportunity to call out the performance gap between its appliances and that of its competitors. Instead, the vendor highlighted the consistent management experience and touting lower operating costs associated with running its software stack on Amazon’s Arm-based CPUs.

Lower operating costs have been a hallmark of Arm CPUs, as cloud providers attempt to attract customers to the architecture. When Oracle introduced its Ampere Altra-based instances it did so at $0.01 per core per hour.

Whether Fortinet somehow managed to achieve consistent performance across on-prem and cloud deployments by going the cloud native route or opting for Amazon’s Arm cores remains unclear. Pressed on any performance delta between its on-prem and cloud capabilities, Fortinet provided the following vague statement. “We’re running FortiGate-VMs that deliver very-high firewall throughput performance.”

Each customer is assigned its own VM that’s autoscaled to as demands change, Fortinet tells The Register. And a peek at AWS Graviton instances offers some clues as to what the upper limits of Fortinet’s new cloud firewalls may be. Amazon’s largest Graviton instance — the 64-core, 128GB c7g.16xlarge — maxes out at 30Gbps of network bandwidth.

That would put the maximum threat inspection on par with the FortiGate 3000F — a high-throughput firewall appliance aimed at hyperscale environments — but that’s assuming that the CPU can actually keep up. And even if it could, it wouldn’t be cheap. At $2.7/hour plus $0.031 per gigabyte inspected, 30Gbps worth of data flows would run a customer somewhere in the neighborhood of $420 an hour.

With that said, there’s still some merit to maintaining a consistent security stack across on-prem and cloud infrastructure.

While all the major cloud providers offer some kind of firewalling functionality in house, employing them usually requires maintaining two separate security policies. Microsoft’s security wing this summer attributed 80 percent of ransomware attacks back to configuration errors.

Extending an enterprises’ existing security stack to the cloud to minimize this potential has been a major selling point behind any number of virtualized or containerized firewalls, including those from Juniper, Palo Alto Networks, and in this case Fortinet. ®

Tue, 29 Nov 2022 10:04:53 -0600 en-US text/html
Killexams : Review: Fortinet FortiGate 40F Enables Defense Capabilities with Zero-Touch Installation

State government IT is often federated, widely dispersed into branch offices and sometimes even integrated with local government programs. A good way to connect branch offices to the increasingly cloud-based applications and services that they need to perform their jobs is to deploy a software-defined wide area network, or SD-WAN.

Doing that removes the need for local offices to connect to headquarters before being routed to those applications, saving time and preventing throughput bottlenecks. However, there is a danger to doing that if a branch office is not adequately protected, since they are also bypassing whatever cybersecurity defenses are in place on the headquarters’ network.

It is this exact situation that led Fortinet to create a series of zero-touch security devices that are tailor-made to provide secure SD-WAN capabilities to branch and remote offices. Appliances such as the FortiGate 40F provide direct access to cloud-based assets for branch offices, but also the security they need to protect themselves in an increasingly hostile environment.

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Flexible Placement Allows Ease of Use

The FortiGate 40F is designed for zero-touch installation. The tiny unit is even designed without fans, so it can be put almost anywhere, from a worker’s desk to a wiring closet. Once connected to a wired gateway, it provides secure SD-WAN capabilities that include anti-virus analysis, application filtering, next-generation firewall protection, an intrusion prevention system, URL filtering, VPN support and web threat protection. And all that works with both encrypted and unencrypted traffic.

Each 40F runs on the same FortiOS operating system that drives most Fortinet appliances, which is designed for ease of use. For example, it’s quite simple to set up to 5,000 firewall rules using that interface, or to prioritize certain types of traffic over others. However, in the event that there are limited IT resources at branch offices, the 40F can also be fully managed remotely.


High-Volume Traffic Is Supported and Inspected

The FortiGate 40F is designed to support all internet-related activities of a small to a medium-sized branch office. It can handle up to 200 concurrent secure VPN users and still be able to route traffic through its cybersecurity inspection modules without delays. It can also support up to 35,000 new TCP sessions per second. And it can do all of that across up to eight FortiSwitch devices and 10 virtual domains.

Adding SD-WAN to branch offices is a smart move to provide remote locations the ability to quickly access the cloud-based tools they need to work without clogging up a headquarters network. But it only works if those connections can be protected and secured. The FortiGate 40F security appliance provides both connectivity and protection in a single appliance with a zero-touch setup and plenty of support.

RELATED: How speech recognition platforms are saving time for busy law enforcement.


PRODUCT TYPE: Secure SD-WAN Appliance
DIMENSIONS: 8.5 x 5.5 inches x 1.4 inches

Gorodenkoff/Getty Images

Thu, 08 Dec 2022 06:49:00 -0600 John Breeden II en text/html
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 Boost 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, the Fortinet Blog, and FortiGuard Labs.


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 Checked 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.

Mon, 05 Dec 2022 16:08:00 -0600 en-US text/html
Killexams : Bull Of The Day: Fortinet (FTNT)

Fortinet (FTNT) is a Zacks Rank #1 (Strong Buy) and it sports a F for Value and an A for Growth.  I love to see that sort of growth divergence where we have a weak value score and a strong growth score.  As a growth investor, that tells me right away that I am on the right path. This security company posted a good beat in early November.  Let’s explore more about this company in this Bull of The Day article.


Fortinet, Inc. provides cybersecurity solutions. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. It has strategic alliance with Linksys. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

Earnings History

When I look at a stock, the first thing I do is look to see if the company is beating the number.  This tells me right away where the market’s expectations have been for the company and how management has communicated to the market.  A stock that consistently beats has management communicating expectations to Wall Street that can be achieved.  That is what you want to see.

For FTNT, I see four straight beats of the Zacks Consensus Estimate.  That is great to see, but by itself that is not enough to make the company a Zacks Rank #1 (Strong Buy).

The average positive earnings surprise over the course of the last year works out to be 14.5%.

Earnings Estimates Revisions

The Zacks Rank tells us which stocks are seeing earnings estimates move higher.

Over the last 60 days, earning estimates have moved up for FTNT.

This quarter has moved up from $0.35 to $0.39.

Next quarter has increased from $0.27 to $0.28.

The full fiscal year 2022 has increased from $1.05 to $1.14.

Next fiscal year has seen the estimate move from $1.29 to $1.39.

Positive movement in earnings stock is a Zacks Rank #1 (Strong Buy).


The valuation for this name isn’t low, but there is solid growth.  I see a forward PE of 46x which is very high, but the company is coming off a quarter that saw topline growth of more than 32%.  The price to book is an NA as that number works out to be a negative number.  A software name like this is an asset slim business so when the number does go positive it would not be surprising to see a double digit price to book multiple. Price to sales comes in a 10x and that is a big number, but the growth is there to support it.  I see margins increasing in the most recent quarter and with revenue growth expected to be 32% this year that should continue to drive earnings higher.

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Tue, 29 Nov 2022 05:17:00 -0600 en-US text/html
Killexams : Fortinet Stock (NASDAQ:FTNT), Quotes and News Summary

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Mon, 05 Dec 2022 05:33:00 -0600 text/html
Killexams : Fortinet Secure SD-WAN delivers 300% ROI over three years, payback in eight months, new independent study finds
John Maddison.

John Maddison.

John Maddison, EVP of Products and CMO at Fortinet

“Large enterprises around the world continue to turn to Fortinet to achieve their digital acceleration goals with solutions that converge networking and security. We’re pleased that Forrester has quantified both the network and security benefits of Fortinet Secure SD-WAN, which will advance our commitment to helping customers make informed decisions with validated solutions.”

Fortinet (NASDAQ: FTNT), a global leader in broad, integrated and automated cyber security solutions, today announced a business benefit analysis of Fortinet Secure SD-WAN and its ability to support large enterprises by delivering 300% ROI over three years and payback in eight months.

As one of the top SD-WAN vendors, Fortinet commissioned a Total Economic Impact (TEI) study by Forrester Consulting to analyse the value that Fortinet Secure SD-WAN can provide to large enterprises, examining both the network and security impact on customers’ businesses.

As part of the independent study, Forrester interviewed business decision-makers with experience across industries and geographies, including retail, healthcare, financial services and manufacturing. Collectively, the organisations deployed Fortinet Secure SD-WAN and other Fortinet products, such as switches, wireless LAN and wireless WAN, and have more than $1 billion in annual revenue, up to 8 500 sites, and up to 133 000 employees.

Based on customer feedback, Forrester developed a composite model for the study and built out a three-year financial model to reflect the costs and benefits of the investment.

Key findings from the study and benefits for customers include:

  • Eight months payback and 300% ROI: Customers deploying Fortinet Secure SD-WAN achieved a 300% return on investment over three years, with payback in eight months. These benefits include a reduction in communications costs, increased productivity of security and network teams, improved network and security performance and increased productivity of deployment teams.
  • Sixty-five percent reduction in network disruption: With enhanced network performance enabled by Fortinet Secure SD-WAN, business users experienced a 65% reduction in the number of network disruptions.
  • Fifty percent improvement in resolving issues: Fortinet offers increased visibility and effective, broad protection, allowing security and network teams to identify and remediate network issues more quickly. Improving time to issue resolution by as much as 50% enabled the composite organisation to reassign security and network team resources to higher value activities, resulting in a three-year, risk-adjusted productivity benefit of $1.4 million.
  • Increased productivity of deployment team: Fortinet Secure SD-WAN enabled the composite organisation to save time by 75% per new deployment, resulting in significant efficiencies for the deployment team.

Fortinet Secure SD-WAN transforms and secures WAN

Prior to implementing Fortinet Secure SD-WAN, the organisations used a combination of technologies and vendors to manage, maintain and monitor their networks. These solutions, which relied on MPLS, internet and assorted hardware, lacked visibility and adequate security coverage, forcing network engineers and administrators to spend excessive time identifying and resolving unanticipated problems on an ad hoc basis. Additionally, scaling and modifying existing solutions became increasingly cost-prohibitive and time-consuming.

To learn more about the additional benefits of Fortinet Secure SD-WAN based on real customer feedback, download The Total Economic Impact of Fortinet Secure SD-WAN study.

Additional analyst recognition and customer validation of Fortinet Secure SD-WAN

In addition to these findings from the independent Forrester study, Fortinet Secure SD-WAN has received industry recognition and momentum throughout the year. Fortinet was named a leader in the 2022 Gartner Magic Quadrant for SD-WAN for the third consecutive year, placing highest in the quadrant for its ability to execute.

Furthermore, Fortinet is the only vendor to have been ranked number one in three of the five use cases in the 2022 Gartner Critical Capabilities for SD-WAN report for the past two years for Remote Worker, Security-Sensitive WAN, and WAN for Small Branches.

Fortinet Secure SD-WAN also received positive validation from its customers. Fortinet was named a Customers’ Choice in the March 2022 Gartner Peer Insights ‘Voice of the Customer’: WAN Edge Infrastructure report – for the third year in a row – in recognition of the reviews that customers voluntarily submit about their experience with Fortinet’s Secure SD-WAN solution. 

Wed, 07 Dec 2022 20:13:00 -0600 en text/html
Killexams : Fortinet widens Sunnyvale tech footprint with new real estate deal

SUNNYVALE — Fortinet has widened its shopping spree for Sunnyvale sites where the tech company can undertake future projects to expand its Silicon Valley footprint.

All told, Fortinet has spent slightly more than $127 million buying up an array of properties near and next to its headquarters in Sunnyvale, a Bay Area News Group review of numerous public records shows.

In the most recent deal, Fortinet paid $3.3 million for a nondescript building at 140 San Lazaro Ave. at the corner of Kifer Road in Sunnyvale, according to documents filed on Nov. 29 with the Santa Clara County Recorder’s Office.

Fortinet obtained the building in an all-cash deal, the county property records show.

Starting in 2012 and including the most recent deal, Fortinet has spent roughly $127.3 million on an array of sites in Sunnyvale.

The slew of Sunnyvale properties that Fortinet has been purchasing over the past decade are mostly unassuming industrial or commercial sites.

Along the way, Fortinet built and opened a new headquarters building at 909 Kifer Road in Sunnyvale. The new headquarters is on a site that Fortinet purchased during its real estate buying efforts.

The cybersecurity company has also been assembling properties in Union City in a fashion that could enable Fortinet to create an East Bay outpost. Numerous tech workers commute from the East Bay to Silicon Valley’s job hubs.

In Union City, Fortinet has spent at least $166.9 million purchasing properties in the East Bay municipality, Alameda County public records show.


George Avalos is a business reporter for the Bay Area News Group.

Wed, 30 Nov 2022 14:50:00 -0600 George Avalos en-US text/html
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