Fortinet FTNT recently announced that it is expanding support to VMware VMW to jointly enable end-to-end security and security management across dynamic cloud infrastructures.
FortiGate-VM, which is powered by the Fortinet Security Fabric, will support the VMware NSX-T Data Center to help customers consolidate security infrastructure and extend it across multi-hypervisor environments, public and private clouds.
FortiGate-VM already provides advanced security in VMware NSX-T environments for North-South traffic. With this extension of partnership, Fortinet will provide consistent security and monitoring for East-West traffic as well.
Per IHS Markit survey authorized by Fortinet, 74% of respondents have moved their applications back to private infrastructure from the cloud due to security concerns. This highlighted the fact that security professionals are increasingly trying to enhance the performance of organizations in a hybrid cloud environment, while maintaining their ability to manage risks. Fortinet and VMware’s partnership targets this growing need.
Fortinet, Inc. Price and Consensus
Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote
Growing Adoption of Security Fabric Architecture
Fortinet’s Security Fabric is gaining strong traction among enterprises led by digital transformation across most industries. As enterprises are transitioning their workloads to the cloud, they are becoming increasingly aware of the security gaps that may arise in a multi-cloud environment, and the implications on business.
Fortinet’s Fabric-Ready Partner ecosystem’s open APIs approach enables security to be automated and synchronized across DevOps environments. With this integration, Fortinet continues to support customer business priorities related to cloud adoption.
Earlier this year, Fortinet announced that its multi-cloud security offerings have been adopted by Nubank, Aspire Global, MediaKind, and MLP Finanzberatung SE to improve their cloud environments with secure connectivity and consistent visibility and control.
Further, the company announced three more key customers in its Fabric-Ready Partner program — RAD, Indegy and SecurityMatters. Notably, the program already includes AWS and Nozomi Networks.
With the partnership, VMware, which is also a Fabric-Ready Partner, is enabling Fortinet to natively support its products and solutions.
Competition Rife in Comprehensive Cloud Security
Fortinet faces competition from numerous players in the security application market. In the multi-cloud security space, its most notable rivals are Palo Alto PANW and Cisco CSCO.
Palo Alto recently acquired container security company Twistlock, and serverless security firm PureSec, to better protect customers’ journey to the cloud. The company also introduced comprehensive cloud security suite Prisma. These proposed buyouts are expected to further boost its cloud security suite.
Cisco’s cloud security solutions are also gaining significant momentum due to various efforts to boost business. Notably, in October last year, Cisco acquired Duo Security to enhance its cloud security portfolio.
However, we believe that Fortinet’s robust steps to maintain stronghold in the cybersecurity market, and the growing success of the Security Fabric among private and public enterprises, position it comfortably amid intense competition.
Fortinet currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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