Fortinet (FTNT) Inks Network Security Deal With Linksys
Fortinet FTNT is riding on key partnerships, which are driving its growth. Moreover, its powerful cybersecurity and network security solutions are expanding its customer and partner base.
Notably, the pandemic has led to an era of everything-from-home, starting from work and education to shopping and other modes of entertainment. Fortinet is benefiting from the rising demand for security and networking products amid the coronavirus crisis, as a huge global workforce is working remotely now. More people logging into employers' networks means a greater need for security. The trend is spurring the demand for Fortinet’s products.
Most recently, the company teamed up with wireless networking products provider Linksys, to increase the security and boost the performance and management of home networks. Through the alliance, the companies will offer enterprise-grade connectivity and security services to organizations. This will enable these organizations to provide agile and secure connectivity for their remote employees, taking advantage of the Fortinet Security Fabric. As part of the partnership, Fortinet has also invested $75 million in Linksys.
Fortinet, Inc. Price and Consensus
Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote
This news follows the company’s partnership with AT&T T to bring Secure Access Service Edge (SASE) to the latter’s portfolio of Managed Security Services.
Notably, Fortinet’s Security Fabric is gaining strong traction among enterprises. Recently, it acquired network monitoring and remediation innovator, Panopta. Per the acquisition deal, its Security Fabric will be combined with Panopta’s SaaS-based Hybrid scalable network monitoring and diagnostics platform. This will enable Fortinet to provide a comprehensive network and security operations management solution to its customers.
Fortinet’s Security Fabric offerings have been adopted by companies like Aspire Global, MediaKind and MLP Finanzberatung SE to improve their cloud environments with secure connectivity and consistent visibility and control.
Further, the company regularly adds key customers to its Fabric-Ready Partner program, which already includes Amazon’s AMZN cloud arm AWS, Nozomi Networks, RAD, Indegy and SecurityMatters. This will enhance the security solutions available to operational technology customers through the Fortinet Security Fabric.
Zacks Rank & A Stock to Consider
Fortinet currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is Skyworks Solutions SWKS, sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate for Skyworks Solutions is currently pegged at 18.98%.
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