Fortinet (FTNT) Unveils Secure Switches for Modern Campuses
Fortinet FTNT recently launched two new switches, the FortiSwitch 600 and 2000, which cater to the increasing demands for connectivity and security in campus settings.
These switches offer high performance, embedded intelligence and smooth integration with Fortinet's AIOps management tool and FortiGuard AI-Powered Security Services.
As users' bandwidth demands continue to rise, organizations are increasingly adopting next-generation wireless access points (AP) to enhance connectivity. To guarantee network reliability and deliver a satisfactory user experience, organizations require high-performance switches that can intelligently manage AP traffic and avoid congestion.
The recently introduced FortiSwitch 600 and 2000 models significantly broaden FTNT's switching lineup, offering security, simplicity and scalability. These switches are built with the capability and port capacity to address the requirements of contemporary campuses and adapt to the increasing demands for connectivity.
Fortinet has delivered wired and wireless LAN solutions that converge networking and security for the company. The new switches are the latest addition to FTNT’s secure connectivity platform, which provides comprehensive security, access control and unified management throughout the LAN. This is expected to boost product revenues in the upcoming financial year.
The Zacks Consensus Estimate for this Zacks Rank #3 (Hold) company’s 2023 product revenues is pegged at $2.02 billion, indicating year-over-year growth of 13.4%. The Zacks Consensus Estimate for gross profit in 2023 is pegged at $2.85 billion, indicating a year-over-year increase of 27.06%.
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Fortinet, Inc. Price and Consensus
Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote
Fortinet Faces Tough Competition in the SD-WAN Market
According to a fmi report, the software-defined wide area network (SD-WAN) market is expected to record a CAGR of 31.6% from 2022 to 2032. The market is likely to reach $53.8 billion by 2032 from $3.4 billion in 2022. This growth is driven by the increased demand for mobility services as well as rising emphasis on enterprises reducing OPEX.
Fortinet currently faces tough competition from Cisco Systems CSCO, Cato Corporation CATO and Palo Alto Networks PANW in the SD-WAN market.
Cisco Meraki SD-WAN is a cloud-managed solution that streamlines configuration, centralizes control and enhances the security of branch connectivity through software-as-a-service (SASE) functionalities. Meraki SD-WAN simplifies the process of prioritizing essential business traffic by utilizing application-aware routing.
Cato SD-WAN is a network solution that offers secure and efficient global connectivity while delivering robust SASE security. Cato SD-WAN streamlines network administration, enhances performance and lowers expenses. The platform's minimal maintenance demands and its commitment to managing inspection capacity on the behalf of customers allow businesses to confidently deploy users and branch offices.
Palo Alto Networks is a prominent provider of extensive cybersecurity solutions encompassing network security, cloud security, endpoint security and threat intelligence. PANW provides various services, such as incident response, threat intelligence and security consulting. Palo Alto is a valuable collaborator for any organization seeking to bolster its cybersecurity stance.
Shares of Fortinet have gained 21.7% in the past year compared with the Zacks Computer and Technology sector’s rise of 13.6% due to being a prominent global SD-WAN solution designed to assist businesses in overseeing the network connectivity and security.
The company provides a robust set of capabilities, encompassing application steering, multi-path intelligence and integrated security, which is making it an excellent option for businesses aiming to enhance both network performance and security.
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