Symantec Corporation SYMC recently announced that the principal components of its Integrated Cyber Defense platform are now accessible through Oracle ORCL Cloud Marketplace. Symantec is already a Gold-level member of Oracle PartnerNetwork (OPN).
Notably, in an era when organizations are rapidly shifting to cloud infrastructure, security breach related issues are turning out to be the primary concern. The recent cyber-attacks namely Wannacry and NotPetya have further boosted the need to secure sensitive data. This has paved the way for growth of companies like Symantec that deal with cloud security solutions.
Moreover, the world is rapidly advancing toward the augmented version of private and public cloud, better known as hybrid cloud technology. This ensures cost effective storage and operations. The flexibility offered by the process can be scaled up per the client’s request, making it more lucrative.
Oracle Cloud Infrastructure platform also offers similar services that combine the flexibility of public cloud with the detailed control and security of on-premises infrastructure. Symantec’s Cyber Defense platform addresses both on-premise and cloud security including the likes of Control Compliance Suite, Data Center Security, Data Loss Prevention, Endpoint Protection, Cloud Data Protection, and Protection Engine related solutions.
We believe the combination of Oracle’s cloud infrastructure with Symantec’s cloud security based expertise will provide consumers with an enhanced experience. This will expand Symantec’s market presence, thereby boosting its top line going ahead.
Symantec Corporation Revenue (TTM)
Symantec Corporation Revenue (TTM) | Symantec Corporation Quote
Symantec in Cloud Security Market
In a recent report, AB Newswire quoted WiseGuyReports.com that stated that the Cloud Security Market is expected to experience a 20.1% CAGR and reach $13.272 billion by 2022 from $5.314 billion in 2017.
We believe the company’s techniques related to protection and management of confidential data, threat detection and end point protection along with its popular brands in security and utilities, including Norton Anti-Virus, Norton Internet Security and Norton System Works make it well equipped to grab the projected growth opportunity.
Additionally, the company’s recent acquisitions of Fireglass and Skycure have also strengthened its Integrated Cyber Defense Platform, thereby solidifying its foothold in the industry.
Furthermore, Microsoft’s MSFT recent announcement of its cloud platform Azure assisting Symantec in delivering Norton branded security software products to a customer base of over 50 million is another positive. We expect all these initiatives to be key catalysts for the company’s revenues, which increased 26.7% year over year in the last reported quarter.
However, increasing competition in the cloud-based security industry from the likes of Check Point Software Technologies, Proofpoint and CyberArk Software remains a concern for the company.
Zacks Rank and Stock to Consider
Symantec has a Zacks Rank #4 (Sell).
A top-ranked stock in the sector is Intel Corporation INTC, sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term EPS growth rate for Intel is projected to be 8.42%.
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