Fortinet Stock Price, News & Analysis

Fortinet (NASDAQ: FTNT) has announced a commitment to train 1 million individuals globally over the next five years through its Training Advancement Agenda (TAA) initiative and Network Security Experts (NSE) Training Institute. This initiative aims to close the cybersecurity skills gap, with the industry needing 3.12 million professionals according to an (ISC)2 report. Fortinet's efforts include partnerships with various organizations and a focus on diversifying the cybersecurity workforce.

Fortinet has partnered with the PGA TOUR for the Fortinet Championship, kicking off the 2021-2022 FedExCup Regular Season in Napa, California, from September 13-19, 2021. This inaugural event aims to tackle critical cybersecurity challenges and promote local charitable initiatives focusing on STEM, inclusion, and veterans' reskilling programs. Fortinet will host a Security Summit to discuss innovative technologies, featuring over 35 partners. Proceeds from the championship will support nonprofit organizations aligned with Fortinet's mission to bridge the cybersecurity skills gap.

Fortinet announces the integration of its FortiGate NGFW with the Dragos Platform, simplifying security deployment across Operational Technology (OT) environments. This collaboration aims to enhance asset visibility, vulnerability management, and threat detection for industrial asset owners. The integration allows for automated responses to threats while reducing maintenance burdens. Fortinet's Secure Processing Units (SPUs) enable high-speed detection and response, further bolstering security efforts. This partnership is expected to improve overall cybersecurity posture for joint customers.

Fortinet (NASDAQ: FTNT) highlights a concerning rise in cyberattacks, revealing a tenfold increase in ransomware incidents in June 2021 compared to the previous year. The FortiGuard Labs Global Threat Landscape Report emphasizes the need for collaboration amongst public and private sectors to combat cybercrime effectively. Organizations are urged to adopt advanced AI-powered defenses and continuous cybersecurity training to mitigate these evolving threats. The report also notes a rise in malvertising and botnet activities, emphasizing the growing sophistication of cybercriminal strategies.

Fortinet has announced the integration of FortiManager with HashiCorp Terraform, facilitating efficient security deployment and management in multi-cloud environments. This collaboration aims to automate security provisioning, reduce errors from misconfigurations, and streamline policy management. With over 90 percent of enterprises adopting multi-cloud strategies, this integration enhances organizations' ability to manage complex infrastructures. The FortiManager Terraform provider supports multiple FortiOS versions and is designed for better operational efficiency in cloud security.

Fortinet reported a strong Q2 2021, with total revenue of $801.1 million, up 30% year-over-year. Product revenue rose 41% to $298.3 million, while service revenue increased 24% to $502.8 million. Billings were up 35% at $960.9 million, and deferred revenue reached $2.91 billion, a 27% increase. GAAP diluted net income per share was $0.82, and non-GAAP diluted EPS was $0.95. The company raised its full-year guidance, expecting revenue between $3.210 billion and $3.250 billion.

Fortinet has launched the FortiGate 3500F Next-Generation Firewall, designed for hybrid data centers. It boasts performance metrics that exceed the industry average by six times and includes advanced protection against ransomware. The device uniquely integrates zero trust network access (ZTNA) capabilities and offers extensive automated threat protection, including support for TLS1.3. FortiGate 3500F aims to address the security needs of organizations adapting to an evolving threat landscape, ensuring data protection and business continuity.

Fortinet has announced the launch of FortiTrust, expanding its security services portfolio to offer user-based licensing across networks, endpoints, and clouds. This new service allows organizations to manage security across various platforms with a unified licensing model, addressing the growing complexity and costs associated with disparate security solutions. Initial offerings include services related to zero trust network access and identity verification. FortiTrust aims to simplify security management and enhance protection against the evolving digital threat landscape.

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