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Fortinet's (FTNT) SD-WAN Adds Home Hardware to Customer Database

Zacks Equity Research
·4-min read

Fortinet FTNT recently revealed that Home Hardware has implemented its Secure Software-Defined Wide Area Network (SD-WAN) to improve the application experience and automate network security operations.

With nearly 1,100 dealer-owned stores, Home Hardware is a leading home improvement, construction, and furniture retailer based in Canada. The company uses multiple data centers and cloud environments to run its day-to-day operations and online platform. As the company’s business is growing rapidly, it’s becoming more challenging in managing the network and security.

Therefore, Home Hardware has selected Fortinet’s Secure SD-WAN solutions to secure its more than 1,100 network edges, data and applications. FTNT’s Secure SD-WAN will simplify and secure networks of the Canadian retailer by replacing multiple point products with one centrally managed integrated solution.

Fortinet, Inc. Price and EPS Surprise

Fortinet, Inc. price-eps-surprise | Fortinet, Inc. Quote

Adoption of Secure SD-WAN Bodes Well

The growing adoption of its SD-WAN solutions is proving to be a key growth driver for Fortinet. With digital transformation taking place across all industries, more enterprises are moving their operations to the cloud. This, combined with the work-from-home wave, has exposed organizations to more frequent and advanced cyberattacks.

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According to the latest MarketsandMarkets Research, the global SD-WAN market size is anticipated to rise from $1.9 billion in 2020 to $8.4 billion by 2025, indicating a CAGR of 34.5%. As few vendors offer the security and SD-WAN solution, Fortinet is well-positioned to capitalize on increasing opportunities in the market.

In the third quarter of 2021, Fortinet’s Product revenues jumped 50.6% year over year to $337.1 million. This uptick was supported by the continued adoption of the FortiGate-based secure SD-WAN solution as well as strong revenues at non-FortiGate products and increased demand for integrated security fabric products.

In October 2021, Verizon Business added FTNT’s Secure SD-WAN to its global SD-WAN offerings to provide secured connectivity for hybrid and remote workforces. In April 2021, British multinational telecommunications holding company, BT Group, launched a new managed secure SD-WAN service powered by Fortinet.

Zacks Rank & Stocks to Consider

Currently, Fortinet carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader technology sector include Broadcom AVGO, Apple AAPL and Jabil JBL. While Broadcom sports a Zacks Rank #1 (Strong Buy), Apple and Jabil each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Broadcom’s first-quarter fiscal 2022 earnings has been revised upward by 8.1% to $8.15 per share over the past 60 days. For fiscal 2022, earnings estimates have moved upward by 6.5% to $33.03 per share over the past 60 days.

Broadcom’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 1.4%. Shares of AVGO have rallied 25.1% in the trailing 12 months.

The Zacks Consensus Estimate for Apple’s first-quarter fiscal 2022 earnings has been revised upward by a couple of cents to $1.89 per share over the past 60 days. For fiscal 2022, earnings estimates have moved upward by three cents to $5.82 per share in the past 30 days.

Apple’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while meeting the same on one occasion, the average surprise being 22.3%. AAPL stock has rallied 28.6% over the past year.

The Zacks Consensus Estimate for Jabil’s second-quarter fiscal 2022 earnings has been revised upward to $1.47 per share from $1.42 30 days ago. For fiscal 2022, earnings estimates have been revised upward by 25 cents to $6.58 per share in the past 30 days.

Jabil’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 18.1%. Shares of JBL have rallied 51.6% over the past year.


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Jabil, Inc. (JBL) : Free Stock Analysis Report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

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Zacks Investment Research