Yahoo Finance Fortinet (FTNT) SD-WAN to Boost ENOC's Operational Efficiency
Fortinet FTNT recently announced that Emirates National Oil Company Limited (“ENOC”) has selected its Secure SD-WAN (software-defined wide area network) solution to improve operational efficiency and enhance customer experience. The new partnership expands the global presence of Fortinet’s Secure SD-WAN solutions.
Founded in 1993, ENOC is a local oil and gas company that is wholly owned by the Government of Dubai. The company has more than 30 related subsidiaries spanning various verticals of the oil and gas sector, including refining, lubricant blending, storage, aviation and retail. The company has customers across 60 global markets and more than 9,000 employees in 400 business locations.
Smooth business operations of an organization of this size require fast, secure and reliable networking solutions. The latest agreement with Fortinet replaces the organization’s managed networking service based on MPLS (Multiprotocol Label Switching) with a secure SD-WAN networking solution. With its Secure SD-WAN solution, Fortinet is providing ENOC with new and enhanced connectivity services without compromising on security.
The integration of Fortinet Secure SD-WAN solution has helped ENOC save approximately 55% in costs associated with the service fees on MPLS solution. Additionally, it has increased the company’s revenues and enhanced customer experience by reducing point-of-sale transaction time. Moreover, the SD-WAN solution has increased network speed by four times and has eliminated network downtime, thereby improving the operational efficiency of the organization.
Fortinet, Inc. Price and Consensus
Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote
Strong SD-WAN Adoption Driving Growth
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 hybrid working trend, has exposed organizations to more frequent and advanced cyberattacks.
According to the latest MarketsandMarkets research, the global SD-WAN market size is anticipated to rise from $3.4 billion in 2022 to $13.7 billion by 2027, at a CAGR of 31.9%. As few vendors offer the security and SD-WAN solution, Fortinet is well-positioned to capitalize on increasing opportunities in the market.
In the fourth quarter of 2022, Fortinet’s Product revenues jumped 42.5% year over year to $540.1 million. This uptick was supported by the continued adoption of the FortiGate-based secure SD-WAN solution and strong revenues from non-FortiGate products, and increased demand for integrated security fabric products.
Zacks Rank & Other Stocks to Consider
Fortinet currently carries a Zacks Rank #2 (Buy). The stock has gained 1.4% over the past year.
Some other top-ranked stocks in the broader technology sector are Wix.com WIX, Aspen Technology AZPN and ServiceNow NOW, each carrying a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Wix.com’s first-quarter 2023 earnings has been revised upward to 23 cents per share from 16 cents seven days ago. For 2023, earnings estimates have been revised northward by 7 cents to $1.49 per share in the past seven days.
Wix.com's earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing the same on one occasion, the average surprise being 225%. Shares of WIX have gained 2.7% in the trailing 12 months.
The Zacks Consensus Estimate for Aspen Technology's third-quarter fiscal 2023 earnings has been revised upward by 17 cents to $1.66 per share in the past 60 days. For fiscal 2023, earnings estimates have been revised northward by 25 cents to $7.10 per share in the past 60 days.
Aspen Technology’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing the same on one occasion, the average surprise being 5.2%. Shares of AZPN have rallied 46.2% over the past year.
The Zacks Consensus Estimate for ServiceNow's first-quarter 2023 earnings has been revised southward by 2 cents to $2.02 per share over the past 60 days. For 2023, earnings estimates have moved downward by 3 cents to $9.15 per share in the past 30 days.
ServiceNow's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6.9%. Shares of NOW have plunged 22.9% in the trailing 12 months.
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