Boston, MA 08/26/2014 (wallstreetpr) – Fortinet Inc (NASDAQ:FTNT), a network security solutions provider that boasts more than $4.2 billion in market cap, announced plans to expand its research and development activities amid escalating cyber threats. The company has chosen Singapore for its latest R&D facility, according to a report on OppTrends.
The company provides security products and subscription services that target enterprises, governments and service providers. It has a global business agenda. Its existing R&D centers are in the U.S. and Canada, and they are fondly known as FortiGuard Labs.
In Singapore, Fortinet Inc (NASDAQ:FTNT) said its R&D facility will be located at its Asia Pacific headquarters. It said the new research center will extend its R&D collaboration activities towards the creation of security solutions that can address the escalating cyber threats. The company appreciates Singapore as a cybersecurity hub that also boasts well-trained IT professionals. It hopes to benefit from the pool of talents in the region as it expands it security operations. Through such efforts, Fortinet expects to improve its technical, marketing and finance employee-base.
According to Fortinet Inc (NASDAQ:FTNT)’s President and CTO, Michael Xie, the Singapore government has a vision to make the place a cybersecurity research hub, and that bodes well for their business and research agenda.
Fortinet Inc (NASDAQ:FTNT) last issued its quarterly earnings on July 23. It announced earnings per share of $0.11, ahead of the consensus estimate of $0.10. Revenue was $184.10 million, better than the consensus estimate of $171.58 million for the quarter. The quarter’s performance highlight was the 25% increase in revenue on a year-over-year basis.
A number of analysts have either upgraded their view on the stock or reiterated positive rating in the recent past. Analysts at Nomura, for instance, reiterated a “buy” recommendation on the stock and increased their target price to $30 from $27. Analysts at Piper Jaffray are also bullish on the stock of Fortinet Inc (NASDAQ:FTNT). They have an “overweight” rating on it with a target price of $31.
