Fortinet opens a $15 million Innovation Hub in Atlanta to enhance cybersecurity services and training.
Quiver AI Summary
Fortinet has announced the opening of a new 215,000-square-foot facility in Atlanta, Georgia, which will serve as a global Innovation Hub aimed at enhancing their service to the regional customer base and fostering partnerships across industries. This new building represents an investment exceeding $15 million and will include features such as a Fortinet Cloud Point of Presence, an Executive Briefing Center for collaboration, a Cyber Training Facility to address the cyber skills gap, and an expansion of customer support services. Fortinet's commitment to innovation is emphasized through its global expansion strategy, and the company is actively involved in community support initiatives, including donations to local organizations focused on empowering veterans and underrepresented groups in cybersecurity. A ribbon-cutting ceremony is set for November 15, 2024, attended by Fortinet leadership.
Potential Positives
- Fortinet is opening a new 215,000-square-foot facility in Atlanta, which will serve as a global Innovation Hub, enhancing its ability to serve and support its customer base in the region.
- The investment of over $15 million signifies Fortinet's commitment to regional economic growth and job development, contributing positively to the local community.
- The new facility includes a Cyber Training Facility aimed at addressing the cybersecurity skills gap, showcasing Fortinet's dedication to education and workforce development.
- Fortinet's collaboration with Hire Heroes USA and Cyversity underlines its commitment to diversity, inclusion, and community engagement, strengthening its brand reputation and corporate responsibility initiatives.
Potential Negatives
- Opening a new facility represents a significant financial investment of over $15 million, which may raise concerns about resource allocation, particularly if the expected returns on this investment do not materialize.
- The announcement focuses heavily on expansion and innovation but does not address current cybersecurity challenges or recent criticisms faced by the company, potentially signaling a lack of urgency in addressing pressing issues.
- While the new facility aims to improve customer experience, the press release does not mention any specific metrics for success or how the effectiveness of these enhancements will be measured, which may lead to skepticism about their impact.
FAQ
What is the purpose of Fortinet's new Innovation Hub in Atlanta?
The new Innovation Hub aims to enhance infrastructure and innovation for better customer service and business partnerships.
How much has Fortinet invested in the Atlanta facility?
Fortinet has made an initial investment of over $15 million in the new Atlanta facility.
What facilities will the new Fortinet location include?
The Atlanta location will feature a Cloud Point of Presence, Executive Briefing Center, Cyber Training Facility, and customer support expansion.
What community initiatives is Fortinet involved with in Atlanta?
Fortinet is collaborating with Hire Heroes USA and Cyversity to support veterans and underrepresented communities in cybersecurity.
How does Fortinet address the cybersecurity skills gap?
Fortinet offers training programs, including its award-winning certification curriculum, to cultivate in-person learning and skill development.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FTNT Insider Trading Activity
$FTNT insiders have traded $FTNT stock on the open market 42 times in the past 6 months. Of those trades, 2 have been purchases and 40 have been sales.
Here’s a breakdown of recent trading of $FTNT stock by insiders over the last 6 months:
- KEN XIE (PRESIDENT & CEO) has traded it 24 times. They made 0 purchases and 24 sales, selling 283,928 shares.
- KEITH JENSEN (Chief Financial Officer) has traded it 9 times. They made 0 purchases and 9 sales, selling 130,690 shares.
- JOHN WHITTLE (CHIEF OPERATING OFFICER) has traded it 3 times. They made 0 purchases and 3 sales, selling 141,820 shares.
- MICHAEL XIE (VP, ENGINEERING & CTO) has traded it 4 times. They made 0 purchases and 4 sales, selling 49,424 shares.
- WILLIAM H. NEUKOM has traded it 2 times. They made 2 purchases, buying 1,045 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$FTNT Hedge Fund Activity
We have seen 572 institutional investors add shares of $FTNT stock to their portfolio, and 554 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- PRICE T ROWE ASSOCIATES INC /MD/ removed 16,906,341 shares (-58.3%) from their portfolio in Q3 2024
- ALLIANCEBERNSTEIN L.P. removed 12,695,954 shares (-93.2%) from their portfolio in Q2 2024
- MARSHALL WACE, LLP added 4,148,520 shares (+198.5%) to their portfolio in Q2 2024
- BARCLAYS PLC added 3,185,286 shares (+53.1%) to their portfolio in Q2 2024
- SCHRODER INVESTMENT MANAGEMENT GROUP removed 2,742,969 shares (-100.0%) from their portfolio in Q2 2024
- FMR LLC added 2,705,767 shares (+276.3%) to their portfolio in Q3 2024
- VAN ECK ASSOCIATES CORP removed 2,594,324 shares (-45.1%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ATLANTA, Nov. 15, 2024 (GLOBE NEWSWIRE) --
John Whittle, Chief Operating Officer at Fortinet
“With our new space in Atlanta set to become one of our global Innovation Hubs, we’ll be able to better serve our growing customer base in this region as we build on the partnerships created across industries in Georgia over the past 24 years. Through our global Innovation Hubs, Fortinet is committed to enhancing our infrastructure and innovation to continue to deliver unmatched experiences and solutions to customers worldwide. We’re excited to be part of this vibrant community, helping to contribute to Atlanta’s position as a hub for business and technology.”
News Summary
Fortinet
® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the opening of a new building in Atlanta, Georgia. As the newest Fortinet-owned facility to open this year, the company remains deeply committed to its global expansion strategy, aiming to drive innovation and strengthen collaboration for Fortinet’s customers, partners, employees, and other key stakeholders around the world.
Representing an initial investment of more than $15 million, the 215,000-square-foot, 10-story building will serve as a Fortinet Innovation Hub, contributing to the region’s ongoing growth and job development. The new space will include the following:
-
Fortinet Cloud
Point of Presence
: Fortinet will continue building out its cloud infrastructure with this new FortiCloud Point of Presence (POP). This POP will be optimized by Fortinet’s proprietary ASIC technology to enable the company to further deliver advanced services to customers with a superior user experience while enabling cost savings.
-
Executive Briefing Center (EBC)
: This new EBC will serve as a collaborative space, welcoming customers and other stakeholders to help drive business growth and foster partnerships.
-
Cyber Training Facility
: The space will provide an environment that cultivates in-person learning by delivering the Fortinet Training Institute’s award-winning certification program curriculum, advancing Fortinet’s efforts to address the cyber skills gap.
-
Customer Support Expansion
: The local services and sales team will continue to offer their extensive expertise and knowledge to the region, enhancing customer support and ensuring greater satisfaction.
A ribbon cutting ceremony will take place on November 15, attended by Fortinet leadership, including Ken Xie, Founder, Chairman of the Board, and Chief Executive Officer, among others .
Fortinet is also donating to the Hire Heroes USA ’s Atlanta chapter and Cyversity ’s Atlanta chapter to further its investment in the region and deepen its existing partnership with both organizations. As part of the Fortinet Training Institute Education Outreach program, Hire Heroes USA is focused on helping veterans and military spouses find meaningful employment, and Cyversity is focused on empowering women, veterans, and underrepresented communities. Fortinet works alongside both organizations to build a diverse, inclusive, and highly skilled cyber workforce.
Additional Resources
- Find out what makes Fortinet one of the top cybersecurity companies in the world.
- Visit fortinet.com/trust to learn more about Fortinet innovation, collaboration partners, product security processes, and enterprise-grade products.
- Learn more about Fortinet's commitment to product security and integrity , including its responsible product development and vulnerability disclosure approach and policies.
- Learn about Fortinet’s free cybersecurity training , which includes broad cyber awareness and product training. the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification , Academic Partner , and Education Outreach programs.
- Read about how Fortinet customers are securing their organizations.
- Follow Fortinet on Twitter , LinkedIn , Facebook , and I nstagram . Subscribe to Fortinet on our blog or YouTube .
About Fortinet (www.fortinet.com)
Fortinet
(Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet's solutions, which are among the most deployed, most patented, and most validated in the industry. The
Fortinet Training Institute
, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with
esteemed organizations
from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally.
FortiGuard Labs
, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at
https://www.fortinet.com
, the
Fortinet Blog
, and
FortiGuard Labs
.
Copyright © 2024 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.
| Media Contact: | Investor Contact: | Analyst Contact: |
|
Stephanie Lira
Fortinet, Inc. 408-235-7700 [email protected] |
Aaron Ovadia
Fortinet, Inc. 408-235-7700 [email protected] |
Brian Greenberg
Fortinet, Inc. 408-235-7700 [email protected] |