Report
Srini Nandury

RSA Takeaways: Firewalls may have peaked

Another Upbeat RSA: We attended an upbeat RSA conference held in San Francisco last week. Most vendors we spoke to, continue to be optimistic on the spending outlook this year. This optimism is reflected in high attendance at RSA this year (about 50,000 according to news reports, similar to attendance in 2017). Based upon our conversations with vendors, the demand for security products and services should be solid in 2018 and driven by increased enterprise spending as well as elevated governmental (federal and local) spending.
Underlyings
CyberArk Software Ltd.

Okta Inc. Class A

Okta is an independent identity management platform for the enterprise. The Okta Identity Cloud is the company's platform that enables its customers to connect people to technology, anywhere, anytime and from any device. The Okta Identity Cloud consists of a suite of products to manage and secure identities. Products used for workforce identity are consumed through web and mobile interfaces, and provide ways for Information Technology organizations to manage identities for their employees, contractors and partners. The company's products include: Universal Directory; Single Sign-On; Adaptive Multi-Factor Authentication; Lifecycle Management; and Application Programming Interface Access Management.

Palo Alto Networks Inc.

Palo Alto Networks provides a platform that allows enterprises, service providers, and government entities to secure their organizations. The company's platform uses a traffic classification engine that identifies network traffic by application, user, and content and provides security across the network, endpoint, and cloud. The company's product, subscription, and support offerings include: firewall appliances and software; and Panorama, which is a centralized security management solution for global control of various firewall appliances and software deployed on an end-customer's network as well as in their instances in public or private cloud environments as a virtual appliance or a physical appliance.

Qualys Inc.

Qualys provides cloud-based platform delivering information technology (IT), security and compliance solutions. The company's cloud platform consists of IT security, compliance monitoring, web application security, global IT asset management and cloud and container security solutions, which it refers to as the Qualys Cloud Apps, that utilizes its shared and extensible primary services and its multi-tenant cloud infrastructure. The company also provides open application program interfaces and other developer tools that allow third parties to embed its technology into their solutions and build applications on its cloud platform. The company's cloud platform utilizes physical and virtual sensors, and cloud agents.

Splunk Inc.

Splunk provides software solutions that enable users to investigate, monitor, analyze and act on machine data. The company's main product is Splunk Enterprise, a machine data platform, comprised of collection, indexing, search, reporting, analysis, alerting, monitoring and data management capabilities. The company's Splunk Cloud delivers the capabilities of Splunk Enterprise as a service, while Splunk Light provides log search and analysis for information technology environments. The company also provides services that include maintenance and customer support, training services to its customers and channel partners, as well as consulting and implementation services to customers through its services team.

Provider
Summit Insights Group
Summit Insights Group

 Summit Insights Group LLC (SIG), founded by Srini Nandury in 2018, is a fundamentals-driven, technology-focused, equity research boutique. SIG analysts cover Semiconductors, Semicap Equipment, Enterprise & Application Software, and IT Hardware & Storage companies. The firm also provides insight into adjacent areas such as Mobile and Internet Technologies. 

SIG provides deep, rigorous technology and financial analysis, unlike Wall Street analysis that is mainly driven by financial models. SIG principal analysts are known for their extensive industry experience, which we believe is essential to evaluate technology industry stocks. Each principal analyst has at least 5 years of hands-on industry experience prior to their tenure in equity analysis. SIG analysts are known for making non-consensus prescient stock calls.

SIG analysts follow more than 100 stocks regularly in the areas of Enterprise and Application Software, Storage, Networking, Security, Flash Memory, Big Data, Storage Networking, SSD and Processors. SIG analysts have access to the managements of both public and private companies to verify factual items from public comments or published statements, buttressing the integrity of our analysis. SIG analysts regularly attend industry conferences and visit startup companies to understand technology trends driving the industry. SIG is not a broker dealer, hence it does not  have investment banking or trading conflicts.  At SIG, we value integrity, our client interests and confidentiality above all else.

Analysts
Srini Nandury

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