Symantec‘s (NASDAQ:SYMC) stock has risen steadily in the past week following a series of new product announcements, which are expected to help it maintain its revenue growth in the coming quarter. Symantec’s stock was up more than 6% in the past week, after it announced the new Symantec O3 cloud security platform at the Vision conference. The cloud computing market is expected to explode in the coming months and years, and Symantec stands to capture a large portion of this growing cloud security market.
As we wrote recently in Symantec Sets its Sights on Cloud and Tablet Security En Route $22:
The use of tablets has been increasing in enterprises and even cloud computing is on the rise with companies like Salesforce.com (NASDAQ:CRM), Oracle (NASDAQ:ORCL), SAP (NYSE:SAP) and Microsoft (NASDAQ:MSFT) launching cloud versions of their enterprise apps. Symantec O3 will allow customers to protect all their enterprise cloud applications and cloud infrastructures. It will provide access control, information protection and compliance control capabilities in a single solution, making it an ideal solution for enterprises looking to secure their public and private cloud data. With the cloud computing market expected to be worth nearly $150 billion by 2014, there is a huge opportunity in this space. [1] Symantec could potentially become a leader in the cloud security business in the next few years.
Among other initiatives, it also announced a new data loss prevention solution for tablets as well as new storage software products that enable corporations to create their own private virtual clouds and secure them.
Finally, it also launched its new VIP Intelligent Authentication platform which allows enterprises to enable secure access to web based applications and services for their employees and customers.
We have a $20 Trefis price estimate for Symantec, which stands nearly 15% above its current stock price. Going forward, we expect Symantec’s stock to rise steadily as it starts ringing up sales for its new products.
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