HomeEarningsFireEye, Inc. (FEYE) Stock Trends Up After Being Enlisted by Colonial Pipeline...

FireEye, Inc. (FEYE) Stock Trends Up After Being Enlisted by Colonial Pipeline After Cyberattack

FireEye, Inc. (FEYE) stock prices were up 5.41% earlier in the trading day on May 10th 2021, bringing the price per share up to USD$20.35 shortly after the market opened for trading.

Colonial Pipeline Enlists Help of FEYE

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In light of the recent cyberattack on Colonial Pipeline, FEYE reported recently that its Mandiant incident response division was part of the collaborative investigation into the ransomware attack that shut down the operations of the biggest gasoline pipeline in the United States. DarkSide, the professional cybercriminal organization is thought to be behind the attack which locked the company’s systems down via encryption, with payment being demanded the rightful owners be granted access again.

Mandiant Automated Defense

The Mandiant Automated Defense system was recently announced as the newest addition to FEYE’s proprietary Mandiant Advantage SaaS platform. It adds a powerful, multi-vendor XDR engine that works in combination with Mandiant’s innovative expertise and intelligence with machine learning to facilitate the automatization and prioritizing alert investigation at machine speeds.

Expansion of Services Offered

FEYE also added the M-score to open-source threat indicators that find themselves aggregated in Mandiant Advantage. The score is a confidence score generated by machine-learning models that are trained on Mandiant intelligence and frontline expertise. The company also introduced two new security consulting services that are designed to minimize the risk of insider threats to organizations, the Insider Threat Program Assessment and the Insider Threat Security service.

Accolades and Awards

The company was designated a leader in their sector by a leading independent research firm, Forrester Research, in the first quarter of the fiscal year 2021. The company made it through to the finals in the Top MDR Team category at the annual Microsoft Security 20/20 awards. The CEO of FEYE was also a finalist in the Security Industry Changemaker category at the same awards. The company was also awarded five gold-level accolades within the 2021 Cybersecurity Excellence Awards.

Strong Financial Reports

Revenue for the first quarter of the fiscal year 2021 was reported to be USD$246 million, up 10% from the reports of the same time period over the prior fiscal year. Annualized recurring revenue was up 9% from numbers reported in Q1 2020 to US$643 million, setting a new record for the company. Furthermore, annualized recurring revenue generated from Record Platform, cloud subscriptions, and managed services was reported to be USD$352 million, representing a 225 increase from Q1 2020.

Future Outlook for FEYE

With the company in the limelight in regard to the cyber breach against Colonial Pipeline, the company can showcase the recent developments to its product portfolio. With strong financials being reported and a track record of increased recognition of the company’s excellence, current, and potential investors are confident in FEYE’s ability to leverage its resources to ensure future growth.

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