The Telstra Corporation Ltd (ASX: TLS) share price finished in the red on Thursday. This came after the company unveiled two new cybersecurity offerings aimed at government customers.
The company’s share price has gained nearly 3% since market open on 1 February. However, it finished down 0.74% at $4.05 today.
Let’s take a look at what’s been happening with the telco lately.
Cyber focus
Telstra has released two new cybersecurity solutions aimed at local, state and federal government customers.
The two new capabilities, named Sovereign SecureEdge and Cyber Detection and Response, will be made available to customers in coming months, CRN reported.
The telco has a new specialist cybersecurity team that will help to implement the new initiatives, ARN reported.
Telstra enterprise head of government government Nicole McMahon said Telstra’s technology and cyber team can provide federal, state and local government with secure, sovereign and intelligent networks to “keep Australia safe”.
As we recover from the pandemic, reliance on digital services will remain critical. So it’s important that we secure and protect our digital environment, as disruptions due to cyber attacks could significantly impact the economy and its recovery.
Telstra’s capability to protect, detect and respond to cyber threats, coupled with the unparalleled visibility of threats we have from operating the largest and most complex network in Australia, uniquely positions us to be able to act on cyber issues in real time.
Meanwhile, Morgans now rates the Telstra share price as a “buy”, my Foolish colleague James reported today.
Morgans has a price target of $4.56 on Telstra’s shares. The broker is also predicting fully franked dividends per share of 16 cents in both the 2022 and 2023 financial year.
Meanwhile, earlier this week Telstra announced it had secured a new $100 million Internet of Things deal with the Intellihub group.
Telstra share price snapshot
The Telstra share price has gained nearly 28% over the past year but it has fallen 3% this year to date. It has gained 1.76% in the past week but has fallen 2.64% over the past month.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned nearly 7% over the past year.
Telstra has a market capitalisation of about $47.6 billion based on the current share price.
The post Telstra (ASX:TLS) targets government’s deep cyber-crime pockets appeared first on The Motley Fool Australia.
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More reading
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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