#3 - Fortinet (NASDAQ:FTNT)
According to Forbes, 51% of companies plan to use AI for cybersecurity applications, making it one of the leading AI applications for business. Fortinet Inc. (NASDAQ: FTNT) is one of the leaders in this sector. The company's Security Fabric provides AI-driven security that "offers enhanced security, improves visibility and control, and reduces total cost of ownership." The company's products received the 2024 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure.
FTNT stock is up about 10% in the last 12 months and has bounced back sharply off of the 52-week low it hit in November 2023. This reflects the company's year-over-year growth in revenue and earnings. And, at around 48x forward earnings, Fortinet is trading at a discount to many companies in the sector, such as Palo Alto Networks Inc. (NASDAQ: PANW), which trades at around 100x forward earnings.
About Fortinet
Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.
Read More - Current Price
- $97.19
- Consensus Rating
- Hold
- Ratings Breakdown
- 14 Buy Ratings, 19 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $92.77 (4.5% Downside)
