We recently published a list of 14 Trending AI Stocks on Latest Ratings and News. In this article, we are going to take a look at where Fortinet, Inc. (NASDAQ:FTNT) stands against other trending AI stocks on latest ratings and news.
AI startups have raised hundreds of millions through funding rounds this year and fetched valuations in the billions. Most of these startups are software companies working on expanding AI use cases. In the midst of this AI boom, BrightAI, an AI startup that focuses on the physical aspect of the AI business, is now making waves on Wall Street. Founded by Alex Hawkinson, an entrepreneur and investor with a proven track record in the tech world, the company offers an end-to-end tech platform that uses sensors to help companies monitor physical assets. These sensors send data to an AI algorithm that processes it and can help predict potential issues before they arise.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Tech news website TechCrunch reports that the startup first launched this product in 2023. Since then, the firm has managed to attract seven large enterprise customers across six verticals, including HVAC, waste management, and power. It has deployed more than 250,000 sensors and has reached $80 million in revenue. These figures are impressive since the startup managed to do this without raising any outside capital. However, the firm is now looking to expand and recently raised more than $15 million in a funding round led exclusively by Los Angeles-based Upfront Ventures.
Read more about these developments by accessing 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.
For this article, we selected AI stocks by combing through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
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Fortinet, Inc. (NASDAQ:FTNT)
Number of Hedge Fund Holders: 47
Fortinet, Inc. (NASDAQ:FTNT) provides cybersecurity and convergence of networking and security solutions worldwide. The Fortinet SecOps platform offers the broadest range of sensors that utilize AI and other advanced analytics to continuously assess cyberthreats. On November 19, RBC Capital analyst Dan Bergstrom raised the price target on the stock to $97 from $82 and kept a Sector Perform rating on the shares. The company’s Analyst Day presentation did a good job in highlighting its opportunity, customer journey across Secure Networking, Unified SASE and Ai-Drive SecOps, and potential product refresh while offering medium term targets, the advisory told investors in a research note.
Overall, FTNT ranks 9th on our list of trending AI stocks on latest ratings and news. While we acknowledge the potential of FTNT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than FTNT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.