1 Artificial Intelligence (AI) Stock to Buy Hand Over Fist Before It Jumps 45%
The use of artificial intelligence (AI) systems in the cybersecurity industry is growing at a nice clip. Last year, AI-focused cybersecurity spending stood at an estimated $24 billion, but this figure is expected to be nearly $134 billion in 2030, according to a forecast by Statista.
As such, now would be a good time for investors to buy shares of cybersecurity companies that are aggressively integrating AI tools into their platforms. (NASDAQ: FTNT) is one such company, leveraging AI to drive stronger growth in its business.
Fortinet brought in $5.3 billion in revenue in 2023, an increase of 20% over the previous year. However, its deferred revenue increased at a faster pace of 24% to $5.74 billion. Deferred revenue refers to the money collected in advance by a company for services that will be rendered at a later date. It's recognized as revenue only after the services are delivered.
Source Fool.com
Fortinet Inc. Stock
The stock is one of the favorites of our community with 33 Buy predictions and 3 Sell predictions.
As a result the target price of 69 € shows a positive potential of 24.86% compared to the current price of 55.26 € for Fortinet Inc..
