5 Most Profitable Software Stocks to Buy Right Now

In this article, we will list the 5 Most Profitable Software Stocks to Buy Right Now. Please visit 10 Most Profitable Software Stocks to Buy Right Now if you would like to see the extended list and the methodology behind it.

5. Fortinet, Inc. (NASDAQ:FTNT)

Net Income (TTM): $1.95 billion

Number of Hedge Fund holdings: 52

On June 8, BofA lifted the price target on Fortinet, Inc. (NASDAQ:FTNT) to $180, up from $130. This followed the firm’s Global Technology Conference, where it hosted the company’s management. The analyst stated that demand remains strong, with no signs of pull-forward activity, and added that SASE and related markets are poised to become the next major growth drivers. The firm has a Buy rating on the stock.

Shaul Eyal from TD Cowen also raised the price target on Fortinet, Inc. (NASDAQ:FTNT) to $160 from $125 on the same day, while reaffirming a Buy rating. As noted by the analyst, the company has a solid presence in its core markets, with AI providing the “next growth layer.” The ongoing investments in data center buildouts offer a “healthy backdrop” for even more core firewall spending, the firm noted.

Photo by Hack Capital on Unsplash

TD Cowen projects the current firewall market growth rate to surge from 5% to between 8% and 12%. This creates a favorable backdrop for Fortinet, Inc. (NASDAQ:FTNT), which secures its spot among market leaders with a market share of more than 20%, the firm asserted.

Fortinet, Inc. (NASDAQ:FTNT) is a California-based provider of cybersecurity and various networking and security solutions. Founded in 2000, the company offers its products to enterprises, communication service operators, and government institutions.