Here’s Why Fortinet, Inc. (FTNT) Is Among the Most Profitable Software Stocks to Buy

Fortinet, Inc. (NASDAQ:FTNT) is among the most profitable software stocks to buy right now. 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.

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.

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