10 AI News Updates You Should Not Miss

6. Fortinet, Inc. (NASDAQ:FTNT)

Number of Hedge Fund Holders: 47

Fortinet, Inc. (NASDAQ:FTNT) is a cybersecurity company that provides enterprise-level next-generation firewalls and network security solutions, leveraging artificial intelligence across its cybersecurity products. On February 7, TD Cowen raised the firm’s price target on the stock to $135 from $120 and kept a “Buy” rating on the shares. The price target adjustment follows Fortinet’s strong Q4 results, surpassing key metrics. The analyst highlighted several contributors to the company’s success, particularly demand tailwinds from the current EOS firewall refresh cycle, 6,900 new logo wins, strong execution of Unified SASE and SecOps, and a minor contribution from mergers and acquisitions. The firm also noted that one-fourth of the installed base of FortiGate units is anticipated to require replacement by 2026 due to the EOS refresh cycle. Early indications of heightened through-cycle growth have also been noted. These will likely be driven by the demand for Fortinet’s energy-efficient next-generation firewalls within hyperscale data centers.