5 Best Artificial Intelligence (AI) Stocks To Buy According to Analysts

In this piece, we will take a look at the five best artificial intelligence stocks to buy according to analysts. If you want a deeper dive into all the latest news about AI then read 12 Best Artificial Intelligence (AI) Stocks To Buy According to Analysts.

5. Fortive Corporation (NYSE:FTV)

Average Analyst Share Price Upside: 8%

Average Analyst Share Price Target: $80.53

Fortive Corporation (NYSE:FTV) is an engineering hardware and software company headquartered in Everett, Washington. The firm took an early lead on AI last year when it designated a team of employees to collaborate with a startup and generate AI based business models in July 2023.

As of Q3 2023 end, 26 out of the 910 hedge funds profiled by Insider Monkey had bought and owned Fortive Corporation (NYSE:FTV)’s shares. Andreas Halvorsen’s Viking Global was the biggest investor as it held a $617 million stake.

4. Electronic Arts Inc. (NASDAQ:EA)

Average Analyst Share Price Upside: 8%

Average Analyst Share Price Target: $149.16

Electronic Arts Inc. (NASDAQ:EA) is one of the biggest video game developers in the world. Just like Google, Meta, Microsoft, and others, it has been working on artificial intelligence for years. For instance, in 2021 Electronic Arts Inc. (NASDAQ:EA) was finding ways to make games more realistic by using AI in the development process.

During September 2023, 43 out of the 910 hedge funds covered by Insider Monkey’s survey had invested in the firm. Electronic Arts Inc. (NASDAQ:EA)’s largest shareholder is Ken Griffin’s Citadel Investment Group courtesy of its $188 million investment.

3. Microchip Technology Incorporated (NASDAQ:MCHP)

Average Analyst Share Price Upside: 9%

Average Analyst Share Price Target: $93.36

Microchip Technology Incorporated (NASDAQ:MCHP) is a semiconductor company that sells products like signal processors for industrial and other use cases. The firm has beaten or met analyst EPS estimates in all four of its latest quarters, and the shares are rated Buy on average.

By the end of last year’s fourth quarter, 42 out of the 910 hedge funds tracked by Insider Monkey were Microchip Technology Incorporated (NASDAQ:MCHP)’s shareholders. Kerr Neilson’s Platinum Asset Management was the biggest investor as it owned $231 million worth of shares.

2. The Trade Desk, Inc. (NASDAQ:TTD)

Average Analyst Share Price Upside: 15%

Average Analyst Share Price Target: $79.86

The Trade Desk, Inc. (NASDAQ:TTD) is another firm that stands to heavily benefit from developing its own AI or using off the shelf solutions. This is because it is an advertising company that has to analyze substantial amounts of data to run its campaigns and satisfy customers. Additionally, more than three quarters of its stock is held by institutional investors, which protects them from market downswings most of the time.

Insider Monkey scoured through 910 hedge fund portfolios for their September quarter of 2023 shareholdings and found that 39 had bought the firm’s shares. The Trade Desk, Inc. (NASDAQ:TTD)’s largest hedge fund investor is Ken Griffin’s Citadel Investment Group courtesy of its $250 million investment.

1. Western Digital Corporation (NASDAQ:WDC)

Average Analyst Share Price Upside: 15%

Average Analyst Share Price Target: $67.06

Western Digital Corporation (NASDAQ:WDC) is a computing products company that sells storage devices and disk drives that are used in computers. This provides it with a significant potential to capture AI demand, since along with GPUs and CPUs, storage is an essential component of any AI system. Western Digital Corporation (NASDAQ:WDC)’s shares slipped in January 2023 after its Q4 2023 saw the firm struggle to contain the effects of organizational changes on its income statement and profit.

During Q3 2023, 44 out of the 910 hedge funds surveyed by Insider Monkey were Western Digital Corporation (NASDAQ:WDC)’s stakeholders. Israel Englander’s Millennium Management was the biggest shareholder as it owned $299 million worth of shares.

Disclosure: None. You can also take a look at Farallon Capital: A Global and Diversified Hedge Fund and its Top Stock Picks and 20 Highest Quality Supplement Brands In The US.

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