Large Cap Ideas

[gfp927z]

Fortinet - >>> Cybersecurity remains a high-priority for senior executives. The costs of a breach can be enormous. And this is not only about monetary damages, but also the tarnishing of the brand.


https://finance.yahoo.com/news/best-qqq-stocks-buy-now-161140946.html


What's more, the cybersecurity industry has thousands of players, which has added to the complexities for managing the technologies. As a result of this, there is more of a focus on vendor consolidation, with a report from Gartner indicating that 97% of enterprises are considering this strategy over the next three years.

This is good news for Fortinet (FTNT, $74.33). Founded in 2000, the company is one of the largest providers of cybersecurity. Fortinet has a platform that can meet the many critical needs for many customers – whether small organizations or global behemoths.

And the proof is in the pudding. In Q1 2023, FTNT reported total revenue of $1.3 billion, up 32% on a year-over-year basis. Cash flows from operations were an impressive $647.2 million, compared to $396.1 million in Q1 2022.

With its resources and large team of cybersecurity experts, Fortinet has continued to innovate at a rapid clip. The company has over 1,280 global patents and has made heavy investments in artificial intelligence – all of which will provide even more motivation for customers to consolidate on the company's platform.

Not only is FTNT one of the best QQQ stocks to watch going forward, but it is also a top cybersecurity stock for investors considering jumping in on this growing industry.

<<<



---