Fortinet, Inc. (FTNT): No Was Excited About The New Iteration, Says Jim Cramer

We recently published 9 Stocks Jim Cramer Discussed As He Mentioned Trump & Intel’s CEO. Fortinet, Inc. (NASDAQ:FTNT) is one of the stocks Jim Cramer recently discussed.

Fortinet, Inc. (NASDAQ:FTNT) is a cybersecurity company that offers firewalls, application encryption, secure web gateways, and other associated products. Its shares have lost 17% year-to-date after they sank by a stunning 24.8% earlier this month second quarter earnings. Investors panicked after Fortinet, Inc. (NASDAQ:FTNT) revealed during the report that it might have already accounted for as much as 50% of its firewall upgrade cycle. The revelation forced investors to recalibrate their growth estimates for Fortinet, Inc. (NASDAQ:FTNT). Cramer commented on the drop and the lack of firewall growth:

“They missed big. Cybersecurity miss. We tend not to have any. They did a new iteration, no one was really excited about it. You can’t have a not great cybersecurity company, cause they’re all valued on amazingly high revenues.”

Here are his earlier thoughts about Fortinet, Inc. (NASDAQ:FTNT):

“No, we don’t want Fortinet. We’re going to wait till CrowdStrike reports. It’s going to go down because that’s what always happens, and then you’re going to snatch some CrowdStrike.”

While we acknowledge the potential of FTNT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.