On July 31, Fortinet rose 3.11% in regular trading, trading at $159.04/share, with turnover of $272 million. The stock continued its upward trajectory following a blowout Q2 earnings report and a wave of analyst price target upgrades.

Fortinet reported Q2 adjusted EPS of $0.90, far exceeding the $0.75 consensus estimate, while revenue of $2.048 billion grew 26% year-over-year and beat the $1.889 billion expectation. The company raised its full-year revenue guidance to $8.02-$8.18 billion (19% YoY growth at midpoint) and adjusted EPS to $3.41-$3.47. Q3 revenue guidance midpoint of approximately $2.06 billion also topped the $1.95 billion Street estimate.

On July 31, Susquehanna raised its price target on Fortinet to $160 from $115 while maintaining a Neutral rating. This followed Barclays lifting its target to $190 from $170, and Stephens adjusting to $165 from $160, both on July 30. The strong results were attributed to AI-driven cybersecurity demand, with the company also recently announcing a strategic partnership with Intel to co-develop its SP6 security processor.

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