On July 30, Fortinet rose 6.6% in regular trading, trading at $159.7/share, with turnover of $242 million.

On the news front, the company reported Q2 adjusted EPS of $0.90, significantly beating the market consensus of $0.75. Q2 revenue came in at $2.048 billion, up 26% year-over-year, well above the expected $1.889 billion. The company also raised its full-year revenue outlook to $8.02 billion-$8.18 billion, representing approximately 19% growth at the midpoint, with full-year adjusted EPS guided at $3.41-$3.47. For Q3, Fortinet expects revenue midpoint of approximately $2.06 billion versus the Street estimate of $1.95 billion, and adjusted EPS of $0.83-$0.87 versus the $0.76 consensus.

Following the results, Barclays raised its price target on Fortinet to $190 from $170 while maintaining an Equalweight rating. The company has benefited from AI-driven cybersecurity demand and recently partnered with Intel to co-develop its SP6 security processor, further strengthening its competitive positioning.

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