Fortinet Inc. shares reached an all‑time high of $176.23 on Sept 23, 2026, after the company reported a 26% rise in quarterly revenue to $2.05 billion and announced an acquisition of AI security platform Virtue AI. The stock’s price is up 108.96% over the past 12 months, with a market capitalization of $128.3 billion and a year‑to‑date return of 119%.
Billings for the quarter increased 33% to $2.37 billion, while product revenue surged 52% to $773 million. Analysts had expected billings of $2.14 billion and revenue of $1.92 billion, according to Rosenblatt, indicating the results exceeded forecasts.
Following the release, several brokerages raised their price targets. TD Cowen reaffirmed a buy rating and lifted its target to $215. Scotiabank upgraded its target to $163 and kept a sector‑perform stance. Rosenblatt raised its target to $195, maintaining a buy rating. Stifel increased its target to $175 while holding a hold rating, and Cantor Fitzgerald set a $185 target with a neutral outlook after the acquisition news.
The acquisition of Virtue AI, an enterprise AI security platform, was disclosed without financial terms. The deal aligns Fortinet’s strategy to integrate artificial‑intelligence capabilities into its cybersecurity portfolio.
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