Fortinet Inc. shares reached an all-time high of $172.25 on Thursday, capping a 116.93% gain over the past year as the cybersecurity company reported strong financial results. The stock was last trading at $171.86, just 1% below its 52-week peak.
The milestone follows a 26% year-over-year rise in revenue to $2.05 billion, while total billings increased 33% to $2.37 billion. Product revenue surged 52% to $773 million, underscoring demand for Fortinet’s security solutions. Gross profit margin remained robust at 80%, reflecting the company’s pricing power in the enterprise cybersecurity market.
Fortinet’s market capitalization now stands at $126 billion, consolidating its position as a leading player in the sector. The company has also expanded its portfolio through strategic acquisitions, including the recent purchase of Virtue AI, an enterprise AI security platform, to bolster its AI-driven security offerings.
Analysts have responded positively to the results. Rosenblatt raised its price target to $195, while Stifel increased its target to $175. Scotiabank lifted its forecast to $163, and Cantor Fitzgerald set a new target at $185. A total of 37 analysts have revised their earnings estimates upward for the upcoming period, signaling continued confidence in Fortinet’s growth trajectory.
