On October 6, Fortinet rose 3.79% in regular trading, trading at $191.42 per share, with turnover of $77.09 million, extending strength in the cybersecurity sector. The advance follows commentary from Morgan Stanley that investors are increasingly rotating into lower-valuation cybersecurity names including Fortinet, Okta, SentinelOne and SailPoint amid stretched valuations across the broader AI-driven software complex.
Fortinet has received multiple target price increases in recent sessions, with Bernstein lifting its target to $145 from $102 and Roth Capital raising its target to $110 from $90. The company previously reported second-quarter results that exceeded market expectations and raised its full-year revenue guidance to a range of $8.02 billion to $8.18 billion, implying a 19% year-over-year increase at the midpoint. The company has also expanded its AI security capabilities through the acquisition of Virtue AI, reinforcing its positioning as AI-related cybersecurity demand accelerates.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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