Cybersecurity firm Fortinet Inc. FTNT.O shares rise 10.3% to $169 premarket after the company lifts annual revenue and profit forecasts on strong Q2 results.
Shares are on track to test their all-time high of $170.35 from July 15.
The company raises annual revenue to $8.02 billion-$8.18 billion, up from a prior view of $7.71 billion-$7.87 billion, amid strong enterprise spending to tackle rising data-security incidents.
FTNT sees Q3 adjusted EPS in the range of 83 cents and 87 cents, above the estimate of 76 cents, according to data compiled by LSEG.
The company posts Q2 adjusted EPS of 90 cents and revenue of $2.1 billion, both beating analysts' consensus estimates of 75 cents and $1.89 billion.
The stock trades at 45 times expected earnings, versus its 5-year average forward P/E of 42, according to LSEG data, suggesting it may be overvalued.
As of the last close, the stock is up nearly 93% year to date.
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