What happened

Shares of Fortinet (NASDAQ:FTNT) have climbed 51.7% year to date, according to data from S&P Global Market Intelligence, thanks to a pair of stronger-than-expected quarterly reports from the cybersecurity specialist.

To be sure, Fortinet stock already found itself up 15% through the end of February, driven by a fourth-quarter report that detailed double-digit growth in revenue (up nearly 15% year over year to $416.7 million), and guidance for full-year adjusted earnings to rise roughly 26% for the year.

Metal padlock sitting on top of a circuit board.

Image source: Getty Images.

So what

Sure enough, shares drifted higher over the next three months, then popped another 10% in May after its first-quarter report. This time, not only did revenue growth accelerate further (up more than 17%, to $399 million), but adjusted earnings also nearly doubled to $0.33 per share. Perhaps unsurprisingly, Fortinet also took the opportunity to increase its full-year earnings guidance to a range of $1.51 and $1.55 per share -- which represents earnings growth of roughly 47% at the midpoint.

Since then, Fortinet has continued to expand its reach and capabilities, implementing new machine-learning capabilities into its web app firewall, signing a new threat information-sharing agreement with INTERPOL, and acquiring next-gen network access control leader Bradford Networks since the beginning of June.

Now what

As it stands, Fortinet is set to announce second-quarter results on Aug. 1, 2018. Given its enormous rise so far this year already, you can be sure the market will be watching closely to see whether the company can post yet another big beat to extend its recent outperformance. In the meantime, investors are right to celebrate its market-beating gains.