Advanced Energy Industries Inc. stock touched $326.95, its highest level ever. The milestone caps a year of explosive gains for the Fort Collins, Colorado-based company, which supplies power conversion solutions for semiconductors, solar and other industries.

Investors piled into the stock after the company posted fourth-quarter results that beat Wall Street forecasts. Advanced Energy reported earnings per share of $1.94, topping the expected $1.78. Revenue came in at $489 million, exceeding projections of $473.11 million.

Needham & Company analysts reacted swiftly. They hiked their price target from $290 to $330 and stuck with a Buy rating. The firm pointed to 18% year-over-year revenue growth that surpassed both company guidance and consensus estimates.

TD Cowen joined the optimism, lifting its target from $210 to $300 while holding a Hold rating. Analysts there credited semiconductor sector strength for the earnings beat. Both firms see that momentum carrying into coming quarters.

The results highlight Advanced Energy’s grip on key markets. Semiconductors drove much of the quarter’s success, with demand for advanced chips fueling orders. The company has benefited from trends in AI data centers and electric vehicles, areas where its power systems play a critical role.

Trading volume spiked as the stock pushed higher. Shares rose more than 5% on Friday alone, building on gains from the earnings release. Over 12 months, the 147.26% surge outpaced the broader market and many peers in the power electronics space.

Advanced Energy’s performance stands out in a sector wrestling with supply chain issues and cyclical demand. Executives during the earnings call emphasized new product launches and supply chain improvements as tailwinds. They guided for first-quarter revenue between $465 million and $485 million, above some estimates.

Wall Street now tracks the company closely. Eight analysts cover the stock, with an average price target around $310. The consensus leans toward Buy, reflecting bets on sustained semiconductor growth.

For investors, the run-up signals confidence in Advanced Energy’s strategy. The firm has expanded capacity and struck deals with major chipmakers. Its market cap now tops $12 billion, up sharply from a year ago.

Challenges remain. Broader economic slowdowns could crimp chip spending. Yet recent data shows semiconductor sales rebounding, with global fabs ramping production.

Advanced Energy shares closed at $326.95 on the Nasdaq. After-hours trading held steady, with no major news breaking late Friday.