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Fortinet (FTNT) Gains As Market Dips: What You Should Know
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Fortinet (FTNT - Free Report) closed the most recent trading day at $51.79, moving +0.45% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.67%. At the same time, the Dow lost 0.33%, and the tech-heavy Nasdaq lost 0.22%.
Heading into today, shares of the network security company had gained 1.56% over the past month, outpacing the Computer and Technology sector's loss of 5.64% and the S&P 500's loss of 3.76% in that time.
Fortinet will be looking to display strength as it nears its next earnings release, which is expected to be November 2, 2022. On that day, Fortinet is projected to report earnings of $0.27 per share, which would represent year-over-year growth of 35%. Our most recent consensus estimate is calling for quarterly revenue of $1.12 billion, up 29.59% from the year-ago period.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.05 per share and revenue of $4.38 billion. These results would represent year-over-year changes of +31.25% and +31.11%, respectively.
Investors might also notice recent changes to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.3% higher. Fortinet is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Fortinet is holding a Forward P/E ratio of 49.17. This represents a premium compared to its industry's average Forward P/E of 43.75.
It is also worth noting that FTNT currently has a PEG ratio of 2.73. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Security industry currently had an average PEG ratio of 2.45 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 11% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Fortinet (FTNT) Gains As Market Dips: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $51.79, moving +0.45% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.67%. At the same time, the Dow lost 0.33%, and the tech-heavy Nasdaq lost 0.22%.
Heading into today, shares of the network security company had gained 1.56% over the past month, outpacing the Computer and Technology sector's loss of 5.64% and the S&P 500's loss of 3.76% in that time.
Fortinet will be looking to display strength as it nears its next earnings release, which is expected to be November 2, 2022. On that day, Fortinet is projected to report earnings of $0.27 per share, which would represent year-over-year growth of 35%. Our most recent consensus estimate is calling for quarterly revenue of $1.12 billion, up 29.59% from the year-ago period.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.05 per share and revenue of $4.38 billion. These results would represent year-over-year changes of +31.25% and +31.11%, respectively.
Investors might also notice recent changes to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.3% higher. Fortinet is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Fortinet is holding a Forward P/E ratio of 49.17. This represents a premium compared to its industry's average Forward P/E of 43.75.
It is also worth noting that FTNT currently has a PEG ratio of 2.73. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Security industry currently had an average PEG ratio of 2.45 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 11% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.