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Fortinet (FTNT) Stock Sinks As Market Gains: What You Should Know
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Fortinet (FTNT - Free Report) closed the most recent trading day at $52.70, moving -0.96% from the previous trading session. This move lagged the S&P 500's daily gain of 0.25%. Elsewhere, the Dow gained 0.08%, while the tech-heavy Nasdaq added 7.26%.
Heading into today, shares of the network security company had gained 8.13% over the past month, lagging the Computer and Technology sector's gain of 12.65% and outpacing the S&P 500's gain of 5.73% in that time.
Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. This is expected to be February 7, 2023. The company is expected to report EPS of $0.39, up 56% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.29 billion, up 34.15% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Fortinet. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.72% lower within the past month. Fortinet currently has a Zacks Rank of #3 (Hold).
Investors should also note Fortinet's current valuation metrics, including its Forward P/E ratio of 38.84. This represents a premium compared to its industry's average Forward P/E of 28.36.
Meanwhile, FTNT's PEG ratio is currently 2.16. 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. Security stocks are, on average, holding a PEG ratio of 2.18 based on yesterday's closing prices.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 198, which puts it in the bottom 22% 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.
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Fortinet (FTNT) Stock Sinks As Market Gains: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $52.70, moving -0.96% from the previous trading session. This move lagged the S&P 500's daily gain of 0.25%. Elsewhere, the Dow gained 0.08%, while the tech-heavy Nasdaq added 7.26%.
Heading into today, shares of the network security company had gained 8.13% over the past month, lagging the Computer and Technology sector's gain of 12.65% and outpacing the S&P 500's gain of 5.73% in that time.
Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. This is expected to be February 7, 2023. The company is expected to report EPS of $0.39, up 56% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.29 billion, up 34.15% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Fortinet. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.72% lower within the past month. Fortinet currently has a Zacks Rank of #3 (Hold).
Investors should also note Fortinet's current valuation metrics, including its Forward P/E ratio of 38.84. This represents a premium compared to its industry's average Forward P/E of 28.36.
Meanwhile, FTNT's PEG ratio is currently 2.16. 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. Security stocks are, on average, holding a PEG ratio of 2.18 based on yesterday's closing prices.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 198, which puts it in the bottom 22% 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.