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Fortinet (FTNT) Dips More Than Broader Markets: What You Should Know
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Fortinet (FTNT - Free Report) closed the most recent trading day at $314.53, moving -1.7% from the previous trading session. This change lagged the S&P 500's daily loss of 0.04%. Meanwhile, the Dow lost 0.58%, and the Nasdaq, a tech-heavy index, lost 0.18%.
Prior to today's trading, shares of the network security company had gained 4.96% over the past month. This has outpaced the Computer and Technology sector's gain of 1.92% and the S&P 500's gain of 2.67% in that time.
Fortinet will be looking to display strength as it nears its next earnings release. In that report, analysts expect Fortinet to post earnings of $0.79 per share. This would mark a year-over-year decline of 2.47%. Our most recent consensus estimate is calling for quarterly revenue of $883.98 million, up 24.45% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.94 per share and revenue of $4.3 billion, which would represent changes of +23.81% and +28.65%, respectively, from the prior year.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 0.09% higher within the past month. Fortinet is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Fortinet is currently trading at a Forward P/E ratio of 64.77. This valuation marks a premium compared to its industry's average Forward P/E of 55.21.
Meanwhile, FTNT's PEG ratio is currently 4.18. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Security stocks are, on average, holding a PEG ratio of 3.19 based on yesterday's closing prices.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 192, putting it in the bottom 25% 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.
View the Zacks #1 Rank List
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Fortinet (FTNT) Dips More Than Broader Markets: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $314.53, moving -1.7% from the previous trading session. This change lagged the S&P 500's daily loss of 0.04%. Meanwhile, the Dow lost 0.58%, and the Nasdaq, a tech-heavy index, lost 0.18%.
Prior to today's trading, shares of the network security company had gained 4.96% over the past month. This has outpaced the Computer and Technology sector's gain of 1.92% and the S&P 500's gain of 2.67% in that time.
Fortinet will be looking to display strength as it nears its next earnings release. In that report, analysts expect Fortinet to post earnings of $0.79 per share. This would mark a year-over-year decline of 2.47%. Our most recent consensus estimate is calling for quarterly revenue of $883.98 million, up 24.45% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.94 per share and revenue of $4.3 billion, which would represent changes of +23.81% and +28.65%, respectively, from the prior year.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 0.09% higher within the past month. Fortinet is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Fortinet is currently trading at a Forward P/E ratio of 64.77. This valuation marks a premium compared to its industry's average Forward P/E of 55.21.
Meanwhile, FTNT's PEG ratio is currently 4.18. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Security stocks are, on average, holding a PEG ratio of 3.19 based on yesterday's closing prices.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 192, putting it in the bottom 25% 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.