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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 $332.73, moving -0.89% from the previous trading session. This change lagged the S&P 500's daily gain of 0.51%. Meanwhile, the Dow gained 0.44%, and the Nasdaq, a tech-heavy index, added 0.1%.
Heading into today, shares of the network security company had gained 6.09% over the past month, outpacing the Computer and Technology sector's gain of 4.34% and the S&P 500's gain of 5.51% in that time.
Fortinet will be looking to display strength as it nears its next earnings release. On that day, Fortinet is projected to report earnings of $0.79 per share, which would represent a year-over-year decline of 2.47%. Our most recent consensus estimate is calling for quarterly revenue of $883.54 million, up 24.39% from the year-ago period.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $4.93 per share and revenue of $4.29 billion. These results would represent year-over-year changes of +23.56% and +28.39%, respectively.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, the Zacks Consensus EPS estimate has moved 0.07% lower. Fortinet is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Fortinet has a Forward P/E ratio of 68.06 right now. For comparison, its industry has an average Forward P/E of 58.24, which means Fortinet is trading at a premium to the group.
Investors should also note that FTNT has a PEG ratio of 4.39 right now. 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. FTNT's industry had an average PEG ratio of 3.34 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 190, which puts it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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) Stock Sinks As Market Gains: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $332.73, moving -0.89% from the previous trading session. This change lagged the S&P 500's daily gain of 0.51%. Meanwhile, the Dow gained 0.44%, and the Nasdaq, a tech-heavy index, added 0.1%.
Heading into today, shares of the network security company had gained 6.09% over the past month, outpacing the Computer and Technology sector's gain of 4.34% and the S&P 500's gain of 5.51% in that time.
Fortinet will be looking to display strength as it nears its next earnings release. On that day, Fortinet is projected to report earnings of $0.79 per share, which would represent a year-over-year decline of 2.47%. Our most recent consensus estimate is calling for quarterly revenue of $883.54 million, up 24.39% from the year-ago period.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $4.93 per share and revenue of $4.29 billion. These results would represent year-over-year changes of +23.56% and +28.39%, respectively.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, the Zacks Consensus EPS estimate has moved 0.07% lower. Fortinet is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Fortinet has a Forward P/E ratio of 68.06 right now. For comparison, its industry has an average Forward P/E of 58.24, which means Fortinet is trading at a premium to the group.
Investors should also note that FTNT has a PEG ratio of 4.39 right now. 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. FTNT's industry had an average PEG ratio of 3.34 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 190, which puts it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.