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Fortinet (FTNT) Outpaces Stock Market Gains: What You Should Know
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Fortinet (FTNT - Free Report) closed the most recent trading day at $55.92, moving +1.86% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.63%. Meanwhile, the Dow gained 1.07%, and the Nasdaq, a tech-heavy index, added 0.3%.
Heading into today, shares of the network security company had gained 13.69% over the past month, outpacing the Computer and Technology sector's gain of 0.92% and the S&P 500's gain of 2.94% 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 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%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales 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.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. Recent revisions tend to reflect the latest near-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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.3% higher. Fortinet currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Fortinet is currently trading at a Forward P/E ratio of 52.36. This represents a premium compared to its industry's average Forward P/E of 44.51.
Investors should also note that FTNT has a PEG ratio of 2.91 right now. 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 2.54 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 42, putting it in the top 17% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Fortinet (FTNT) Outpaces Stock Market Gains: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $55.92, moving +1.86% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.63%. Meanwhile, the Dow gained 1.07%, and the Nasdaq, a tech-heavy index, added 0.3%.
Heading into today, shares of the network security company had gained 13.69% over the past month, outpacing the Computer and Technology sector's gain of 0.92% and the S&P 500's gain of 2.94% 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 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%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales 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.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. Recent revisions tend to reflect the latest near-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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.3% higher. Fortinet currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Fortinet is currently trading at a Forward P/E ratio of 52.36. This represents a premium compared to its industry's average Forward P/E of 44.51.
Investors should also note that FTNT has a PEG ratio of 2.91 right now. 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 2.54 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 42, putting it in the top 17% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.