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Fortinet (FTNT) Stock Moves -1.07%: What You Should Know
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In the latest trading session, Fortinet (FTNT - Free Report) closed at $61.22, marking a -1.07% move from the previous day. This change was narrower than the S&P 500's 1.1% loss on the day. Meanwhile, the Dow lost 1.19%, and the Nasdaq, a tech-heavy index, lost 3.27%.
Prior to today's trading, shares of the network security company had gained 0.8% over the past month. This has lagged the Computer and Technology sector's gain of 1.45% and outpaced the S&P 500's loss of 3.02% 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 $0.28 per share. This would mark year-over-year growth of 47.37%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.2 billion, up 25.71% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.41 per share and revenue of $5.41 billion, which would represent changes of +18.49% and +22.36%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Fortinet. These revisions typically reflect the latest short-term business trends, which can change frequently. 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 0.93% higher. Fortinet is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 43.85. This represents a premium compared to its industry's average Forward P/E of 29.38.
Also, we should mention that FTNT has a PEG ratio of 2.44. 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 2.33 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 98, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.
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Fortinet (FTNT) Stock Moves -1.07%: What You Should Know
In the latest trading session, Fortinet (FTNT - Free Report) closed at $61.22, marking a -1.07% move from the previous day. This change was narrower than the S&P 500's 1.1% loss on the day. Meanwhile, the Dow lost 1.19%, and the Nasdaq, a tech-heavy index, lost 3.27%.
Prior to today's trading, shares of the network security company had gained 0.8% over the past month. This has lagged the Computer and Technology sector's gain of 1.45% and outpaced the S&P 500's loss of 3.02% 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 $0.28 per share. This would mark year-over-year growth of 47.37%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.2 billion, up 25.71% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.41 per share and revenue of $5.41 billion, which would represent changes of +18.49% and +22.36%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Fortinet. These revisions typically reflect the latest short-term business trends, which can change frequently. 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 0.93% higher. Fortinet is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 43.85. This represents a premium compared to its industry's average Forward P/E of 29.38.
Also, we should mention that FTNT has a PEG ratio of 2.44. 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 2.33 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 98, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.