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Fortinet (FTNT) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Fortinet (FTNT - Free Report) closed at $62.99, marking a -0.41% move from the previous day. This change lagged the S&P 500's daily gain of 0.56%. Meanwhile, the Dow gained 0.41%, and the Nasdaq, a tech-heavy index, added 1.35%.
Heading into today, shares of the network security company had gained 4.41% over the past month, lagging the Computer and Technology sector's gain of 6.41% and outpacing the S&P 500's loss of 1.48% in that time.
Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. On that day, Fortinet is projected to report earnings of $0.28 per share, which would represent 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.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.41 per share and revenue of $5.41 billion. These results would represent year-over-year changes of +18.49% and +22.36%, respectively.
It is also important to note the recent changes to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 0.93% higher within the past month. Fortinet is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Fortinet currently has a Forward P/E ratio of 44.82. Its industry sports an average Forward P/E of 29.68, so we one might conclude that Fortinet is trading at a premium comparatively.
Meanwhile, FTNT's PEG ratio is currently 2.49. 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. FTNT's industry had an average PEG ratio of 2.34 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 72, which puts it in the top 29% 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.
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) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Fortinet (FTNT - Free Report) closed at $62.99, marking a -0.41% move from the previous day. This change lagged the S&P 500's daily gain of 0.56%. Meanwhile, the Dow gained 0.41%, and the Nasdaq, a tech-heavy index, added 1.35%.
Heading into today, shares of the network security company had gained 4.41% over the past month, lagging the Computer and Technology sector's gain of 6.41% and outpacing the S&P 500's loss of 1.48% in that time.
Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. On that day, Fortinet is projected to report earnings of $0.28 per share, which would represent 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.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.41 per share and revenue of $5.41 billion. These results would represent year-over-year changes of +18.49% and +22.36%, respectively.
It is also important to note the recent changes to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 0.93% higher within the past month. Fortinet is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Fortinet currently has a Forward P/E ratio of 44.82. Its industry sports an average Forward P/E of 29.68, so we one might conclude that Fortinet is trading at a premium comparatively.
Meanwhile, FTNT's PEG ratio is currently 2.49. 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. FTNT's industry had an average PEG ratio of 2.34 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 72, which puts it in the top 29% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.