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Fortinet (FTNT) Gains As Market Dips: What You Should Know
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Fortinet (FTNT - Free Report) closed the most recent trading day at $74.65, moving +0.46% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.79%. Elsewhere, the Dow lost 1.07%, while the tech-heavy Nasdaq lost 2.71%.
Heading into today, shares of the network security company had gained 10.81% over the past month, outpacing the Computer and Technology sector's gain of 2.73% and the S&P 500's gain of 4.16% in that time.
Investors will be hoping for strength from Fortinet as it approaches its next earnings release, which is expected to be August 3, 2023. On that day, Fortinet is projected to report earnings of $0.34 per share, which would represent year-over-year growth of 41.67%. Our most recent consensus estimate is calling for quarterly revenue of $1.3 billion, up 26.41% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.46 per share and revenue of $5.46 billion, which would represent changes of +22.69% and +23.64%, respectively, from the prior year.
Investors should also note any 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. 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.
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 remained stagnant within the past month. Fortinet is currently a Zacks Rank #2 (Buy).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 50.79. This represents a premium compared to its industry's average Forward P/E of 41.37.
Also, we should mention that FTNT has a PEG ratio of 2.82. 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 Internet - Software industry currently had an average PEG ratio of 1.71 as of yesterday's close.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 73, 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Fortinet (FTNT) Gains As Market Dips: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $74.65, moving +0.46% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.79%. Elsewhere, the Dow lost 1.07%, while the tech-heavy Nasdaq lost 2.71%.
Heading into today, shares of the network security company had gained 10.81% over the past month, outpacing the Computer and Technology sector's gain of 2.73% and the S&P 500's gain of 4.16% in that time.
Investors will be hoping for strength from Fortinet as it approaches its next earnings release, which is expected to be August 3, 2023. On that day, Fortinet is projected to report earnings of $0.34 per share, which would represent year-over-year growth of 41.67%. Our most recent consensus estimate is calling for quarterly revenue of $1.3 billion, up 26.41% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.46 per share and revenue of $5.46 billion, which would represent changes of +22.69% and +23.64%, respectively, from the prior year.
Investors should also note any 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. 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.
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 remained stagnant within the past month. Fortinet is currently a Zacks Rank #2 (Buy).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 50.79. This represents a premium compared to its industry's average Forward P/E of 41.37.
Also, we should mention that FTNT has a PEG ratio of 2.82. 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 Internet - Software industry currently had an average PEG ratio of 1.71 as of yesterday's close.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 73, 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.