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Fortinet (FTNT) Declines More Than Market: Some Information for Investors
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Fortinet (FTNT - Free Report) ended the recent trading session at $58.65, demonstrating a -0.83% swing from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.01%. Meanwhile, the Dow experienced a rise of 0.04%, and the technology-dominated Nasdaq saw a decrease of 0.25%.
Prior to today's trading, shares of the network security company had lost 2.17% over the past month. This has lagged the Computer and Technology sector's loss of 0.05% and the S&P 500's loss of 1.6% in that time.
The investment community will be paying close attention to the earnings performance of Fortinet in its upcoming release. The company is slated to reveal its earnings on November 2, 2023. The company is expected to report EPS of $0.37, up 12.12% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.35 billion, indicating a 17.44% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.51 per share and a revenue of $5.4 billion, representing changes of +26.89% and +22.28%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, Fortinet is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Fortinet has a Forward P/E ratio of 39.18 right now. This valuation marks a premium compared to its industry's average Forward P/E of 36.85.
One should further note that FTNT currently holds a PEG ratio of 2.14. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Internet - Software stocks are, on average, holding a PEG ratio of 1.52 based on yesterday's closing prices.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 74, this industry ranks in the top 30% of all industries, numbering over 250.
The Zacks Industry Rank is ordered 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) Declines More Than Market: Some Information for Investors
Fortinet (FTNT - Free Report) ended the recent trading session at $58.65, demonstrating a -0.83% swing from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.01%. Meanwhile, the Dow experienced a rise of 0.04%, and the technology-dominated Nasdaq saw a decrease of 0.25%.
Prior to today's trading, shares of the network security company had lost 2.17% over the past month. This has lagged the Computer and Technology sector's loss of 0.05% and the S&P 500's loss of 1.6% in that time.
The investment community will be paying close attention to the earnings performance of Fortinet in its upcoming release. The company is slated to reveal its earnings on November 2, 2023. The company is expected to report EPS of $0.37, up 12.12% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.35 billion, indicating a 17.44% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.51 per share and a revenue of $5.4 billion, representing changes of +26.89% and +22.28%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, Fortinet is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Fortinet has a Forward P/E ratio of 39.18 right now. This valuation marks a premium compared to its industry's average Forward P/E of 36.85.
One should further note that FTNT currently holds a PEG ratio of 2.14. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Internet - Software stocks are, on average, holding a PEG ratio of 1.52 based on yesterday's closing prices.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 74, this industry ranks in the top 30% of all industries, numbering over 250.
The Zacks Industry Rank is ordered 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.