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Fortinet (FTNT) Stock Moves -0.13%: What You Should Know

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In the latest trading session, Fortinet (FTNT - Free Report) closed at $68.13, marking a -0.13% move from the previous day. This change was narrower than the S&P 500's daily loss of 0.95%. On the other hand, the Dow registered a loss of 1.09%, and the technology-centric Nasdaq decreased by 0.84%.

Coming into today, shares of the network security company had lost 4.37% in the past month. In that same time, the Computer and Technology sector gained 1.67%, while the S&P 500 gained 1.78%.

Investors will be eagerly watching for the performance of Fortinet in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 2, 2024. The company is forecasted to report an EPS of $0.38, showcasing a 11.76% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $1.33 billion, indicating a 5.73% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $1.69 per share and a revenue of $5.77 billion, demonstrating changes of +3.68% and +8.77%, respectively, from the preceding 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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Fortinet is currently sporting a Zacks Rank of #3 (Hold).

With respect to valuation, Fortinet is currently being traded at a Forward P/E ratio of 40.4. This indicates a premium in contrast to its industry's Forward P/E of 29.79.

Also, we should mention that FTNT has a PEG ratio of 2.49. 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. The Internet - Software industry had an average PEG ratio of 1.9 as trading concluded yesterday.

The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 37, this industry ranks in the top 15% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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