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Why Fortinet (FTNT) Dipped More Than Broader Market Today
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Fortinet (FTNT - Free Report) closed the most recent trading day at $79.68, moving -1.5% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.05%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, added 0.45%.
The network security company's stock has climbed by 4.71% in the past month, falling short of the Computer and Technology sector's gain of 5.42% and outpacing the S&P 500's gain of 3.44%.
The investment community will be closely monitoring the performance of Fortinet in its forthcoming earnings report. The company is forecasted to report an EPS of $0.63, showcasing no movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $1.7 billion, reflecting a 12.89% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.52 per share and a revenue of $6.75 billion, signifying shifts of +6.33% and +13.29%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Fortinet. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.15% increase. Fortinet is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 32.14. This signifies a discount in comparison to the average Forward P/E of 65.55 for its industry.
We can additionally observe that FTNT currently boasts a PEG ratio of 2.68. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Security industry had an average PEG ratio of 2.68 as trading concluded yesterday.
The Security industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 82, this industry ranks in the top 34% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Why Fortinet (FTNT) Dipped More Than Broader Market Today
Fortinet (FTNT - Free Report) closed the most recent trading day at $79.68, moving -1.5% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.05%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, added 0.45%.
The network security company's stock has climbed by 4.71% in the past month, falling short of the Computer and Technology sector's gain of 5.42% and outpacing the S&P 500's gain of 3.44%.
The investment community will be closely monitoring the performance of Fortinet in its forthcoming earnings report. The company is forecasted to report an EPS of $0.63, showcasing no movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $1.7 billion, reflecting a 12.89% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.52 per share and a revenue of $6.75 billion, signifying shifts of +6.33% and +13.29%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Fortinet. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.15% increase. Fortinet is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 32.14. This signifies a discount in comparison to the average Forward P/E of 65.55 for its industry.
We can additionally observe that FTNT currently boasts a PEG ratio of 2.68. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Security industry had an average PEG ratio of 2.68 as trading concluded yesterday.
The Security industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 82, this industry ranks in the top 34% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.