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Fortinet (FTNT) Rises As Market Takes a Dip: Key Facts
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Fortinet (FTNT - Free Report) closed the most recent trading day at $79.05, moving +1.09% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.4% for the day. Elsewhere, the Dow saw an upswing of 0.11%, while the tech-heavy Nasdaq depreciated by 0.73%.
Prior to today's trading, shares of the network security company had lost 1.05% was narrower than the Computer and Technology sector's loss of 8.37% and the S&P 500's loss of 7.34%.
Market participants will be closely following the financial results of Fortinet in its upcoming release. It is anticipated that the company will report an EPS of $0.62, marking a 6.9% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.73 billion, up 12.43% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.97 per share and revenue of $7.6 billion, which would represent changes of +7.61% and +11.71%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Fortinet. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.43% upward. Currently, Fortinet is carrying a Zacks Rank of #3 (Hold).
Investors should also note Fortinet's current valuation metrics, including its Forward P/E ratio of 26.34. Its industry sports an average Forward P/E of 33.39, so one might conclude that Fortinet is trading at a discount comparatively.
Investors should also note that FTNT has a PEG ratio of 2.38 right now. 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. FTNT's industry had an average PEG ratio of 2.38 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 99, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.
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Fortinet (FTNT) Rises As Market Takes a Dip: Key Facts
Fortinet (FTNT - Free Report) closed the most recent trading day at $79.05, moving +1.09% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.4% for the day. Elsewhere, the Dow saw an upswing of 0.11%, while the tech-heavy Nasdaq depreciated by 0.73%.
Prior to today's trading, shares of the network security company had lost 1.05% was narrower than the Computer and Technology sector's loss of 8.37% and the S&P 500's loss of 7.34%.
Market participants will be closely following the financial results of Fortinet in its upcoming release. It is anticipated that the company will report an EPS of $0.62, marking a 6.9% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.73 billion, up 12.43% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.97 per share and revenue of $7.6 billion, which would represent changes of +7.61% and +11.71%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Fortinet. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.43% upward. Currently, Fortinet is carrying a Zacks Rank of #3 (Hold).
Investors should also note Fortinet's current valuation metrics, including its Forward P/E ratio of 26.34. Its industry sports an average Forward P/E of 33.39, so one might conclude that Fortinet is trading at a discount comparatively.
Investors should also note that FTNT has a PEG ratio of 2.38 right now. 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. FTNT's industry had an average PEG ratio of 2.38 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 99, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.