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Fortinet (FTNT) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, Fortinet (FTNT - Free Report) closed at $47.86, marking a -1.42% move from the previous day. This move lagged the S&P 500's daily loss of 1.2%. Elsewhere, the Dow lost 1.1%, while the tech-heavy Nasdaq lost 2.86%.
Prior to today's trading, shares of the network security company had lost 5.89% over the past month. This has was narrower than the Computer and Technology sector's loss of 7.42% and lagged the S&P 500's loss of 4.77% in that time.
Fortinet will be looking to display strength as it nears its next earnings release. On that day, Fortinet is projected to report earnings of $0.39 per share, which would represent year-over-year growth of 56%. Meanwhile, our latest consensus estimate is calling for revenue of $1.29 billion, up 34.09% from the prior-year quarter.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.15 per share and revenue of $4.43 billion. These results would represent year-over-year changes of +43.75% and +32.46%, respectively.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Fortinet currently has a Zacks Rank of #2 (Buy).
Investors should also note Fortinet's current valuation metrics, including its Forward P/E ratio of 42.3. This represents a premium compared to its industry's average Forward P/E of 30.47.
Also, we should mention that FTNT has a PEG ratio of 2.35. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Security was holding an average PEG ratio of 2.35 at yesterday's closing price.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.
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Fortinet (FTNT) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Fortinet (FTNT - Free Report) closed at $47.86, marking a -1.42% move from the previous day. This move lagged the S&P 500's daily loss of 1.2%. Elsewhere, the Dow lost 1.1%, while the tech-heavy Nasdaq lost 2.86%.
Prior to today's trading, shares of the network security company had lost 5.89% over the past month. This has was narrower than the Computer and Technology sector's loss of 7.42% and lagged the S&P 500's loss of 4.77% in that time.
Fortinet will be looking to display strength as it nears its next earnings release. On that day, Fortinet is projected to report earnings of $0.39 per share, which would represent year-over-year growth of 56%. Meanwhile, our latest consensus estimate is calling for revenue of $1.29 billion, up 34.09% from the prior-year quarter.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.15 per share and revenue of $4.43 billion. These results would represent year-over-year changes of +43.75% and +32.46%, respectively.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Fortinet currently has a Zacks Rank of #2 (Buy).
Investors should also note Fortinet's current valuation metrics, including its Forward P/E ratio of 42.3. This represents a premium compared to its industry's average Forward P/E of 30.47.
Also, we should mention that FTNT has a PEG ratio of 2.35. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Security was holding an average PEG ratio of 2.35 at yesterday's closing price.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.