We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Fortinet (FTNT) Gains As Market Dips: What You Should Know
Read MoreHide Full Article
Fortinet (FTNT - Free Report) closed at $49.41 in the latest trading session, marking a +1.48% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.08%. Elsewhere, the Dow lost 0.34%, while the tech-heavy Nasdaq added 11.55%.
Prior to today's trading, shares of the network security company had lost 6.6% over the past month. This has was narrower than the Computer and Technology sector's loss of 8.41% and lagged the S&P 500's loss of 1.03% in that time.
Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. This is expected to be February 7, 2023. In that report, analysts expect Fortinet to post earnings of $0.39 per share. This would mark year-over-year growth of 56%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.29 billion, up 33.99% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Fortinet. Recent revisions tend to reflect the latest near-term business trends. 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 has moved 1.36% lower within the past month. Fortinet is currently a Zacks Rank #3 (Hold).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 35.56. This represents a premium compared to its industry's average Forward P/E of 26.45.
Meanwhile, FTNT's PEG ratio is currently 1.98. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Security industry currently had an average PEG ratio of 2.08 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 197, which puts it in the bottom 22% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Fortinet (FTNT) Gains As Market Dips: What You Should Know
Fortinet (FTNT - Free Report) closed at $49.41 in the latest trading session, marking a +1.48% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.08%. Elsewhere, the Dow lost 0.34%, while the tech-heavy Nasdaq added 11.55%.
Prior to today's trading, shares of the network security company had lost 6.6% over the past month. This has was narrower than the Computer and Technology sector's loss of 8.41% and lagged the S&P 500's loss of 1.03% in that time.
Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. This is expected to be February 7, 2023. In that report, analysts expect Fortinet to post earnings of $0.39 per share. This would mark year-over-year growth of 56%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.29 billion, up 33.99% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Fortinet. Recent revisions tend to reflect the latest near-term business trends. 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 has moved 1.36% lower within the past month. Fortinet is currently a Zacks Rank #3 (Hold).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 35.56. This represents a premium compared to its industry's average Forward P/E of 26.45.
Meanwhile, FTNT's PEG ratio is currently 1.98. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Security industry currently had an average PEG ratio of 2.08 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 197, which puts it in the bottom 22% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.