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Fortinet (FTNT) Gains As Market Dips: What You Should Know
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Fortinet (FTNT - Free Report) closed at $48.42 in the latest trading session, marking a +0.08% move from the prior day. This change outpaced the S&P 500's 0.76% loss on the day. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Coming into today, shares of the network security company had lost 3.26% in the past month. In that same time, the Computer and Technology sector gained 2.92%, while the S&P 500 gained 2.18%.
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. 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 33.99% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Fortinet. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.36% lower within the past month. Fortinet currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Fortinet is currently trading at a Forward P/E ratio of 35.2. This valuation marks a premium compared to its industry's average Forward P/E of 27.45.
Meanwhile, FTNT's PEG ratio is currently 1.96. 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 Security industry currently had an average PEG ratio of 2.1 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% 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) Gains As Market Dips: What You Should Know
Fortinet (FTNT - Free Report) closed at $48.42 in the latest trading session, marking a +0.08% move from the prior day. This change outpaced the S&P 500's 0.76% loss on the day. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Coming into today, shares of the network security company had lost 3.26% in the past month. In that same time, the Computer and Technology sector gained 2.92%, while the S&P 500 gained 2.18%.
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. 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 33.99% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Fortinet. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.36% lower within the past month. Fortinet currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Fortinet is currently trading at a Forward P/E ratio of 35.2. This valuation marks a premium compared to its industry's average Forward P/E of 27.45.
Meanwhile, FTNT's PEG ratio is currently 1.96. 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 Security industry currently had an average PEG ratio of 2.1 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% 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.