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Fortinet (FTNT) Dips More Than Broader Markets: What You Should Know
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Fortinet (FTNT - Free Report) closed the most recent trading day at $68.07, moving -0.47% from the previous trading session. This change lagged the S&P 500's 0.21% loss on the day. At the same time, the Dow lost 0.42%, and the tech-heavy Nasdaq lost 0.64%.
Prior to today's trading, shares of the network security company had gained 10.52% over the past month. This has outpaced the Computer and Technology sector's gain of 10.18% and the S&P 500's gain of 7.71% in that time.
Fortinet will be looking to display strength as it nears its next earnings release, which is expected to be May 4, 2023. In that report, analysts expect Fortinet to post earnings of $0.28 per share. This would mark year-over-year growth of 47.37%. Meanwhile, our latest consensus estimate is calling for revenue of $1.2 billion, up 25.71% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.41 per share and revenue of $5.41 billion, which would represent changes of +18.49% and +22.36%, respectively, from the prior year.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.27% higher. Fortinet currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 48.65. For comparison, its industry has an average Forward P/E of 31.49, which means Fortinet is trading at a premium to the group.
Meanwhile, FTNT's PEG ratio is currently 2.7. 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 was holding an average PEG ratio of 2.5 at yesterday's closing price.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 76, putting it in the top 31% 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.
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Fortinet (FTNT) Dips More Than Broader Markets: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $68.07, moving -0.47% from the previous trading session. This change lagged the S&P 500's 0.21% loss on the day. At the same time, the Dow lost 0.42%, and the tech-heavy Nasdaq lost 0.64%.
Prior to today's trading, shares of the network security company had gained 10.52% over the past month. This has outpaced the Computer and Technology sector's gain of 10.18% and the S&P 500's gain of 7.71% in that time.
Fortinet will be looking to display strength as it nears its next earnings release, which is expected to be May 4, 2023. In that report, analysts expect Fortinet to post earnings of $0.28 per share. This would mark year-over-year growth of 47.37%. Meanwhile, our latest consensus estimate is calling for revenue of $1.2 billion, up 25.71% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.41 per share and revenue of $5.41 billion, which would represent changes of +18.49% and +22.36%, respectively, from the prior year.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.27% higher. Fortinet currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Fortinet currently has a Forward P/E ratio of 48.65. For comparison, its industry has an average Forward P/E of 31.49, which means Fortinet is trading at a premium to the group.
Meanwhile, FTNT's PEG ratio is currently 2.7. 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 was holding an average PEG ratio of 2.5 at yesterday's closing price.
The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 76, putting it in the top 31% 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.