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) Dips More Than Broader Markets: What You Should Know
Read MoreHide Full Article
Fortinet (FTNT - Free Report) closed the most recent trading day at $57.62, moving -1.72% from the previous trading session. This change lagged the S&P 500's 1.37% loss on the day. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 1.87%.
Prior to today's trading, shares of the network security company had lost 3.68% over the past month. This has was narrower than the Computer and Technology sector's loss of 4.68% and the S&P 500's loss of 4.93% 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 November 2, 2023. On that day, Fortinet is projected to report earnings of $0.37 per share, which would represent year-over-year growth of 12.12%. Our most recent consensus estimate is calling for quarterly revenue of $1.35 billion, up 17.44% from the year-ago period.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.51 per share and revenue of $5.4 billion. These results would represent year-over-year changes of +26.89% and +22.28%, respectively.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 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. Within the past 30 days, our consensus EPS projection remained stagnant. Fortinet is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Fortinet has a Forward P/E ratio of 38.84 right now. This represents a premium compared to its industry's average Forward P/E of 36.77.
Meanwhile, FTNT's PEG ratio is currently 2.12. 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 Internet - Software was holding an average PEG ratio of 1.49 at yesterday's closing price.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 83, putting it in the top 33% 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) Dips More Than Broader Markets: What You Should Know
Fortinet (FTNT - Free Report) closed the most recent trading day at $57.62, moving -1.72% from the previous trading session. This change lagged the S&P 500's 1.37% loss on the day. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 1.87%.
Prior to today's trading, shares of the network security company had lost 3.68% over the past month. This has was narrower than the Computer and Technology sector's loss of 4.68% and the S&P 500's loss of 4.93% 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 November 2, 2023. On that day, Fortinet is projected to report earnings of $0.37 per share, which would represent year-over-year growth of 12.12%. Our most recent consensus estimate is calling for quarterly revenue of $1.35 billion, up 17.44% from the year-ago period.
FTNT's full-year Zacks Consensus Estimates are calling for earnings of $1.51 per share and revenue of $5.4 billion. These results would represent year-over-year changes of +26.89% and +22.28%, respectively.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 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. Within the past 30 days, our consensus EPS projection remained stagnant. Fortinet is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Fortinet has a Forward P/E ratio of 38.84 right now. This represents a premium compared to its industry's average Forward P/E of 36.77.
Meanwhile, FTNT's PEG ratio is currently 2.12. 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 Internet - Software was holding an average PEG ratio of 1.49 at yesterday's closing price.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 83, putting it in the top 33% 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.