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Fortinet (FTNT) Stock Moves -0.39%: What You Should Know
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In the latest market close, Fortinet (FTNT - Free Report) reached $55.72, with a -0.39% movement compared to the previous day. This change was narrower than the S&P 500's daily loss of 1.18%. On the other hand, the Dow registered a loss of 0.76%, and the technology-centric Nasdaq decreased by 1.76%.
The network security company's shares have seen a decrease of 3.78% over the last month, not keeping up with the Computer and Technology sector's loss of 2.96% and the S&P 500's loss of 3.35%.
The investment community will be paying close attention to the earnings performance of Fortinet in its upcoming release. The company is slated to reveal its earnings on November 2, 2023. The company is expected to report EPS of $0.37, up 12.12% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.35 billion, indicating a 17.3% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.51 per share and revenue of $5.4 billion, indicating changes of +26.89% and +22.22%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Fortinet. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Fortinet holds a Zacks Rank of #3 (Hold).
In terms of valuation, Fortinet is presently being traded at a Forward P/E ratio of 37.08. This represents a premium compared to its industry's average Forward P/E of 35.52.
We can additionally observe that FTNT currently boasts a PEG ratio of 2.04. 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. By the end of yesterday's trading, the Internet - Software industry had an average PEG ratio of 1.4.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 72, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. 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) Stock Moves -0.39%: What You Should Know
In the latest market close, Fortinet (FTNT - Free Report) reached $55.72, with a -0.39% movement compared to the previous day. This change was narrower than the S&P 500's daily loss of 1.18%. On the other hand, the Dow registered a loss of 0.76%, and the technology-centric Nasdaq decreased by 1.76%.
The network security company's shares have seen a decrease of 3.78% over the last month, not keeping up with the Computer and Technology sector's loss of 2.96% and the S&P 500's loss of 3.35%.
The investment community will be paying close attention to the earnings performance of Fortinet in its upcoming release. The company is slated to reveal its earnings on November 2, 2023. The company is expected to report EPS of $0.37, up 12.12% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.35 billion, indicating a 17.3% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.51 per share and revenue of $5.4 billion, indicating changes of +26.89% and +22.22%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Fortinet. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Fortinet holds a Zacks Rank of #3 (Hold).
In terms of valuation, Fortinet is presently being traded at a Forward P/E ratio of 37.08. This represents a premium compared to its industry's average Forward P/E of 35.52.
We can additionally observe that FTNT currently boasts a PEG ratio of 2.04. 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. By the end of yesterday's trading, the Internet - Software industry had an average PEG ratio of 1.4.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 72, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. 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.