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Fortinet (FTNT) Falls More Steeply Than Broader Market: What Investors Need to Know
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The most recent trading session ended with Fortinet (FTNT - Free Report) standing at $58.79, reflecting a -1.34% shift from the previouse trading day's closing. This change lagged the S&P 500's 0.88% loss on the day. Elsewhere, the Dow gained 0.08%, while the tech-heavy Nasdaq lost 1.95%.
Shares of the network security company witnessed a loss of 1.7% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 9.48% and the S&P 500's gain of 5.11%.
The investment community will be closely monitoring the performance of Fortinet in its forthcoming earnings report. The company is scheduled to release its earnings on August 6, 2024. The company's earnings per share (EPS) are projected to be $0.41, reflecting a 7.89% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.4 billion, up 8.6% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.76 per share and a revenue of $5.79 billion, representing changes of +7.98% and +9.22%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Fortinet. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 0.45% higher. Fortinet is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Fortinet is currently being traded at a Forward P/E ratio of 33.89. This denotes a premium relative to the industry's average Forward P/E of 29.49.
It's also important to note that FTNT currently trades at a PEG ratio of 2.43. 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. FTNT's industry had an average PEG ratio of 1.67 as of yesterday's close.
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 37% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Fortinet (FTNT) Falls More Steeply Than Broader Market: What Investors Need to Know
The most recent trading session ended with Fortinet (FTNT - Free Report) standing at $58.79, reflecting a -1.34% shift from the previouse trading day's closing. This change lagged the S&P 500's 0.88% loss on the day. Elsewhere, the Dow gained 0.08%, while the tech-heavy Nasdaq lost 1.95%.
Shares of the network security company witnessed a loss of 1.7% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 9.48% and the S&P 500's gain of 5.11%.
The investment community will be closely monitoring the performance of Fortinet in its forthcoming earnings report. The company is scheduled to release its earnings on August 6, 2024. The company's earnings per share (EPS) are projected to be $0.41, reflecting a 7.89% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.4 billion, up 8.6% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.76 per share and a revenue of $5.79 billion, representing changes of +7.98% and +9.22%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Fortinet. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 0.45% higher. Fortinet is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Fortinet is currently being traded at a Forward P/E ratio of 33.89. This denotes a premium relative to the industry's average Forward P/E of 29.49.
It's also important to note that FTNT currently trades at a PEG ratio of 2.43. 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. FTNT's industry had an average PEG ratio of 1.67 as of yesterday's close.
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 37% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.