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Fortinet (FTNT) Rises Higher Than Market: Key Facts
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In the latest trading session, Fortinet (FTNT - Free Report) closed at $57.39, marking a +0.68% move from the previous day. This change outpaced the S&P 500's 0.08% gain on the day. On the other hand, the Dow registered a loss of 0.12%, and the technology-centric Nasdaq increased by 0.07%.
The network security company's shares have seen a decrease of 5.43% over the last month, not keeping up with the Computer and Technology sector's loss of 4.62% and the S&P 500's loss of 0.21%.
Investors will be eagerly watching for the performance of Fortinet in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 6, 2024. The company is forecasted to report an EPS of $0.41, showcasing a 7.89% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $1.4 billion, up 8.44% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.76 per share and revenue of $5.79 billion, indicating changes of +7.98% and +9.22%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.18% higher. Right now, Fortinet possesses a Zacks Rank of #3 (Hold).
With respect to valuation, Fortinet is currently being traded at a Forward P/E ratio of 32.46. This represents a premium compared to its industry's average Forward P/E of 31.36.
We can also see that FTNT currently has a PEG ratio of 2.32. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software was holding an average PEG ratio of 1.8 at yesterday's closing price.
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 97, finds itself in the top 39% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Fortinet (FTNT) Rises Higher Than Market: Key Facts
In the latest trading session, Fortinet (FTNT - Free Report) closed at $57.39, marking a +0.68% move from the previous day. This change outpaced the S&P 500's 0.08% gain on the day. On the other hand, the Dow registered a loss of 0.12%, and the technology-centric Nasdaq increased by 0.07%.
The network security company's shares have seen a decrease of 5.43% over the last month, not keeping up with the Computer and Technology sector's loss of 4.62% and the S&P 500's loss of 0.21%.
Investors will be eagerly watching for the performance of Fortinet in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 6, 2024. The company is forecasted to report an EPS of $0.41, showcasing a 7.89% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $1.4 billion, up 8.44% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.76 per share and revenue of $5.79 billion, indicating changes of +7.98% and +9.22%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Fortinet. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.18% higher. Right now, Fortinet possesses a Zacks Rank of #3 (Hold).
With respect to valuation, Fortinet is currently being traded at a Forward P/E ratio of 32.46. This represents a premium compared to its industry's average Forward P/E of 31.36.
We can also see that FTNT currently has a PEG ratio of 2.32. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software was holding an average PEG ratio of 1.8 at yesterday's closing price.
The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 97, finds itself in the top 39% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.