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Fortinet (FTNT - Free Report) closed the latest trading day at $75.01, indicating a +0.7% change from the previous session's end. The stock's change was more than the S&P 500's daily gain of 0.54%. On the other hand, the Dow registered a gain of 0.72%, and the technology-centric Nasdaq increased by 0.65%.
The network security company's shares have seen an increase of 1.49% over the last month, not keeping up with the Computer and Technology sector's gain of 3.3% and the S&P 500's gain of 4.86%.
The investment community will be closely monitoring the performance of Fortinet in its forthcoming earnings report. On that day, Fortinet is projected to report earnings of $0.51 per share, which would represent year-over-year growth of 24.39%. Alongside, our most recent consensus estimate is anticipating revenue of $1.48 billion, indicating a 10.7% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2 per share and a revenue of $5.85 billion, signifying shifts of +22.7% and +10.22%, respectively, from the last 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the past month, the Zacks Consensus EPS estimate has moved 0.96% 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 37.31. This denotes a premium relative to the industry's average Forward P/E of 30.32.
It's also important to note that FTNT currently trades at a PEG ratio of 2.3. 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 2 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 88, putting it in the top 35% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.
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Fortinet (FTNT) Laps the Stock Market: Here's Why
Fortinet (FTNT - Free Report) closed the latest trading day at $75.01, indicating a +0.7% change from the previous session's end. The stock's change was more than the S&P 500's daily gain of 0.54%. On the other hand, the Dow registered a gain of 0.72%, and the technology-centric Nasdaq increased by 0.65%.
The network security company's shares have seen an increase of 1.49% over the last month, not keeping up with the Computer and Technology sector's gain of 3.3% and the S&P 500's gain of 4.86%.
The investment community will be closely monitoring the performance of Fortinet in its forthcoming earnings report. On that day, Fortinet is projected to report earnings of $0.51 per share, which would represent year-over-year growth of 24.39%. Alongside, our most recent consensus estimate is anticipating revenue of $1.48 billion, indicating a 10.7% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2 per share and a revenue of $5.85 billion, signifying shifts of +22.7% and +10.22%, respectively, from the last 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the past month, the Zacks Consensus EPS estimate has moved 0.96% 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 37.31. This denotes a premium relative to the industry's average Forward P/E of 30.32.
It's also important to note that FTNT currently trades at a PEG ratio of 2.3. 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 2 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 88, putting it in the top 35% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.