Yahoo Finance Fortinet (FTNT) Rises As Market Takes a Dip: Key Facts
Fortinet (FTNT) closed the most recent trading day at $60.27, moving +0.38% from the previous trading session. This change outpaced the S&P 500's 0.41% loss on the day. Elsewhere, the Dow saw a downswing of 0.12%, while the tech-heavy Nasdaq depreciated by 0.71%.
Prior to today's trading, shares of the network security company had gained 3.52% over the past month. This has lagged the Computer and Technology sector's gain of 6.52% and the S&P 500's gain of 3.53% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Fortinet in its upcoming earnings disclosure. 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 8.6% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.75 per share and a revenue of $5.79 billion, representing changes of +7.36% and +9.22%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Fortinet. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, 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 0.13% higher. As of now, Fortinet holds a Zacks Rank of #3 (Hold).
Looking at its valuation, Fortinet is holding a Forward P/E ratio of 34.24. This denotes a premium relative to the industry's average Forward P/E of 30.12.
Investors should also note that FTNT has a PEG ratio of 2.45 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Internet - Software stocks are, on average, holding a PEG ratio of 1.74 based on yesterday's closing prices.
The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 81, which puts it in the top 33% 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.
To follow FTNT in the coming trading sessions, be sure to utilize Zacks.com.
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Fortinet, Inc. (FTNT): Free Stock Analysis Report
