Fortinet (FTNT) closed at $83.44 in the latest trading session, marking a -1.14% move from the prior day. This change lagged the S&P 500's daily loss of 0.61%. Elsewhere, the Dow lost 0.26%, while the tech-heavy Nasdaq lost 0.93%.
Heading into today, shares of the network security company had gained 0.17% over the past month, outpacing the Computer and Technology sector's loss of 1.56% and the S&P 500's loss of 2.25%.
The upcoming earnings release of Fortinet will be of great interest to investors. The company's upcoming EPS is projected at $0.62, signifying a 6.90% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.73 billion, indicating a 12.43% growth compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.96 per share and revenue of $7.6 billion. These totals would mark changes of +7.25% and +11.71%, respectively, from last year.
Any recent changes to analyst estimates for Fortinet should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.16% higher. Fortinet is currently a Zacks Rank #3 (Hold).
In terms of valuation, Fortinet is presently being traded at a Forward P/E ratio of 28.54. This represents a discount compared to its industry average Forward P/E of 38.01.
Meanwhile, FTNT's PEG ratio is currently 2.57. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. FTNT's industry had an average PEG ratio of 2.72 as of yesterday's close.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 92, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
