Fortinet (FTNT) Declines More Than Market: Some Information for Investors

In the latest trading session, Fortinet (FTNT) closed at $79.41, marking a -1.12% move from the previous day. The stock's change was less than the S&P 500's daily loss of 0.74%. Elsewhere, the Dow lost 0.63%, while the tech-heavy Nasdaq lost 0.76%. Shares of the network security company witnessed a loss of 3.17% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 0.14%, and the S&P 500's gain of 0.79%.Market participants will be closely following the financial results of Fortinet in its upcoming release. The company is predicted to post an EPS of $0.74, indicating constancy compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $1.86 billion, up 11.92% from the prior-year quarter. For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.69 per share and a revenue of $6.75 billion, signifying shifts of +13.5% and +13.37%, respectively, from the last year. It's also important for investors to be aware of any recent modifications 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 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model. The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.5% higher. Fortinet is currently sporting a Zacks Rank of #3 (Hold). Digging into valuation, Fortinet currently has a Forward P/E ratio of 29.85. This valuation marks a discount compared to its industry average Forward P/E of 54.29. It's also important to note that FTNT currently trades at a PEG ratio of 2.65. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. FTNT's industry had an average PEG ratio of 2.65 as of yesterday's close. The Security industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 55, finds itself in the top 23% 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. You can find more information on all of these metrics, and much more, on Zacks.com. Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fortinet, Inc. (FTNT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks