Fortinet (FTNT) outperforms the market tide : know why

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. Within the past 30 days, our consensus EPS projection has moved 0.47% higher. Fortinet is currently a Zacks Rank #2 (Buy).

pic - Fortinet fortigate
article continues after this advertisement

Fortinet (FTNT) closed at $59.87 in the latest trading session, marking a +1.47% move from the prior day. The stock outperforms the S&P 500’s daily gain of 0.36%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.1%.

Coming into today, shares of the network security company had lost 3.4% in the past month. In that same time, the Computer and Technology sector lost 6.98%, while the S&P 500 lost 6.59%.

Fortinet will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2022. In that report, analysts expect Fortinet to post earnings of $0.22 per share. This would mark year-over-year growth of 15.79%. Meanwhile, our latest consensus estimate is calling for revenue of $1.03 billion, up 28.08% from the prior-year quarter.

Market Times News update

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. Within the past 30 days, our consensus EPS projection has moved 0.47% higher. Fortinet is currently a Zacks Rank #2 (Buy).

Investors should also note that FTNT has a PEG ratio of 3.22 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company’s expected earnings growth rate. Security stocks are, on average, holding a PEG ratio of 2.78 based on yesterday’s closing prices.

Zacks Consensus Estimates suggest analysts are expecting earnings of $1.02 per share and revenue of $4.38 billion. These totals would mark changes of +27.5% and +31.06%, respectively, from last year.

>To see the full report click on this link – https://www.zacks.com/registration/pfp/?alert=RPT_7BEST_YHOSYND&t=&adid=YAHOO_CONTENT_ZER_ARTCAT_TALEOFTAPE_554&cid=CS-YAHOO-FT-tale_of_the_tape|yseop_template_6v2-1948858&split=1