The latest trading session saw Fortinet (FTNT) ending at $82.07, denoting a +1.23% adjustment from its last day's close. The stock outpaced the S&P 500's daily loss of 0.18%. Elsewhere, the Dow saw a downswing of 0.8%, while the tech-heavy Nasdaq appreciated by 0.27%.

Shares of the network security company have appreciated by 5.59% over the course of the past month, underperforming the Computer and Technology sector's gain of 6.6% and outperforming the S&P 500's gain of 4.46%.

Investors will be eagerly watching for the performance of Fortinet in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 7, 2024. In that report, analysts expect Fortinet to post earnings of $0.51 per share. This would mark year-over-year growth of 24.39%. In the meantime, our current consensus estimate forecasts the revenue to be $1.48 billion, indicating a 10.7% growth compared to the corresponding quarter of the prior year.

FTNT's full-year Zacks Consensus Estimates are calling for earnings of $2.03 per share and revenue of $5.85 billion. These results would represent year-over-year changes of +24.54% and +10.22%, respectively.

Investors should also take note of any recent adjustments to analyst estimates for Fortinet. 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 company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Fortinet currently has a Zacks Rank of #2 (Buy).

Investors should also note Fortinet's current valuation metrics, including its Forward P/E ratio of 39.94. Its industry sports an average Forward P/E of 32.33, so one might conclude that Fortinet is trading at a premium comparatively.

One should further note that FTNT currently holds a PEG ratio of 2.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Internet - Software industry had an average PEG ratio of 2.19 as trading concluded yesterday.