Fortinet (FTNT) ended the recent trading session at $80.76, demonstrating a +0.52% swing from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.27%. On the other hand, the Dow registered a gain of 0.65%, and the technology-centric Nasdaq increased by 0.26%.

The the stock of network security company has risen by 3.73% in the past month, leading the Computer and Technology sector's gain of 2.21% and the S&P 500's gain of 2%.

The investment community will be closely monitoring the performance of Fortinet in its forthcoming earnings report. The company is scheduled to release its earnings on November 7, 2024. On that day, Fortinet is projected to report earnings of $0.51 per share, which would represent year-over-year growth of 24.39%. Simultaneously, our latest consensus estimate expects the revenue to be $1.48 billion, showing a 10.69% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $2.03 per share and a revenue of $5.85 billion, demonstrating changes of +24.54% and +10.29%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for Fortinet. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.04% higher within the past month. Currently, Fortinet is carrying a Zacks Rank of #2 (Buy).

From a valuation perspective, Fortinet is currently exchanging hands at a Forward P/E ratio of 39.56. This represents a premium compared to its industry's average Forward P/E of 31.88.

It is also worth noting that FTNT currently has a PEG ratio of 2.43. 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 2.1 as of yesterday's close.

The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 61, this industry ranks in the top 25% of all industries, numbering over 250.