Fortinet (FTNT) closed at $304.99 in the latest trading session, marking a -0.71% move from the prior day. This move was narrower than the S&P 500's daily loss of 1.1%. Elsewhere, the Dow lost 0.89%, while the tech-heavy Nasdaq added 0.03%.

Coming into today, shares of the network security company had lost 11.78% in the past month. In that same time, the Computer and Technology sector lost 5.94%, while the S&P 500 lost 1.81%.

Wall Street will be looking for positivity from Fortinet as it approaches its next earnings report date. This is expected to be February 3, 2022. In that report, analysts expect Fortinet to post earnings of $1.14 per share. This would mark year-over-year growth of 7.55%. Our most recent consensus estimate is calling for quarterly revenue of $962.09 million, up 28.62% from the year-ago period.

It is also important to note the recent changes to analyst estimates for Fortinet. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. Within the past 30 days, our consensus EPS projection remained stagnant. Fortinet is currently a Zacks Rank #3 (Hold).

Digging into valuation, Fortinet currently has a Forward P/E ratio of 66.45. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 66.45.

Investors should also note that FTNT has a PEG ratio of 4.43 right now. 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. The Security industry currently had an average PEG ratio of 3.45 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 85, which puts it in the top 34% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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