How to Find Strong Buy Computer and Technology Stocks Using the Zacks Rank
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Should You Buy #1 (Strong Buy)-Ranked Fortinet (FTNT) for Your Portfolio?
Fortinet was upgraded to the Zacks Rank #1 list on November 13, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Headquartered in Sunnyvale, CA, Fortinet, Inc. is a provider of network security appliances and Unified Threat Management (UTM) network security solutions to enterprises, service providers and government entities worldwide.
13 analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.17 to $2.18 per share. FTNT also boasts an average earnings surprise of 23.6%.
Earnings are expected to grow 33.7% for the current fiscal year, while revenue is projected to increase 11%.
Additionally, FTNT has climbed higher over the past four weeks, gaining 19.6%. The S&P 500 is up 3.1% in comparison.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Fortinet could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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