For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Different than value or growth investors, momentum-oriented investors live by the saying “the trend is your friend.” This investing style is all about taking advantage of upward or downward trends in a stock’s price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
Fortinet (FTNT)
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.
FTNT is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of A and VGM Score of B. Shares are down 3.3% over the past one week and up 0.8% over the past four weeks. FTNT has lost 12.9% in the last one-year period as well. Looking at trading volume, an average of 6,194,023 shares exchanged hands over the last 20 trading days.
Momentum investors don’t just pay attention to price changes; positive earnings play a crucial role, too. 14 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.06 to $1.75 per share. FTNT boasts an average earnings surprise of 13.6%.
Investors should take the time to consider FTNT for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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