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Reporter Name | Xie Ken |
Relationship | PRESIDENT & CEO |
Type | Sell |
Amount | $3,544,806 |
SEC Filing | Form 4 |
Fortinet's President & CEO, Ken Xie, reported selling 47,049 shares of common stock across transactions on September 17 and 18, 2024, with sales totaling $3,544,806. The weighted average sale prices were $75.7502, $74.9005, and $75.6604. Following these transactions, Xie directly owns 48,878,806 shares and indirectly owns 15,000,000 shares through trusts.
SEC Filing: Fortinet, Inc. [ FTNT ] - Form 4 - Sep. 18, 2024
Investors are on edge in the lead-up to the Wednesday Federal Open Market Committee interest rate decision that is expected to deliver the first cut to the federal funds rate in over four years.
The market is divided on the magnitude of the anticipated rate cut. Traders are assigning a 59% probability to a 50-basis-point cut, while a 41% chance is placed on a more modest 25-basis-point reduction. The size of the rate cut is crucial as it could trigger significant market reactions.
Should the Fed opt for a 50-basis-point cut, it may be perceived as an acknowledgment that interest rates are overly restrictive. This could lead to increased expectations for further rate cuts in the coming months, potentially fueling risk sentiment and driving stock prices higher.
Conversely, a 25-basis-point cut might disappoint investors who are betting on a more aggressive measure.
Since the start of 2022, the S&P 500, tracked by the SPDR S&P 500 ETF Trust , has experienced an average move of plus or minus 1.3% during FOMC events, reflecting the market’s high sensitivity to Fed policy decisions.
Goldman Sachs equity analysts, including John Marshall, analyzed stock movements during the first rate cuts in the previous three Fed easing cycles (Sept. 18, 2007, July 31, 2019 and March 3, 2020).
The data highlights the average moves of several key S&P 500 stocks with liquid options during these periods.
Read Next:
Federal Reserve illustration created using artificial intelligence via MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Fastly FSLY shares have returned 10.5% over the past month, outperforming the broader Zacks Computer & Technology Sector’s decline of 2.6% and the Zacks Internet - Software industry’s return of 0.8%.
FSLY’s positive share price movement has been driven by revenue growth, which increased 8% year over year to $132.4 million in the second quarter of 2024, exceeding its guidance midpoint ($130 million to $134 million). This was driven by 13% growth in Security revenues and 6% growth in Network services revenues.
The year-over-year top-line growth highlights the success of its enhanced go-to-market strategy, improved customer acquisition and expanding sales through platform solutions.
Customer acquisition efforts saw solid progress in the second quarter of 2024, with the enterprise customer count rising to 601, a sequential increase of 4%. On a year-over-year basis, FSLY grew its enterprise customer count by 50. At the end of the second of 2024, the total customer base reached 3,295, a net increase of 5 compared to the previous quarter.
Fastly’s investment in edge cloud innovations and AI-driven solutions like the AI Accelerator are anticipated to drive future prospects. So, should investors jump into the FSLY stock based on these drivers?
Fastly, Inc. Price and Consensus
Fastly, Inc. price-consensus-chart | Fastly, Inc. Quote
Let’s dig deeper to find out.
Expanding Edge Computing Footprint Aids FSLY’s Prospects
Fastly is focusing on edge computing, which is becoming a key part of its platform, driving momentum with next-generation applications.
The Fastly platform, a software-driven edge network, delivers top-tier services, such as network delivery, security, computing and observability. The focus remains on investing in advanced technology innovations that strengthen the platform and enhance its capabilities for the future of web application development.
Fastly introduced the beta version of Fastly AI Accelerator, an AI proxy designed to boost performance and reduce costs for application developers by utilizing large language models.
Fastly's AI Accelerator harnesses the power of edge computing to provide exceptional global performance. Developers can integrate this technology with just a single line of code, enabling quick adoption and a streamlined, cost-effective development experience.
Security enhancements are an area the company is digging into. Fastly introduced new offerings, including an enhanced Managed Security Service with Bot Management and a 30-minute service level agreement for notifying customers of security incidents.
For 2024, the Zacks Consensus Estimate for revenues is pegged at $535.98 million, indicating year-over-year growth of 5.93%. The consensus mark for earnings loss is 14 cents per share, unchanged over the past 30 days.
Zacks Rank & Valuation
FSLY currently has a Zacks Rank #2 (Buy).
Although its Value Score of D suggests a stretched valuation at this moment, a strong portfolio and an expanding clientele justify this premium valuation.
Better Ranked Picks
Fortinet FTNT, PayPal PYPL and Aspen Technology AZPN are some better-ranked stocks in the same industry. Each stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate for Fortinet, PayPal and Aspen Technology is currently pegged at 16.25%, 15.90 and 13.12%, respectively.
Zacks Investment Research
Amphenol APH shares have gained 27.6% year to date (YTD), outperforming the broader Zacks Computer & Technology sector’s appreciation of 19.9% and the Zacks Electronics – Connectors industry’s return of 27.3%.
The momentum in APH shares can be attributed to its strong first-half 2024 results. Net sales grew 9% year over year organically and 15% at constant currency, driven by strong organic growth in key end markets, including IT datacom, commercial aerospace, automotive and defense markets, and moderate improvement in the mobile devices market, along with contributions from APH’s acquisition program.
Amphenol achieved record orders of $4.061 billion in second-quarter 2024, up 33% year over year and 21% on a sequential basis. APH saw strong bookings from IT datacom customers focused on AI. This strong performance resulted in a solid book-to-bill ratio of 1.12:1.
APH also raised the dividend payout by 50% to 16.5 cents per share, indicating strong liquidity. As of June 30, 2024, it had cash and cash equivalents worth $1.3 billion. In the first half of 2024, net cash flow increased 18.2% from the year-ago period to $1.26 billion.
Amphenol Corporation Price and Consensus
Amphenol Corporation price-consensus-chart | Amphenol Corporation Quote
Does APH’s robust portfolio, acquisitions and strong liquidity make the stock attractive? Let us analyze.
APH’s Q3 Outlook Looks Promising
Amphenol expects third-quarter 2024 adjusted earnings between 43 cents and 45 cents per share, indicating growth between 10% and 15% on a year-over-year basis.
Net sales are anticipated between $3.7 billion and $3.8 billion, indicating growth between 16% and 19% on a year-over-year basis.
The Zacks Consensus Estimate for third-quarter 2024 net sales is pegged at $3.77 billion, suggesting growth of 17.86% over the figure reported in the year-ago quarter.
The consensus mark for third-quarter 2024 earnings is pegged at 45 cents per share, unchanged over the past 30 days. The estimate indicates growth of 15.38% over the figure reported in the year-ago quarter.
Defense, Commercial Aerospace to Aid APH’s Q3 Sales
In terms of end-market, APH expects defense market sales (11% of second-quarter sales) to increase in the mid-single-digit range sequentially, including the benefit of acquisitions (like CIT) and a strong portfolio of high-technology interconnect products.
Commercial aerospace (5% of second-quarter net sales) sales are expected to increase in the mid-40% for third-quarter 2024, driven by the addition of a full quarter of CIT revenues.
Industrial sales (24% of second-quarter sales) are expected to grow in the mid-single-digit range sequentially. Acquisitions, including those of CIT and Lutze US, have expanded Amphenol’s footprint in this end market.
Mobile devices (8% of second-quarter sales) sales are anticipated to increase 20% sequentially. IT datacom (24% of second-quarter sales) sales are expected to grow modestly on a sequential basis.
Factors to Drive APH Stock
Amphenol’s diversified business model lowers the volatility of individual end markets and geographies. Its wide array of interconnect and sensor products boosts long-term prospects.
Acquisitions are helping Amphenol expand its position across a broad array of technologies and markets. In May, APH completed the acquisition of CIT, which expanded its footprint across defense, commercial air and industrial end markets.
The company completed the acquisition of Lutze US in May and expects to close Lutze Europe by the end of third-quarter 2024. On a combined basis, the Lutze business generates $175 million in annual sales. This acquisition strengthens APH’s broad offering of high-technology interconnect products for industrial markets and expands the range of value-added interconnect products.
The recently announced acquisition of CommScope’s Outdoor Wireless Networks (OWN) and Distributed Antenna Systems (DAS) businesses expands Amphenol’s footprint in the areas of base station antennas and related interconnect solutions, as well as distributed antenna systems. These businesses are expected to generate revenues of $1.2 billion, with an EBITDA margin of 25% in 2024.
Amphenol’s long-term prospects benefit strong spending by countries around next-generation defense technologies. Strong demand for jet-liners and next-gen aircraft is bullish for the commercial aerospace segment.
APH plans to expand its high-technology interconnect antenna and sensor offerings, both organically and through complementary acquisitions in the industrial domain. The pending DAS and OWN acquisitions will expand its footprint in the mobile networks market.
Amphenol’s solutions are critical for both high-speed power and fiber optic interconnect solutions. The growing use of AI and machine learning is driving these technologies, benefiting APH’s long-term prospects in the IT datacom end market.
These factors bode well for Amphenol’s top-line growth over the long term. Its strong cash flow generating ability is noteworthy. Amphenol expects to deliver a strong cash flow in the near term despite a slight rise in capital expenditure as it increases spending on defense and IT datacom markets.
Amphenol Trades at Premium
Amphenol’s Value Score of D suggests a stretched valuation at this moment.
In terms of forward P/E, APH is currently trading at 32.58X higher than the broader sector’s 26.07X.
Zacks Rank & Key Picks
Amphenol currently has a Zacks Rank #3 (Hold), which implies that investors should wait for better entry points in the stock.
AudioEye AEYE, Aspen Technology AZPN, and Fortinet FTNT are a few better-ranked stocks in the broader sector. Each of these stocks currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rates for AudioEye, Aspen Technology and Fortinet are pegged at 25%, 13.12%, and 16.25%, respectively.
Zacks Investment Research
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Intapp (INTA) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Intapp is a member of our Computer and Technology group, which includes 616 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Intapp is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for INTA's full-year earnings has moved 32.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, INTA has gained about 25% so far this year. In comparison, Computer and Technology companies have returned an average of 20.3%. As we can see, Intapp is performing better than its sector in the calendar year.
Fortinet (FTNT) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 30.4%.
The consensus estimate for Fortinet's current year EPS has increased 16.5% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Intapp belongs to the Internet - Software industry, which includes 139 individual stocks and currently sits at #74 in the Zacks Industry Rank. This group has gained an average of 16.3% so far this year, so INTA is performing better in this area. Fortinet is also part of the same industry.
Investors with an interest in Computer and Technology stocks should continue to track Intapp and Fortinet. These stocks will be looking to continue their solid performance.
Zacks Investment Research
Building a successful investment portfolio takes skill and hard work, no matter if you're a growth, value, income, or momentum-focused investor.
But what's the best way to find the right combination of stocks? Because funding things like your retirement, your kids' college tuition, or your short- and long-term savings goals will definitely require significant returns.
Enter the Zacks Rank.
What is the Zacks Rank?
A unique, proprietary stock-rating model, the Zacks Rank uses earnings estimate revisions, or changes to a company's earnings expectations, to help investors create a winning portfolio.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise.
Agreement is the extent to which all brokerage analysts are revising their earnings estimates in the same direction. The greater the percentage of analysts revising their estimates higher, the better chance the stock will outperform.
Magnitude is the size of the recent change in the consensus estimate for the current and next fiscal years.
Upside is the difference between the most accurate estimate, which is calculated by Zacks, and the consensus estimate.
Surprise is made up of a company's last few quarters' earnings per share surprises; companies with a positive earnings surprise are more likely to beat expectations in the future.
These four factors are assigned a raw score that's recalculated every night, which is then compiled into the ranking system. Stocks are classified into five groups using this data, ranging from "Strong Buy" to "Strong Sell."
The Power of Institutional Investors
The Zacks Rank also allows individual investors, or retail investors, to benefit from the power of institutional investors.
Institutional investors are responsible for managing the trillions of dollars invested in mutual funds, hedge funds, and investment banks. Research has shown that these investors can and do move the market due to the large amount of money they deal with, and thus, the market tends to move in the same direction as them.
In order to figure out the fair value of a company and its shares, these investors will build valuation models focused on earnings and earnings expectations. Because if you raise estimates for the bottom line, it creates a higher fair value for a company.
Institutional investors then act on these changes in earnings estimates, typically buying stocks with rising estimates and selling those with falling estimates; an increase in earnings estimates can translate into higher stock prices and bigger gains for the investor.
Since it can often take weeks, if not months, for an institutional investor to build a position (given their size), retail investors who get in at the first sign of upward earnings estimate revisions have a distinct advantage over these larger investors, and can benefit from the expected institutional buying that will follow.
Not only can the Zacks Rank help you take advantage of trends in earnings estimate revisions, but it can also provide a way to get into stocks that are highly sought after by professionals.
How to Invest with the Zacks Rank
The Zacks Rank is known for transforming investment portfolios. In fact, a portfolio of Zacks Rank #1 (Strong Buy) stocks has beaten the market in 26 of the last 32 years, with an average annual return of +25.41%.
Moreover, stocks with a new #1 (Strong Buy) ranking have some of the biggest profit potential, while those that fell to a #4 (Sell) or #5 (Strong Sell) have some of the worst.
Let's take a look at
Fortinet (FTNT)
, which was added to the Zacks Rank #1 list on September 17, 2024.
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.
14 analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.24 to $2 per share. FTNT also boasts an average earnings surprise of 20.4%.
Analysts are expecting earnings to grow 22.7% for the current fiscal year, with revenue forecasted to rise 10.2%.
Additionally, FTNT has climbed higher over the past four weeks, gaining 2.1%. The S&P 500 is up 1.5% in comparison.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Fortinet should be on investors' shortlist.
If you want even more information on the Zacks Ranks, or one of our many other investing strategies, check out the Zacks Education home page.
Discover Today's Top Stocks
Our private Zacks #1 Rank List, based on our quantitative Zacks Rank stock-rating system, has more than doubled the S&P 500 since 1988. Applying the Zacks Rank in your own trading can boost your investing returns on your very next trade. See Today's Zacks #1 Rank List >>
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