Investors focused on the Computer and Technology space have likely heard of Fortinet (FTNT), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock’s year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Fortinet is one of 612 companies in the Computer and Technology group. The Computer and Technology group currently sits at #5 within 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. FTNT is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for FTNT’s full-year earnings has moved 4.71% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, FTNT has moved about 28.92% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 10.72%. As we can see, Fortinet is performing better than its sector in the calendar year.
To break things down more, FTNT belongs to the Security industry, a group that includes 10 individual companies and currently sits at #77 in the Zacks Industry Rank. On average, stocks in this group have gained 5.61% this year, meaning that FTNT is performing better in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on FTNT as it attempts to continue its solid performance.
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