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. Is Fortinet (FTNT) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Fortinet is a member of the Computer and Technology sector. This group includes 617 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. Fortinet is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for FTNT's full-year earnings has moved 14.8% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, FTNT has returned 20.2% so far this year. At the same time, Computer and Technology stocks have gained an average of 16.1%. As we can see, Fortinet is performing better than its sector in the calendar year.
Another stock in the Computer and Technology sector, PAR Technology (PAR), has outperformed the sector so far this year. The stock's year-to-date return is 18.4%.
The consensus estimate for PAR Technology's current year EPS has increased 2.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Fortinet belongs to the Internet - Software industry, a group that includes 141 individual stocks and currently sits at #94 in the Zacks Industry Rank. Stocks in this group have gained about 13.2% so far this year, so FTNT is performing better this group in terms of year-to-date returns.
On the other hand, PAR Technology belongs to the Computer - Integrated Systems industry. This 10-stock industry is currently ranked #156. The industry has moved +11.4% year to date.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Fortinet and PAR Technology as they could maintain their solid performance.
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