Is Fortinet (FTNT) Outperforming Other Computer and Technology Stocks This Year?
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 a member of our Computer and Technology group, which includes 637 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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 #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for FTNT's full-year earnings has moved 4.71% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, FTNT has returned 8.77% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 16.86% on a year-to-date basis. As we can see, Fortinet is performing better than its sector in the calendar year.
Looking more specifically, FTNT belongs to the Security industry, a group that includes 11 individual stocks and currently sits at #48 in the Zacks Industry Rank. This group has gained an average of 13.09% so far this year, so FTNT is slightly underperforming its industry in this area.
FTNT will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.