Investors focused on the Computer and Technology space have likely heard of Palo Alto Networks (PANW), 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.
Palo Alto Networks is a member of the Computer and Technology sector. This group includes 646 individual stocks and currently holds a Zacks Sector Rank of #3. 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. PANW is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for PANW's full-year earnings has moved 17.10% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, PANW has gained about 16.24% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 11.32% on a year-to-date basis. This means that Palo Alto Networks is performing better than its sector in terms of year-to-date returns.
Looking more specifically, PANW belongs to the Security industry, which includes 11 individual stocks and currently sits at #20 in the Zacks Industry Rank. On average, this group has gained an average of 17.41% so far this year, meaning that PANW is slightly underperforming its industry in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on PANW as it attempts to continue its solid performance.