Investors focused on the Computer and Technology space have likely heard of Ciena (CIEN), 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.
Ciena is one of 633 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. CIEN is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CIEN's full-year earnings has moved 8.88% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, CIEN has gained about 7.61% so far this year. At the same time, Computer and Technology stocks have gained an average of 20.49%. This means that Ciena is outperforming the sector as a whole this year.
Breaking things down more, CIEN is a member of the Fiber Optics industry, which includes 1 individual companies and currently sits at #2 in the Zacks Industry Rank. Stocks in this group have gained about 8.06% so far this year, so CIEN is slightly underperforming its industry this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track CIEN. The stock will be looking to continue its solid performance.
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