Is Fortinet (FTNT) Outperforming Other Computer and Technology Stocks This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Fortinet (FTNT) been one of those stocks this year? 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 634 individual stocks and currently holds a Zacks Sector Rank of #6. 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 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. FTNT is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for FTNT's full-year earnings has moved 4.71% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that FTNT has returned about 9.09% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 18.99% on a year-to-date basis. This means that Fortinet is outperforming the sector as a whole this year.
Looking more specifically, FTNT belongs to the Security industry, a group that includes 11 individual stocks and currently sits at #30 in the Zacks Industry Rank. Stocks in this group have gained about 14.32% so far this year, so FTNT 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 FTNT. The stock will be looking to continue its solid performance.
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