Is Fortinet (FTNT) Stock Outpacing Its Computer and Technology Peers This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Fortinet (FTNT) one of those stocks right now? 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 #7 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 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 is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, FTNT has moved about 9.67% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 14.75% on average. This means that Fortinet is outperforming the sector as a whole this year.
Looking more specifically, FTNT belongs to the Security industry, which includes 11 individual stocks and currently sits at #65 in the Zacks Industry Rank. On average, stocks in this group have gained 15.39% this year, meaning that FTNT is slightly underperforming its industry 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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