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 one of 629 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. 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 is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. FTNT is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for FTNT’s full-year earnings has moved 13.32% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, FTNT has gained about 53.03% so far this year. In comparison, Computer and Technology companies have returned an average of 34.13%. As we can see, Fortinet is performing better than its sector in the calendar year.
Looking more specifically, FTNT belongs to the Security industry, which includes 10 individual stocks and currently sits at #13 in the Zacks Industry Rank. This group has gained an average of 24.71% so far this year, so FTNT is performing better 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.