Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Fortinet (FTNT - Free Report) 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 one of 632 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. FTNT is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for FTNT's full-year earnings has moved 15.35% 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 38.80% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 5.80% on average. This shows that Fortinet is outperforming its peers so far this year.
Looking more specifically, FTNT belongs to the Security industry, a group currently sits at #168 in the Zacks Industry Rank. On average, this group has gained an average of 23.54% so far this year, meaning that FTNT is performing better in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on FTNT as it attempts to continue its solid performance.