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Is Fortinet (FTNT) Outperforming Other Computer and Technology Stocks This Year?

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Investors focused on the Computer and Technology space have likely heard of Fortinet (FTNT - Free Report) , 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 a member of our Computer and Technology group, which includes 630 different companies and currently sits at #9 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 model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. FTNT is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for FTNT's full-year earnings has moved 17.94% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the latest available data, FTNT has gained about 44.77% so far this year. At the same time, Computer and Technology stocks have gained an average of 8.88%. This means that Fortinet is performing better than its sector in terms of year-to-date returns.

Looking more specifically, FTNT belongs to the Security industry, which currently sits at #168 in the Zacks Industry Rank. On average, stocks in this group have gained 25.06% 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.




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