For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Fortinet (FTNT - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Fortinet is one of 660 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #4 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 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).
Within the past quarter, the Zacks Consensus Estimate for FTNT's full-year earnings has moved 0.86% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, FTNT has gained about 71.37% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 1.52% on a year-to-date basis. 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 includes 12 individual stocks and currently sits at #14 in the Zacks Industry Rank. On average, stocks in this group have gained 25.95% this year, meaning that FTNT is performing better 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.