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. Has Ciena (CIEN - 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.
Ciena is one of 638 companies in the Computer and Technology group. The Computer and Technology group currently sits at #9 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. CIEN is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CIEN's full-year earnings has moved 13.19% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that CIEN has returned about 25.83% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 17.12% on a year-to-date basis. This shows that Ciena is outperforming its peers so far this year.
Looking more specifically, CIEN belongs to the Fiber Optics industry, which includes 2 individual stocks and currently sits at #98 in the Zacks Industry Rank. On average, this group has gained an average of 20.11% so far this year, meaning that CIEN is performing better in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to CIEN as it looks to continue its solid performance.