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 a member of the Computer and Technology sector. This group includes 637 individual stocks and currently holds a Zacks Sector Rank of #8. 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 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 #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for FTNT's full-year earnings has moved 8.65% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, FTNT has moved about 8.21% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 20.15% on average. This shows that Fortinet is outperforming its peers so far this year.
Breaking things down more, FTNT is a member of the Security industry, which includes 10 individual companies and currently sits at #95 in the Zacks Industry Rank. On average, stocks in this group have gained 8.08% this year, meaning that FTNT is performing better in terms of year-to-date returns.
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.