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Has Fortinet (FTNT) Outpaced 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? 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 our Computer and Technology group, which includes 629 different companies and currently sits at #7 in 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 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 #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for FTNT's full-year earnings has moved 9.86% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

According to our latest data, FTNT has moved about 30.11% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 27.21%. This means that Fortinet is outperforming the sector as a whole this year.

Looking more specifically, FTNT belongs to the Security industry, which includes 10 individual stocks and currently sits at #21 in the Zacks Industry Rank. This group has gained an average of 19.85% so far this year, so FTNT is performing better in this area.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to FTNT as it looks to continue its solid performance.


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