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 Fortinet (FTNT) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Fortinet is one of 630 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #1 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 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 8.64% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, FTNT has gained about 9.89% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 8.49% on average. 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, a group that includes 10 individual stocks and currently sits at #112 in the Zacks Industry Rank. On average, this group has gained an average of 7.98% so far 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.