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 613 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #2 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. CIEN is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CIEN's full-year earnings has moved 1.30% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CIEN has gained about 9.53% so far this year. In comparison, Computer and Technology companies have returned an average of -1.84%. This means that Ciena is performing better than its sector in terms of year-to-date returns.
Looking more specifically, CIEN belongs to the Fiber Optics industry, a group that includes 1 individual stocks and currently sits at #1 in the Zacks Industry Rank. On average, stocks in this group have gained 9.37% 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.