Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. 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 companies in the Computer and Technology group. The Computer and Technology group currently sits at #14 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. FTNT is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for FTNT’s full-year earnings has moved 2.21% higher within the past quarter. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
Based on the latest available data, FTNT has gained about 77.63% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 17.23% on a year-to-date basis. This means that Fortinet is performing better than its sector in terms of year-to-date returns.
To break things down more, FTNT belongs to the Security industry, a group that includes 11 individual companies and currently sits at #225 in the Zacks Industry Rank. Stocks in this group have gained about 19.50% so far this year, so FTNT is performing better this group 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.
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