July 16, 2024


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Has Fortinet (FTNT) Outpaced Other Computer and Technology Stocks This Year?

Has Fortinet (FTNT) Outpaced Other Computer and Technology Stocks This Year?

Investors focused on the Computer and Technology space have likely heard of Fortinet (FTNT), 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 607 different companies and currently sits at #9 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 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 6.84% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, FTNT has gained about 30.41% so far this year. At the same time, Computer and Technology stocks have gained an average of 11.78%. This shows that Fortinet is outperforming its peers so far this year.

Looking more specifically, FTNT belongs to the Security industry, which includes 10 individual stocks and currently sits at #184 in the Zacks Industry Rank. This group has gained an average of 4.90% so far this year, so FTNT is performing better in this area.

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.

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