Is Ciena (CIEN) Stock Outpacing Its Computer and Technology Peers This Year?
Investors focused on the Computer and Technology space have likely heard of Ciena (CIEN), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of CIEN and the rest of the Computer and Technology group’s stocks.
Ciena is one of 607 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #9 in 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 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. CIEN is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for CIEN’s full-year earnings has moved 11.35% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Our latest available data shows that CIEN has returned about 24.76% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 12.55%. This shows that Ciena is outperforming its peers so far this year.
Looking more specifically, CIEN belongs to the Fiber Optics industry, which includes 1 individual stocks and currently sits at #6 in the Zacks Industry Rank. On average, stocks in this group have gained 24.54% this year, meaning that CIEN is performing better in terms of year-to-date returns.
CIEN 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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