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Is Fortinet (FTNT) Outperforming Other Computer and Technology Stocks This Year?

July 20, 2020
evan
0 Comments

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? One simple way to answer this question is to take a look at the year-to-date performance of FTNT and the rest of the Computer and Technology group’s stocks.

Fortinet is a member of our Computer and Technology group, which includes 606 different companies and currently sits at #10 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. FTNT is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for FTNT’s full-year earnings has moved 9.79% 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 20.94% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 15.28% on average. This shows that Fortinet is outperforming its peers so far this year.

Breaking things down more, FTNT is a member of the Security industry, which includes 10 individual companies and currently sits at #70 in the Zacks Industry Rank. On average, this group has gained an average of 7.99% so far this year, meaning that FTNT 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 FTNT as it looks to continue its solid performance.

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To read this article on Zacks.com click here.

computer Fortinet FTNT Outperforming Stocks technology Year

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