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

Zacks Equity Research

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 630 different companies and currently sits at #5 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 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 #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for FTNT's full-year earnings has moved 13.18% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

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According to our latest data, FTNT has moved about 47.08% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 29.85% on average. As we can see, Fortinet is performing better than its sector in the calendar year.

Breaking things down more, FTNT is a member of the Security industry, which includes 10 individual companies and currently sits at #13 in the Zacks Industry Rank. Stocks in this group have gained about 22.85% so far this year, so FTNT is performing better this group 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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Zacks Investment Research