Is Fortinet (FTNT) Outperforming Other Computer and Technology Stocks This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Fortinet (FTNT) been one of those stocks this year? By taking a look at the stock’s year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Fortinet is a member of our Computer and Technology group, which includes 619 different companies and currently sits at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. Fortinet is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for FTNT’s full-year earnings has moved 9.4% higher within the past quarter. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Based on the most recent data, FTNT has returned 60.6% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 28.3% on a year-to-date basis. As we can see, Fortinet is performing better than its sector in the calendar year.
One other Computer and Technology stock that has outperformed the sector so far this year is Innovid Corp. (CTV). The stock is up 100.7% year-to-date.
The consensus estimate for Innovid Corp.’s current year EPS has increased 36.4% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Fortinet belongs to the Internet – Software industry, which includes 145 individual stocks and currently sits at #35 in the Zacks Industry Rank. On average, stocks in this group have gained 31.7% this year, meaning that FTNT is performing better in terms of year-to-date returns. Innovid Corp. is also part of the same industry.
Fortinet and Innovid Corp. could continue their solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to these stocks.
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Fortinet, Inc. (FTNT) : Free Stock Analysis Report
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