Are Computer and Technology Stocks Lagging Fortinet (FTNT) 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. Is Fortinet (FTNT) one of those stocks right now? Let’s take a closer look at the stock’s year-to-date performance to find out.
Fortinet is a member of our Computer and Technology group, which includes 619 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Fortinet is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for FTNT’s full-year earnings has moved 4.1% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Based on the latest available data, FTNT has gained about 33.1% so far this year. In comparison, Computer and Technology companies have returned an average of 26%. This means that Fortinet is performing better than its sector in terms of year-to-date returns.
Another Computer and Technology stock, which has outperformed the sector so far this year, is InterDigital (IDCC). The stock has returned 55.6% year-to-date.
For InterDigital, the consensus EPS estimate for the current year has increased 0.5% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Fortinet belongs to the Internet – Software industry, a group that includes 145 individual companies and currently sits at #59 in the Zacks Industry Rank. On average, this group has gained an average of 25.5% so far this year, meaning that FTNT is performing better in terms of year-to-date returns.
InterDigital, however, belongs to the Wireless Equipment industry. Currently, this 14-stock industry is ranked #142. The industry has moved +28.1% so far this year.
Investors interested in the Computer and Technology sector may want to keep a close eye on Fortinet and InterDigital as they attempt to continue their solid performance.
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Fortinet, Inc. (FTNT) : Free Stock Analysis Report
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