The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Ciena (CIEN) been one of those stocks this year? Let’s take a closer look at the stock’s year-to-date performance to find out.
Ciena is one of 605 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #6 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 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. CIEN is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CIEN’s full-year earnings has moved 11.23% higher. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
Based on the most recent data, CIEN has returned 41.46% so far this year. At the same time, Computer and Technology stocks have gained an average of 20.84%. This means that Ciena is performing better than its sector in terms of year-to-date returns.
Breaking things down more, CIEN is a member of the Fiber Optics industry, which includes 1 individual companies and currently sits at #7 in the Zacks Industry Rank. This group has gained an average of 41.10% so far this year, so CIEN is performing better in this area.
Investors in the Computer and Technology sector will want to keep a close eye on CIEN as it attempts to continue its solid performance.
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