Investors focused on the Computer and Technology space have likely heard of Ciena (CIEN), 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 CIEN and the rest of the Computer and Technology group's stocks.
Ciena is a member of the Computer and Technology sector. This group includes 642 individual stocks and currently holds a Zacks Sector Rank of #10. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. CIEN is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CIEN's full-year earnings has moved 4.70% higher within the past quarter. 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 9.29% so far this year. In comparison, Computer and Technology companies have returned an average of 17.18%. As we can see, Ciena is performing better than its sector in the calendar year.
Looking more specifically, CIEN belongs to the Fiber Optics industry, which includes 2 individual stocks and currently sits at #17 in the Zacks Industry Rank. Stocks in this group have gained about 8.23% so far this year, so CIEN 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 CIEN as it looks to continue its solid performance.
Ciena Corporation (CIEN): Free Stock Analysis Report
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Zacks Investment Research