Is Alteryx (AYX) Stock Outpacing Its Computer and Technology Peers 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 Alteryx (AYX) been one of those stocks this year? 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.
Alteryx is a member of the Computer and Technology sector. This group includes 641 individual stocks and currently holds a Zacks Sector Rank of #9. 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 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. AYX is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AYX's full-year earnings has moved 151.51% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, AYX has returned 47.10% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 19.89% on a year-to-date basis. This means that Alteryx is outperforming the sector as a whole this year.
To break things down more, AYX belongs to the Internet - Software industry, a group that includes 84 individual companies and currently sits at #77 in the Zacks Industry Rank. Stocks in this group have gained about 28.41% so far this year, so AYX is performing better this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track AYX. The stock will be looking to continue its solid performance.
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