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 Check Point Software (CHKP) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Check Point Software is one of 611 companies in the Computer and Technology group. The Computer and Technology group currently sits at #6 within the Zacks Sector Rank. 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. Check Point Software is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CHKP's full-year earnings has moved 0.8% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, CHKP has returned 23.6% so far this year. In comparison, Computer and Technology companies have returned an average of -10.9%. This means that Check Point Software 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 Cirrus Logic (CRUS). The stock has returned 0.3% year-to-date.
In Cirrus Logic's case, the consensus EPS estimate for the current year increased 2.5% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Check Point Software belongs to the Security industry, a group that includes 5 individual stocks and currently sits at #83 in the Zacks Industry Rank. This group has gained an average of 2.9% so far this year, so CHKP is performing better in this area.
Cirrus Logic, however, belongs to the Electronics - Semiconductors industry. Currently, this 45-stock industry is ranked #57. The industry has moved -21.5% so far this year.
Investors with an interest in Computer and Technology stocks should continue to track Check Point Software and Cirrus Logic. These stocks will be looking to continue their solid performance.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>Check Point Software Technologies Ltd. (CHKP) : Free Stock Analysis Report
Cirrus Logic, Inc. (CRUS) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
