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 Adobe Systems (ADBE) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Adobe Systems is one of 659 companies in the Computer and Technology group. The Computer and Technology group currently sits at #4 within 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. ADBE is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ADBE's full-year earnings has moved 3.24% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that ADBE has returned about 43.02% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 0.15%. This shows that Adobe Systems is outperforming its peers so far this year.
Looking more specifically, ADBE belongs to the Computer - Software industry, a group that includes 50 individual stocks and currently sits at #70 in the Zacks Industry Rank. On average, this group has gained an average of 21.54% so far this year, meaning that ADBE is performing better in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on ADBE as it attempts to continue its solid performance.