Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Cadence Design Systems (CDNS) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Cadence Design Systems is a member of our Computer and Technology group, which includes 631 different companies and currently sits at #7 in the Zacks Sector Rank. 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 is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. CDNS is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CDNS's full-year earnings has moved 2.13% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, CDNS has returned 45.97% so far this year. In comparison, Computer and Technology companies have returned an average of 22.18%. This means that Cadence Design Systems is outperforming the sector as a whole this year.
To break things down more, CDNS belongs to the Computer - Software industry, a group that includes 46 individual companies and currently sits at #98 in the Zacks Industry Rank. On average, this group has gained an average of 29.59% so far this year, meaning that CDNS is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track CDNS. The stock will be looking to continue its solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.