Is ServiceNow (NOW) Stock Outpacing Its Computer and Technology Peers This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has ServiceNow (NOW) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
ServiceNow is one of 612 companies in the Computer and Technology group. The Computer and Technology group currently sits at #12 within 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 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. NOW is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NOW's full-year earnings has moved 0.60% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, NOW has moved about 77.04% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 26.26%. As we can see, ServiceNow is performing better than its sector in the calendar year.
To break things down more, NOW belongs to the Computers - IT Services industry, a group that includes 32 individual companies and currently sits at #115 in the Zacks Industry Rank. On average, this group has gained an average of 28.14% so far this year, meaning that NOW is performing better in terms of year-to-date returns.
NOW will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.