Is Smartsheet (SMAR) 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. Is Smartsheet (SMAR) 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.
Smartsheet is a member of our Computer and Technology group, which includes 638 different companies and currently sits at #7 in 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 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. SMAR is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for SMAR's full-year earnings has moved 4.93% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that SMAR has returned about 58.33% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 21.43%. This means that Smartsheet is outperforming the sector as a whole this year.
To break things down more, SMAR belongs to the Internet - Software industry, a group that includes 89 individual companies and currently sits at #100 in the Zacks Industry Rank. Stocks in this group have gained about 23.49% so far this year, so SMAR 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 SMAR. The stock will be looking to continue its solid performance.
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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.