Is Synopsys (SNPS) Stock Outpacing Its Computer and Technology Peers This Year?
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 Synopsys (SNPS) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Synopsys is one of 641 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 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 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. SNPS is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for SNPS's full-year earnings has moved 17.38% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, SNPS has returned 41.14% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 19.28% on average. As we can see, Synopsys is performing better than its sector in the calendar year.
Breaking things down more, SNPS is a member of the Computer - Software industry, which includes 48 individual companies and currently sits at #33 in the Zacks Industry Rank. On average, stocks in this group have gained 23.25% this year, meaning that SNPS is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track SNPS. The stock will be looking to continue its solid performance.
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