Investors focused on the Computer and Technology space have likely heard of Shopify (SHOP - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? 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.
Shopify is a member of the Computer and Technology sector. This group includes 604 individual stocks and currently holds a Zacks Sector Rank of #7. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. SHOP is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for SHOP's full-year earnings has moved 100.52% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, SHOP has moved about 168.23% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 15.32% on a year-to-date basis. This means that Shopify is performing better than its sector in terms of year-to-date returns.
Looking more specifically, SHOP belongs to the Internet - Services industry, a group that includes 47 individual stocks and currently sits at #117 in the Zacks Industry Rank. On average, stocks in this group have gained 28.18% this year, meaning that SHOP 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 SHOP as it attempts to continue its solid performance.