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Is Cadence Design Systems (CDNS) Outperforming Other Computer and Technology Stocks This Year?
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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 - Free Report) 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 616 different companies and currently sits at #9 in 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 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. CDNS is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CDNS's full-year earnings has moved 7.45% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, CDNS has returned 80.94% so far this year. In comparison, Computer and Technology companies have returned an average of 33.24%. As we can see, Cadence Design Systems is performing better than its sector in the calendar year.
Looking more specifically, CDNS belongs to the Computer - Software industry, which includes 41 individual stocks and currently sits at #166 in the Zacks Industry Rank. On average, stocks in this group have gained 35.69% this year, meaning that CDNS 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 CDNS as it attempts to continue its solid performance.
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Is Cadence Design Systems (CDNS) Outperforming Other Computer and Technology Stocks This Year?
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 - Free Report) 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 616 different companies and currently sits at #9 in 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 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. CDNS is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CDNS's full-year earnings has moved 7.45% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, CDNS has returned 80.94% so far this year. In comparison, Computer and Technology companies have returned an average of 33.24%. As we can see, Cadence Design Systems is performing better than its sector in the calendar year.
Looking more specifically, CDNS belongs to the Computer - Software industry, which includes 41 individual stocks and currently sits at #166 in the Zacks Industry Rank. On average, stocks in this group have gained 35.69% this year, meaning that CDNS 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 CDNS as it attempts to continue its solid performance.