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Is Cadence Design Systems (CDNS) Stock Outpacing Its Computer and Technology Peers 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. Is Cadence Design Systems (CDNS - Free Report) 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.
Cadence Design Systems is a member of the Computer and Technology sector. This group includes 647 individual stocks and currently holds a Zacks Sector Rank of #8. 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. Cadence Design Systems is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CDNS' full-year earnings has moved 3.4% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, CDNS has returned 29.1% so far this year. At the same time, Computer and Technology stocks have gained an average of 23.3%. This shows that Cadence Design Systems is outperforming its peers so far this year.
Diodes (DIOD - Free Report) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 45.9%.
In Diodes' case, the consensus EPS estimate for the current year increased 6.4% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Cadence Design Systems is a member of the Computer - Software industry, which includes 39 individual companies and currently sits at #111 in the Zacks Industry Rank. On average, this group has gained an average of 38.4% so far this year, meaning that CDNS is slightly underperforming its industry in terms of year-to-date returns.
On the other hand, Diodes belongs to the Electronics - Semiconductors industry. This 40-stock industry is currently ranked #48. The industry has moved +36.6% year to date.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Cadence Design Systems and Diodes as they could maintain their solid performance.
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Is Cadence Design Systems (CDNS) 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 Cadence Design Systems (CDNS - Free Report) 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.
Cadence Design Systems is a member of the Computer and Technology sector. This group includes 647 individual stocks and currently holds a Zacks Sector Rank of #8. 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. Cadence Design Systems is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CDNS' full-year earnings has moved 3.4% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, CDNS has returned 29.1% so far this year. At the same time, Computer and Technology stocks have gained an average of 23.3%. This shows that Cadence Design Systems is outperforming its peers so far this year.
Diodes (DIOD - Free Report) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 45.9%.
In Diodes' case, the consensus EPS estimate for the current year increased 6.4% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Cadence Design Systems is a member of the Computer - Software industry, which includes 39 individual companies and currently sits at #111 in the Zacks Industry Rank. On average, this group has gained an average of 38.4% so far this year, meaning that CDNS is slightly underperforming its industry in terms of year-to-date returns.
On the other hand, Diodes belongs to the Electronics - Semiconductors industry. This 40-stock industry is currently ranked #48. The industry has moved +36.6% year to date.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Cadence Design Systems and Diodes as they could maintain their solid performance.