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Is DigitalOcean (DOCN) Stock Outpacing Its Computer and Technology Peers This Year?
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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 DigitalOcean Holdings, Inc. (DOCN - Free Report) 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.
DigitalOcean Holdings, Inc. is one of 643 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. DigitalOcean Holdings, Inc. is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for DOCN's full-year earnings has moved 796.3% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that DOCN has returned about 28.8% since the start of the calendar year. At the same time, Computer and Technology stocks have gained an average of 19.7%. This shows that DigitalOcean Holdings, Inc. is outperforming its peers so far this year.
Microsoft (MSFT - 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 27.1%.
Over the past three months, Microsoft's consensus EPS estimate for the current year has increased 2.2%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, DigitalOcean Holdings, Inc. belongs to the Internet - Software industry, a group that includes 146 individual stocks and currently sits at #73 in the Zacks Industry Rank. On average, stocks in this group have gained 29.5% this year, meaning that DOCN is slightly underperforming its industry in terms of year-to-date returns.
In contrast, Microsoft falls under the Computer - Software industry. Currently, this industry has 39 stocks and is ranked #116. Since the beginning of the year, the industry has moved +24.7%.
Investors with an interest in Computer and Technology stocks should continue to track DigitalOcean Holdings, Inc. and Microsoft. These stocks will be looking to continue their solid performance.
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Is DigitalOcean (DOCN) 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 DigitalOcean Holdings, Inc. (DOCN - Free Report) 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.
DigitalOcean Holdings, Inc. is one of 643 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. DigitalOcean Holdings, Inc. is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for DOCN's full-year earnings has moved 796.3% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that DOCN has returned about 28.8% since the start of the calendar year. At the same time, Computer and Technology stocks have gained an average of 19.7%. This shows that DigitalOcean Holdings, Inc. is outperforming its peers so far this year.
Microsoft (MSFT - 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 27.1%.
Over the past three months, Microsoft's consensus EPS estimate for the current year has increased 2.2%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, DigitalOcean Holdings, Inc. belongs to the Internet - Software industry, a group that includes 146 individual stocks and currently sits at #73 in the Zacks Industry Rank. On average, stocks in this group have gained 29.5% this year, meaning that DOCN is slightly underperforming its industry in terms of year-to-date returns.
In contrast, Microsoft falls under the Computer - Software industry. Currently, this industry has 39 stocks and is ranked #116. Since the beginning of the year, the industry has moved +24.7%.
Investors with an interest in Computer and Technology stocks should continue to track DigitalOcean Holdings, Inc. and Microsoft. These stocks will be looking to continue their solid performance.