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Are Computer and Technology Stocks Lagging Cadence Design Systems (CDNS) 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. Cadence Design Systems (CDNS - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? 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.
Cadence Design Systems is a member of our Computer and Technology group, which includes 633 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. Cadence Design Systems is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CDNS' full-year earnings has moved 2.8% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that CDNS has returned about 44% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 33.7%. This means that Cadence Design Systems is outperforming the sector as a whole this year.
Meta Platforms (META - 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 150%.
In Meta Platforms' case, the consensus EPS estimate for the current year increased 11.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Cadence Design Systems belongs to the Computer - Software industry, a group that includes 39 individual companies and currently sits at #185 in the Zacks Industry Rank. Stocks in this group have gained about 34.3% so far this year, so CDNS is performing better this group in terms of year-to-date returns.
On the other hand, Meta Platforms belongs to the Internet - Software industry. This 148-stock industry is currently ranked #82. The industry has moved +44.6% year to date.
Investors with an interest in Computer and Technology stocks should continue to track Cadence Design Systems and Meta Platforms. These stocks will be looking to continue their solid performance.
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Are Computer and Technology Stocks Lagging Cadence Design Systems (CDNS) 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. Cadence Design Systems (CDNS - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? 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.
Cadence Design Systems is a member of our Computer and Technology group, which includes 633 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. Cadence Design Systems is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CDNS' full-year earnings has moved 2.8% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that CDNS has returned about 44% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 33.7%. This means that Cadence Design Systems is outperforming the sector as a whole this year.
Meta Platforms (META - 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 150%.
In Meta Platforms' case, the consensus EPS estimate for the current year increased 11.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Cadence Design Systems belongs to the Computer - Software industry, a group that includes 39 individual companies and currently sits at #185 in the Zacks Industry Rank. Stocks in this group have gained about 34.3% so far this year, so CDNS is performing better this group in terms of year-to-date returns.
On the other hand, Meta Platforms belongs to the Internet - Software industry. This 148-stock industry is currently ranked #82. The industry has moved +44.6% year to date.
Investors with an interest in Computer and Technology stocks should continue to track Cadence Design Systems and Meta Platforms. These stocks will be looking to continue their solid performance.