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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. 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 one of 625 companies in the Computer and Technology group. The Computer and Technology group currently sits at #6 within 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Cadence Design Systems is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for CDNS' full-year earnings has moved 0.8% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that CDNS has returned about 69.7% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 44.4% on average. This means that Cadence Design Systems is outperforming the sector as a whole this year.
Another Computer and Technology stock, which has outperformed the sector so far this year, is Dell Technologies (DELL - Free Report) . The stock has returned 83.7% year-to-date.
The consensus estimate for Dell Technologies' current year EPS has increased 16.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Cadence Design Systems belongs to the Computer - Software industry, a group that includes 37 individual stocks and currently sits at #61 in the Zacks Industry Rank. This group has gained an average of 52.6% so far this year, so CDNS is performing better in this area.
On the other hand, Dell Technologies belongs to the Computers - IT Services industry. This 39-stock industry is currently ranked #93. The industry has moved +27.1% year to date.
Investors interested in the Computer and Technology sector may want to keep a close eye on Cadence Design Systems and Dell Technologies as they attempt to continue 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. 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 one of 625 companies in the Computer and Technology group. The Computer and Technology group currently sits at #6 within 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Cadence Design Systems is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for CDNS' full-year earnings has moved 0.8% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that CDNS has returned about 69.7% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 44.4% on average. This means that Cadence Design Systems is outperforming the sector as a whole this year.
Another Computer and Technology stock, which has outperformed the sector so far this year, is Dell Technologies (DELL - Free Report) . The stock has returned 83.7% year-to-date.
The consensus estimate for Dell Technologies' current year EPS has increased 16.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Cadence Design Systems belongs to the Computer - Software industry, a group that includes 37 individual stocks and currently sits at #61 in the Zacks Industry Rank. This group has gained an average of 52.6% so far this year, so CDNS is performing better in this area.
On the other hand, Dell Technologies belongs to the Computers - IT Services industry. This 39-stock industry is currently ranked #93. The industry has moved +27.1% year to date.
Investors interested in the Computer and Technology sector may want to keep a close eye on Cadence Design Systems and Dell Technologies as they attempt to continue their solid performance.