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Are Computer and Technology Stocks Lagging Automatic Data Processing (ADP) 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 Automatic Data Processing (ADP - 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.
Automatic Data Processing is a member of the Computer and Technology sector. This group includes 607 individual stocks and currently holds a Zacks Sector Rank of #7. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. Automatic Data Processing is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ADP's full-year earnings has moved 0.5% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, ADP has moved about 9.1% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have lost about 1.2% on average. This shows that Automatic Data Processing is outperforming its peers so far this year.
One other Computer and Technology stock that has outperformed the sector so far this year is Allegro MicroSystems, Inc. (ALGM - Free Report) . The stock is up 25.9% year-to-date.
The consensus estimate for Allegro MicroSystems, Inc.'s current year EPS has increased 10.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Automatic Data Processing is a member of the Internet - Software industry, which includes 167 individual companies and currently sits at #70 in the Zacks Industry Rank. This group has gained an average of 8.9% so far this year, so ADP is performing better in this area.
In contrast, Allegro MicroSystems, Inc. falls under the Electronics - Semiconductors industry. Currently, this industry has 45 stocks and is ranked #93. Since the beginning of the year, the industry has moved -2.4%.
Investors with an interest in Computer and Technology stocks should continue to track Automatic Data Processing and Allegro MicroSystems, Inc. These stocks will be looking to continue their solid performance.
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Are Computer and Technology Stocks Lagging Automatic Data Processing (ADP) 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 Automatic Data Processing (ADP - 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.
Automatic Data Processing is a member of the Computer and Technology sector. This group includes 607 individual stocks and currently holds a Zacks Sector Rank of #7. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. Automatic Data Processing is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ADP's full-year earnings has moved 0.5% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, ADP has moved about 9.1% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have lost about 1.2% on average. This shows that Automatic Data Processing is outperforming its peers so far this year.
One other Computer and Technology stock that has outperformed the sector so far this year is Allegro MicroSystems, Inc. (ALGM - Free Report) . The stock is up 25.9% year-to-date.
The consensus estimate for Allegro MicroSystems, Inc.'s current year EPS has increased 10.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Automatic Data Processing is a member of the Internet - Software industry, which includes 167 individual companies and currently sits at #70 in the Zacks Industry Rank. This group has gained an average of 8.9% so far this year, so ADP is performing better in this area.
In contrast, Allegro MicroSystems, Inc. falls under the Electronics - Semiconductors industry. Currently, this industry has 45 stocks and is ranked #93. Since the beginning of the year, the industry has moved -2.4%.
Investors with an interest in Computer and Technology stocks should continue to track Automatic Data Processing and Allegro MicroSystems, Inc. These stocks will be looking to continue their solid performance.