The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. New Relic 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.
New Relic is one of 626 companies in the Computer and Technology group. The Computer and Technology group currently sits at #3 within the Zacks Sector Rank. 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 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. NEWR is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for NEWR's full-year earnings has moved 35.59% 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 NEWR has returned about 72.81% since the start of the calendar year. At the same time, Computer and Technology stocks have gained an average of 10.07%. This means that New Relic is performing better than its sector in terms of year-to-date returns.
Looking more specifically, NEWR belongs to the Internet - Software industry, a group that includes 70 individual stocks and currently sits at #107 in the Zacks Industry Rank. Stocks in this group have gained about 23.04% so far this year, so NEWR is performing better this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track NEWR. The stock will be looking to continue its solid performance.
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Is New Relic (NEWR) Outperforming Other Computer and Technology Stocks This Year?
The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. New Relic 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.
New Relic is one of 626 companies in the Computer and Technology group. The Computer and Technology group currently sits at #3 within the Zacks Sector Rank. 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 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. NEWR is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for NEWR's full-year earnings has moved 35.59% 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 NEWR has returned about 72.81% since the start of the calendar year. At the same time, Computer and Technology stocks have gained an average of 10.07%. This means that New Relic is performing better than its sector in terms of year-to-date returns.
Looking more specifically, NEWR belongs to the Internet - Software industry, a group that includes 70 individual stocks and currently sits at #107 in the Zacks Industry Rank. Stocks in this group have gained about 23.04% so far this year, so NEWR is performing better this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track NEWR. The stock will be looking to continue its solid performance.