Investors focused on the Computer and Technology space have likely heard of Workday (WDAY - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? 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.
Workday is one of 625 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 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. WDAY is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for WDAY's full-year earnings has moved 1.56% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that WDAY has returned about 54.01% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 12.88% on a year-to-date basis. This means that Workday is performing better than its sector in terms of year-to-date returns.
Breaking things down more, WDAY is a member of the Internet - Software industry, which includes 70 individual companies and currently sits at #98 in the Zacks Industry Rank. On average, this group has gained an average of 33.85% so far this year, meaning that WDAY is performing better in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to WDAY as it looks to continue its solid performance.