Investors focused on the Computer and Technology space have likely heard of Avid Technology (AVID - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of AVID and the rest of the Computer and Technology group's stocks.
Avid Technology is one of 625 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. AVID is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for AVID's full-year earnings has moved 300% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that AVID has returned about 14.84% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 11.09% on a year-to-date basis. As we can see, Avid Technology is performing better than its sector in the calendar year.
Breaking things down more, AVID is a member of the Computer - Software industry, which includes 50 individual companies and currently sits at #57 in the Zacks Industry Rank. On average, this group has gained an average of 25.68% so far this year, meaning that AVID is slightly underperforming its industry in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to AVID as it looks to continue its solid performance.