Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Avid Technology (AVID - Free Report) one of those stocks right now? 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.
Avid Technology is a member of our Computer and Technology group, which includes 623 different companies and currently sits at #3 in 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 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 three months, the Zacks Consensus Estimate for AVID's full-year earnings has moved 300% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, AVID has gained about 6.31% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 12.09% on average. As we can see, Avid Technology is performing better than its sector in the calendar year.
To break things down more, AVID belongs to the Computer - Software industry, a group that includes 50 individual companies and currently sits at #64 in the Zacks Industry Rank. Stocks in this group have gained about 29.95% so far this year, so AVID is slightly underperforming its industry this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track AVID. The stock will be looking to continue its solid performance.