Investors focused on the Computer and Technology space have likely heard of Shopify (SHOP - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Shopify is one of 660 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #6 in 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 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. SHOP is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for SHOP's full-year earnings has moved 17.47% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that SHOP has returned about 44.11% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 2.30%. This means that Shopify is outperforming the sector as a whole this year.
Looking more specifically, SHOP belongs to the Internet - Services industry, a group that includes 52 individual stocks and currently sits at #87 in the Zacks Industry Rank. On average, stocks in this group have lost 19.91% this year, meaning that SHOP is performing better in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on SHOP as it attempts to continue its solid performance.