Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Carbonite (CARB - Free Report) one of those stocks right now? 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.
Carbonite is one of 660 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #4 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 proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. CARB is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CARB's full-year earnings has moved 2.26% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, CARB has returned 13.19% so far this year. In comparison, Computer and Technology companies have returned an average of 1.52%. This shows that Carbonite is outperforming its peers so far this year.
Looking more specifically, CARB belongs to the Computer - Services industry, a group that includes 15 individual stocks and currently sits at #36 in the Zacks Industry Rank. On average, this group has lost an average of 4.90% so far this year, meaning that CARB 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 CARB as it attempts to continue its solid performance.