Investors focused on the Computer and Technology space have likely heard of Splunk (SPLK - 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.
Splunk is one of 659 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 sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. SPLK is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for SPLK's full-year earnings has moved 6.96% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, SPLK has returned 30.40% so far this year. In comparison, Computer and Technology companies have returned an average of -0.32%. This means that Splunk is performing better than its sector in terms of year-to-date returns.
Looking more specifically, SPLK belongs to the Internet - Software industry, which includes 89 individual stocks and currently sits at #26 in the Zacks Industry Rank. Stocks in this group have gained about 8.39% so far this year, so SPLK is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to SPLK as it looks to continue its solid performance.