For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Progress Software (PRGS - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Progress Software is one of 641 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 within 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 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. PRGS is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for PRGS's full-year earnings has moved 5.56% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, PRGS has returned 23.98% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 19.28% on average. This shows that Progress Software is outperforming its peers so far this year.
Breaking things down more, PRGS is a member of the Computer - Software industry, which includes 48 individual companies and currently sits at #33 in the Zacks Industry Rank. This group has gained an average of 23.25% so far this year, so PRGS is performing better in this area.
Investors with an interest in Computer and Technology stocks should continue to track PRGS. The stock will be looking to continue its solid performance.