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? 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.
Shopify is a member of the Computer and Technology sector. This group includes 637 individual stocks and currently holds a Zacks Sector Rank of #10. 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. SHOP is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for SHOP's full-year earnings has moved 13.60% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that SHOP has returned about 97.90% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 12.11%. This means that Shopify is performing better than its sector in terms of year-to-date returns.
Breaking things down more, SHOP is a member of the Internet - Services industry, which includes 50 individual companies and currently sits at #70 in the Zacks Industry Rank. Stocks in this group have gained about 6.99% so far this year, so SHOP is performing better this group in terms of year-to-date returns.
SHOP will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.