Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Cadence Design Systems (CDNS - 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.
Cadence Design Systems is one of 638 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #9 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. CDNS is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CDNS's full-year earnings has moved 0.68% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, CDNS has moved about 61.55% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 18.96%. This means that Cadence Design Systems is outperforming the sector as a whole this year.
Looking more specifically, CDNS belongs to the Computer - Software industry, a group that includes 48 individual stocks and currently sits at #96 in the Zacks Industry Rank. This group has gained an average of 30.18% so far this year, so CDNS is performing better in this area.
CDNS 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.