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Has Progress Software (PRGS) Outpaced Other Computer and Technology Stocks This Year?

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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? 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.

Progress Software is one of 637 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 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 is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. PRGS is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for PRGS's full-year earnings has moved 3.35% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Our latest available data shows that PRGS has returned about 7.69% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 18%. As we can see, Progress Software is performing better than its sector in the calendar year.

Looking more specifically, PRGS belongs to the Computer - Software industry, which includes 48 individual stocks and currently sits at #73 in the Zacks Industry Rank. This group has gained an average of 28.59% so far this year, so PRGS is slightly underperforming its industry in this area.

Investors in the Computer and Technology sector will want to keep a close eye on PRGS as it attempts to continue its solid performance.


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