Investors focused on the Computer and Technology space have likely heard of Synopsys (SNPS - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Synopsys is a member of our Computer and Technology group, which includes 629 different companies and currently sits at #5 in 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 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. SNPS is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for SNPS's full-year earnings has moved 10.59% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, SNPS has gained about 66.28% so far this year. At the same time, Computer and Technology stocks have gained an average of 35.24%. This means that Synopsys is performing better than its sector in terms of year-to-date returns.
Looking more specifically, SNPS belongs to the Computer - Software industry, which includes 46 individual stocks and currently sits at #56 in the Zacks Industry Rank. On average, stocks in this group have gained 46.33% this year, meaning that SNPS is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track SNPS. The stock will be looking to continue its solid performance.