Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Synopsys (SNPS - 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.
Synopsys is a member of the Computer and Technology sector. This group includes 630 individual stocks and currently holds a Zacks Sector Rank of #2. 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 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).
Over the past three months, the Zacks Consensus Estimate for SNPS's full-year earnings has moved 10.59% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, SNPS has gained about 9.23% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 5.26% on average. This shows that Synopsys is outperforming its peers so far this year.
Breaking things down more, SNPS is a member of the Computer - Software industry, which includes 43 individual companies and currently sits at #53 in the Zacks Industry Rank. On average, this group has gained an average of 5.16% so far 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.