Investors focused on the Computer and Technology space have likely heard of Progress Software (PRGS), 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.
Progress Software is one of 630 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #1 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 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. PRGS is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for PRGS's full-year earnings has moved 2.90% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, PRGS has moved about 8.81% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 8.36%. This means that Progress Software is outperforming the sector as a whole this year.
Looking more specifically, PRGS belongs to the Computer - Software industry, a group that includes 43 individual stocks and currently sits at #56 in the Zacks Industry Rank. Stocks in this group have gained about 14.62% so far this year, so PRGS is slightly underperforming its industry this group in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to PRGS as it looks to continue its solid performance.