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? Let's take a closer look at the stock's year-to-date performance to find out.
Synopsys is one of 613 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #3 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. SNPS is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for SNPS's full-year earnings has moved 0.66% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that SNPS has returned about 14.85% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 1.55% on a year-to-date basis. 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 42 individual companies and currently sits at #76 in the Zacks Industry Rank. This group has gained an average of 10.43% so far this year, so SNPS is performing better in this area.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to SNPS as it looks to continue its solid performance.