Investors focused on the Computer and Technology space have likely heard of Synopsys (SNPS), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of SNPS and the rest of the Computer and Technology group’s stocks.
Synopsys is a member of the Computer and Technology sector. This group includes 616 individual stocks and currently holds a Zacks Sector Rank of #3. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. SNPS is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for SNPS’s full-year earnings has moved 0.66% higher. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
According to our latest data, SNPS has moved about 0.67% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have lost about 9.34% on average. This shows that Synopsys is outperforming its peers so far this year.
Looking more specifically, SNPS belongs to the Computer – Software industry, which includes 42 individual stocks and currently sits at #69 in the Zacks Industry Rank. This group has gained an average of 0.32% 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.
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