The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Synopsys (SNPS - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Synopsys is a member of the Computer and Technology sector. This group includes 638 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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).
The Zacks Consensus Estimate for SNPS's full-year earnings has moved 3.96% higher within the past quarter. 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 59.83% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 23.12%. As we can see, Synopsys is performing better than its sector in the calendar year.
Breaking things down more, SNPS is a member of the Computer - Software industry, which includes 48 individual companies and currently sits at #65 in the Zacks Industry Rank. On average, this group has gained an average of 30.37% 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.