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Investors focused on the Computer and Technology space have likely heard of Adobe (ADBE), 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.
Adobe is one of 621 companies in the Computer and Technology group. The Computer and Technology group currently sits at #11 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. ADBE is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ADBE's full-year earnings has moved 5.90% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, ADBE has moved about -2.69% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 10.36% on average. As we can see, Adobe is performing better than its sector in the calendar year.
Looking more specifically, ADBE belongs to the Computer - Software industry, which includes 37 individual stocks and currently sits at #165 in the Zacks Industry Rank. On average, stocks in this group have gained 8.15% this year, meaning that ADBE is slightly underperforming its industry in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track ADBE. The stock will be looking to continue its solid performance.
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