Investors focused on the Computer and Technology space have likely heard of Avid Technology (AVID), 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.
Avid Technology is one of 641 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #9 in 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 is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. AVID is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for AVID's full-year earnings has moved 4% 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 AVID has returned about 85.68% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 19.89%. This shows that Avid Technology is outperforming its peers so far this year.
Breaking things down more, AVID is a member of the Computer - Software industry, which includes 48 individual companies and currently sits at #37 in the Zacks Industry Rank. Stocks in this group have gained about 23.32% so far this year, so AVID is performing better 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 AVID as it looks to continue its solid performance.
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