Is Avid Technology (AVID) Stock Outpacing Its Computer and Technology Peers This Year?
The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Avid Technology (AVID) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Avid Technology is one of 627 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 within the Zacks Sector Rank. 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. AVID is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AVID's full-year earnings has moved 20.43% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, AVID has moved about 25.77% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 2.92%. This means that Avid Technology is performing better than its sector in terms of year-to-date returns.
To break things down more, AVID belongs to the Computer - Software industry, a group that includes 39 individual companies and currently sits at #168 in the Zacks Industry Rank. This group has lost an average of 0.05% so far this year, so AVID is performing better in this area.
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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