Has Cadence Design Systems (CDNS) Outpaced Other Computer and Technology Stocks This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Cadence Design Systems (CDNS) one of those stocks right now? 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.
Cadence Design Systems is one of 606 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 includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. CDNS is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CDNS's full-year earnings has moved 17.39% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, CDNS has gained about 49.47% so far this year. At the same time, Computer and Technology stocks have gained an average of 17.81%. This shows that Cadence Design Systems is outperforming its peers so far this year.
Breaking things down more, CDNS is a member of the Computer - Software industry, which includes 42 individual companies and currently sits at #110 in the Zacks Industry Rank. This group has gained an average of 27.97% so far this year, so CDNS is performing better in this area.
Investors in the Computer and Technology sector will want to keep a close eye on CDNS as it attempts to continue its solid performance.
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