Is Cadence Design Systems (CDNS) Outperforming 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. Has Cadence Design Systems (CDNS) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Cadence Design Systems is one of 614 companies in the Computer and Technology group. The Computer and Technology group currently sits at #3 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. CDNS is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for CDNS's full-year earnings has moved 0.31% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CDNS has gained about 16.97% so far this year. Meanwhile, stocks in the Computer and Technology group have lost about 2.06% on average. This means that Cadence Design Systems is performing better than its sector in terms of year-to-date returns.
To break things down more, CDNS belongs to the Computer - Software industry, a group that includes 42 individual companies and currently sits at #58 in the Zacks Industry Rank. This group has gained an average of 7.30% so far this year, so CDNS is performing better in this area.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to CDNS as it looks to continue its solid performance.
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