Is Freshwork (FRSH) Stock Outpacing Its Computer and Technology Peers This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Freshworks Inc. (FRSH) 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.
Freshworks Inc. is one of 631 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 in 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 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. Freshworks Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for FRSH's full-year earnings has moved 12.7% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, FRSH has gained about 44.1% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 36.8% on average. This shows that Freshworks Inc. is outperforming its peers so far this year.
ACM Research, Inc. (ACMR) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 98.4%.
In ACM Research, Inc.'s case, the consensus EPS estimate for the current year increased 41.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Freshworks Inc. belongs to the Internet - Software industry, a group that includes 147 individual stocks and currently sits at #87 in the Zacks Industry Rank. This group has gained an average of 43.8% so far this year, so FRSH is performing better in this area.
On the other hand, ACM Research, Inc. belongs to the Semiconductor Equipment - Material Services industry. This 1-stock industry is currently ranked #1. The industry has moved +43.3% year to date.
Investors with an interest in Computer and Technology stocks should continue to track Freshworks Inc. and ACM Research, Inc. These stocks will be looking to continue their solid performance.
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