Is Ooma (OOMA) Stock Outpacing Its Computer and Technology Peers This Year?
Investors focused on the Computer and Technology space have likely heard of Ooma (OOMA), 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.
Ooma is one of 627 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #12 in 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 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. OOMA is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for OOMA's full-year earnings has moved 30.69% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, OOMA has returned 45.63% so far this year. At the same time, Computer and Technology stocks have gained an average of 26.40%. This shows that Ooma is outperforming its peers so far this year.
Breaking things down more, OOMA is a member of the Communication - Components industry, which includes 17 individual companies and currently sits at #219 in the Zacks Industry Rank. On average, this group has gained an average of 4.14% so far this year, meaning that OOMA is performing better in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to OOMA as it looks to continue its solid performance.
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