Yahoo Finance Is Cadence Design Systems (CDNS) 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 Cadence Design Systems (CDNS) one of those stocks right now? 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.
Cadence Design Systems is a member of our Computer and Technology group, which includes 643 different companies and currently sits at #7 in 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 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. Cadence Design Systems is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for CDNS' full-year earnings has moved 9% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, CDNS has gained about 29.8% so far this year. At the same time, Computer and Technology stocks have gained an average of 20.3%. As we can see, Cadence Design Systems is performing better than its sector in the calendar year.
Another Computer and Technology stock, which has outperformed the sector so far this year, is Perion Network (PERI). The stock has returned 58.6% year-to-date.
Over the past three months, Perion Network's consensus EPS estimate for the current year has increased 19%. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Cadence Design Systems belongs to the Computer - Software industry, a group that includes 39 individual companies and currently sits at #79 in the Zacks Industry Rank. This group has gained an average of 21.2% so far this year, so CDNS is performing better in this area.
Perion Network, however, belongs to the Internet - Content industry. Currently, this 16-stock industry is ranked #36. The industry has moved +17.6% so far this year.
Investors with an interest in Computer and Technology stocks should continue to track Cadence Design Systems and Perion Network. These stocks will be looking to continue their solid performance.
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Cadence Design Systems, Inc. (CDNS) : Free Stock Analysis Report
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