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Has Synopsys (SNPS) Outpaced Other Computer and Technology Stocks This Year?

Investors focused on the Computer and Technology space have likely heard of Synopsys (SNPS), but is the stock performing well in comparison to the rest of its sector peers? 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.

Synopsys is one of 637 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #7 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

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. SNPS is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for SNPS's full-year earnings has moved 0.11% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

According to our latest data, SNPS has moved about 38.54% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 15.07% on a year-to-date basis. As we can see, Synopsys is performing better than its sector in the calendar year.

Looking more specifically, SNPS belongs to the Computer - Software industry, a group that includes 47 individual stocks and currently sits at #91 in the Zacks Industry Rank. Stocks in this group have gained about 23.86% so far this year, so SNPS is performing better this group in terms of year-to-date returns.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to SNPS as it looks to continue its solid performance.


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