Has Snap (SNAP) Outpaced Other Computer and Technology Stocks This Year?
Investors focused on the Computer and Technology space have likely heard of Snap (SNAP), 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.
Snap is one of 646 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 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 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. SNAP is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for SNAP's full-year earnings has moved 16.97% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, SNAP has moved about 52.65% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 24.69% on average. As we can see, Snap is performing better than its sector in the calendar year.
To break things down more, SNAP belongs to the Internet - Software industry, a group that includes 131 individual companies and currently sits at #177 in the Zacks Industry Rank. This group has lost an average of 2.52% so far this year, so SNAP is performing better in this area.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to SNAP as it looks to continue its solid performance.
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