Investors interested in computer and technology stocks should always look for the best performing companies in the group. Synopsys (SNPS – Free Report) is a stock that can surely attract the attention of many investors. An easy way to answer this question is to take a look at the current performance of SNPS and the rest of the stocks in the computer and technology group.
Synopsys is one of 630 companies in the computer and technology group. The computer and technology group currently occupies 5th place in the zacks sector rank. The Zacks sector rank measures the strength of our 16 individual sector groups based on the average Zacks rank of the individual stocks within the groups.
The Zacks rank highlights earnings estimates and corrections to find stocks with improved earnings prospects. This system has a long track record of success, and these stocks tend to be on track to beat the market over the next one to three months. SNPS currently has the Zacks rank 1 (Strong Buy).
The Zacks Consensus estimate for SNPS's full year results rose 10.59% in the last quarter. This is a sign of an improvement in analyst sentiment and a positive development in earnings prospects.
According to the latest available data, SNPS has so far gained around 6.65% this year. The computer and technology sector has now achieved an average return of 3.55% since the beginning of the year. As we can see, Synopsys performs better than the industry in the calendar year.
Specifically, SNPS belongs to the computer software industry, which includes 43 individual titles, and currently ranks 88th in the Zacks Industry Rank. This group has so far gained 3.16% on average so that SNPS performs better in this area.
Investors in the computer and technology sector should keep an eye on SNPS to continue its solid performance.