Investors focused on the Computer and Technology space have likely heard of Cadence Design Systems (CDNS), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of CDNS and the rest of the Computer and Technology group’s stocks.
Cadence Design Systems is a member of the Computer and Technology sector. This group includes 646 individual stocks and currently holds a Zacks Sector Rank of #8. 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 system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. CDNS is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for CDNS’s full-year earnings has moved 0.66% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
According to our latest data, CDNS has moved about 26.75% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 23.08% on a year-to-date basis. As we can see, Cadence Design Systems is performing better than its sector in the calendar year.
Breaking things down more, CDNS is a member of the Computer – Software industry, which includes 38 individual companies and currently sits at #99 in the Zacks Industry Rank. Stocks in this group have gained about 35.91% so far this year, so CDNS is slightly underperforming its industry this group in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on CDNS as it attempts to continue its solid performance.
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