Has Shopify (SHOP) Outpaced Other Computer and Technology Stocks This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Shopify (SHOP) been one of those stocks this year? Let’s take a closer look at the stock’s year-to-date performance to find out.
Shopify is a member of the Computer and Technology sector. This group includes 618 individual stocks and currently holds a Zacks Sector Rank of #2. 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 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. Shopify is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for SHOP’s full-year earnings has moved 17.9% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Our latest available data shows that SHOP has returned about 45.6% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 33.3% on average. As we can see, Shopify is performing better than its sector in the calendar year.
Another stock in the Computer and Technology sector, Advantest Corp. (ATEYY), has outperformed the sector so far this year. The stock’s year-to-date return is 77.3%.
In Advantest Corp.’s case, the consensus EPS estimate for the current year increased 40.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Shopify belongs to the Internet – Services industry, which includes 35 individual stocks and currently sits at #31 in the Zacks Industry Rank. Stocks in this group have gained about 24.5% so far this year, so SHOP is performing better this group in terms of year-to-date returns.
On the other hand, Advantest Corp. belongs to the Electronics – Measuring Instruments industry. This 5-stock industry is currently ranked #19. The industry has moved +5.9% year to date.
Investors interested in the Computer and Technology sector may want to keep a close eye on Shopify and Advantest Corp. as they attempt to continue their solid performance.
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