Investors focused on the Computer and Technology space have likely heard of Adobe (ADBE), 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.
Adobe is a member of the Computer and Technology sector. This group includes 648 individual stocks and currently holds a Zacks Sector Rank of #7. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. ADBE is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ADBE’s full-year earnings has moved 2.34% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, ADBE has returned 31% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 26.91% on average. This shows that Adobe is outperforming its peers so far this year.
Breaking things down more, ADBE is a member of the Computer – Software industry, which includes 38 individual companies and currently sits at #100 in the Zacks Industry Rank. Stocks in this group have gained about 42.86% so far this year, so ADBE is slightly underperforming its industry this group in terms of year-to-date returns.
ADBE will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.