Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Shopify (SHOP) one of those stocks right now? 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.
Shopify is one of 627 companies in the Computer and Technology group. The Computer and Technology group currently sits at #13 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. SHOP is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for SHOP’s full-year earnings has moved 19.12% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, SHOP has returned 36.28% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 27.06% on a year-to-date basis. This means that Shopify is performing better than its sector in terms of year-to-date returns.
Looking more specifically, SHOP belongs to the Internet – Services industry, a group that includes 48 individual stocks and currently sits at #163 in the Zacks Industry Rank. On average, stocks in this group have gained 44.82% this year, meaning that SHOP is slightly underperforming its industry in terms of year-to-date returns.
SHOP 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.
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