Is Atlassian Corporation (TEAM) Stock Outpacing Its Computer and Technology Peers This Year?

·2-min read

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Atlassian Corporation (TEAM) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Atlassian Corporation is a member of our Computer and Technology group, which includes 607 different companies and currently sits at #9 in 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. TEAM is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for TEAM's full-year earnings has moved 7.14% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Our latest available data shows that TEAM has returned about 54.24% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 11.78% on average. This means that Atlassian Corporation is performing better than its sector in terms of year-to-date returns.

Breaking things down more, TEAM is a member of the Internet - Software industry, which includes 91 individual companies and currently sits at #56 in the Zacks Industry Rank. Stocks in this group have gained about 54.27% so far this year, so TEAM is slightly underperforming its industry this group in terms of year-to-date returns.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to TEAM as it looks to continue its solid performance.

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