Has SYNNEX (SNX) Outpaced Other Computer and Technology Stocks This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Has SYNNEX (SNX) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
SYNNEX is one of 630 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. SNX is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for SNX's full-year earnings has moved 5.89% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, SNX has gained about 8.67% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 5.26% on average. This means that SYNNEX is outperforming the sector as a whole this year.
Looking more specifically, SNX belongs to the Business - Software Services industry, which includes 11 individual stocks and currently sits at #36 in the Zacks Industry Rank. On average, stocks in this group have gained 3.53% this year, meaning that SNX is performing better in terms of year-to-date returns.
SNX 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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