Investors focused on the Computer and Technology space have likely heard of Avid Technology (AVID), 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.
Avid Technology is one of 642 companies in the Computer and Technology group. The Computer and Technology group currently sits at #8 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. AVID is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for AVID's full-year earnings has moved 4% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that AVID has returned about 77.89% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 20.06%. This means that Avid Technology is performing better than its sector in terms of year-to-date returns.
Looking more specifically, AVID belongs to the Computer - Software industry, which includes 48 individual stocks and currently sits at #22 in the Zacks Industry Rank. On average, stocks in this group have gained 19.55% this year, meaning that AVID is performing better in terms of year-to-date returns.
AVID 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.
Avid Technology, Inc. (AVID): Free Stock Analysis Report
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Zacks Investment Research