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Has Cadence Design Systems (CDNS) Outpaced Other Computer and Technology Stocks This Year?

Zacks Equity Research

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. Cadence Design Systems (CDNS) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of CDNS and the rest of the Computer and Technology group's stocks.

Cadence Design Systems is a member of the Computer and Technology sector. This group includes 637 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. CDNS is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for CDNS's full-year earnings has moved 4.46% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

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According to our latest data, CDNS has moved about 55.75% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 16.47% on a year-to-date basis. As we can see, Cadence Design Systems is performing better than its sector in the calendar year.

Looking more specifically, CDNS belongs to the Computer - Software industry, which includes 47 individual stocks and currently sits at #151 in the Zacks Industry Rank. This group has gained an average of 28.64% so far this year, so CDNS is performing better in this area.

CDNS 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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Zacks Investment Research