May 19, 2024

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Is Snap (SNAP) Stock Outpacing Its Computer and Technology Peers This Year?

Investors focused on the Computer and Technology space have likely heard of Snap (SNAP), but is the stock performing well in comparison to the rest of its sector peers? Let’s take a closer look at the stock’s year-to-date performance to find out.

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Snap is one of 632 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 within the Zacks Sector Rank. 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. SNAP is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for SNAP’s full-year earnings has moved 7.52% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.

Based on the most recent data, SNAP has returned 6.99% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 6.11% on average. This means that Snap is performing better than its sector in terms of year-to-date returns.

To break things down more, SNAP belongs to the Internet – Software industry, a group that includes 104 individual companies and currently sits at #186 in the Zacks Industry Rank. On average, this group has gained an average of 4.22% so far this year, meaning that SNAP is performing better in terms of year-to-date returns.

SNAP 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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