Has Shopify (SHOP) Outpaced Other Computer and Technology Stocks This Year?

The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Shopify (SHOP) been one of those stocks this year? Let’s take a closer look at the stock’s year-to-date performance to find out.

Shopify is one of 626 companies in the Computer and Technology group. The Computer and Technology group currently sits at #11 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

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. SHOP is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for SHOP’s full-year earnings has moved 161.70% higher. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.

Based on the latest available data, SHOP has gained about 31.30% so far this year. At the same time, Computer and Technology stocks have gained an average of 24.29%. This means that Shopify is outperforming the sector as a whole this year.

Breaking things down more, SHOP is a member of the Internet – Services industry, which includes 48 individual companies and currently sits at #121 in the Zacks Industry Rank. On average, stocks in this group have gained 40.01% this year, meaning that SHOP is slightly underperforming its industry in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track SHOP. The stock will be looking to continue its solid performance.

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