Is Shopify (SHOP) Stock Outpacing Its Computer and Technology Peers This Year?

Investors focused on the Computer and Technology space have likely heard of Shopify (SHOP), 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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Shopify is a member of the Computer and Technology sector. This group includes 629 individual stocks and currently holds a Zacks Sector Rank of #13. 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 system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics 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 15.23% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

Based on the latest available data, SHOP has gained about 32.51% so far this year. In comparison, Computer and Technology companies have returned an average of 22.13%. As we can see, Shopify is performing better than its sector in the calendar year.

Looking more specifically, SHOP belongs to the Internet – Services industry, which includes 48 individual stocks and currently sits at #184 in the Zacks Industry Rank. This group has gained an average of 37.15% so far this year, so SHOP is slightly underperforming its industry in this area.

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