Is Asana (ASAN) Stock Outpacing Its Computer and Technology Peers 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 Asana, Inc. (ASAN) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Asana, Inc. is a member of our Computer and Technology group, which includes 654 different companies and currently sits at #5 in 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Asana, Inc. is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ASAN's full-year earnings has moved 2.5% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, ASAN has returned 2% so far this year. Meanwhile, stocks in the Computer and Technology group have lost about 32% on average. As we can see, Asana, Inc. is performing better than its sector in the calendar year.
Another Computer and Technology stock, which has outperformed the sector so far this year, is Bandwidth (BAND). The stock has returned 2% year-to-date.
Over the past three months, Bandwidth's consensus EPS estimate for the current year has increased 3.3%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Asana, Inc. belongs to the Internet - Software industry, a group that includes 150 individual stocks and currently sits at #35 in the Zacks Industry Rank. Stocks in this group have lost about 57.9% so far this year, so ASAN is performing better this group in terms of year-to-date returns.
On the other hand, Bandwidth belongs to the Communication - Infrastructure industry. This 7-stock industry is currently ranked #167. The industry has moved -48.1% year to date.
Investors with an interest in Computer and Technology stocks should continue to track Asana, Inc. and Bandwidth. These stocks will be looking to continue their solid performance.
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