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Is Cerence (CRNC) Outperforming 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. Is Cerence (CRNC) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.

Cerence is one of 641 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 in 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 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. Cerence is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for CRNC's full-year earnings has moved 32.6% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

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Based on the latest available data, CRNC has gained about 56.1% so far this year. In comparison, Computer and Technology companies have returned an average of 32%. This shows that Cerence is outperforming its peers so far this year.

Nvidia (NVDA) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 174.5%.

The consensus estimate for Nvidia's current year EPS has increased 8.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, Cerence belongs to the Computers - IT Services industry, a group that includes 40 individual stocks and currently sits at #76 in the Zacks Industry Rank. Stocks in this group have gained about 10.1% so far this year, so CRNC is performing better this group in terms of year-to-date returns.

Nvidia, however, belongs to the Semiconductor - General industry. Currently, this 7-stock industry is ranked #173. The industry has moved +101% so far this year.

Cerence and Nvidia could continue their solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to these stocks.

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Cerence Inc. (CRNC) : Free Stock Analysis Report

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Zacks Investment Research