Investors focused on the Computer and Technology space have likely heard of Avalara (AVLR), but is the stock performing well in comparison to the rest of its sector peers? 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.
Avalara is one of 605 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. AVLR is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AVLR’s full-year earnings has moved 1.32% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Our latest available data shows that AVLR has returned about 68.94% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 23.73%. This shows that Avalara is outperforming its peers so far this year.
Breaking things down more, AVLR is a member of the Internet – Software industry, which includes 90 individual companies and currently sits at #113 in the Zacks Industry Rank. Stocks in this group have gained about 63.10% so far this year, so AVLR is performing better this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track AVLR. The stock will be looking to continue its solid performance.
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