Has Model N (MODN) Outpaced Other Computer and Technology Stocks This Year? – September 30, 2022

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The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Model N (MODN Quick QuoteMODN – Free Report) been one of those stocks this year? A quick glance at the company’s year-to-date performance in comparison to […]

The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Model N (MODN Free Report) 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.

Model N is one of 658 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

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. Model N is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for MODN’s full-year earnings has moved 31.1% higher within the past quarter. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.

According to our latest data, MODN has moved about 10.6% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of -35.1% on a year-to-date basis. This means that Model N is performing better than its sector in terms of year-to-date returns.

Another stock in the Computer and Technology sector, Paylocity (PCTY Free Report) , has outperformed the sector so far this year. The stock’s year-to-date return is 4.3%.

For Paylocity, the consensus EPS estimate for the current year has increased 21.5% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Breaking things down more, Model N is a member of the Internet – Software industry, which includes 147 individual companies and currently sits at #93 in the Zacks Industry Rank. Stocks in this group have lost about 53.6% so far this year, so MODN is performing better this group in terms of year-to-date returns. Paylocity is also part of the same industry.

Investors interested in the Computer and Technology sector may want to keep a close eye on Model N and Paylocity as they attempt to continue their solid performance.

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