Are Computer and Technology Stocks Lagging Avnet (AVT) This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Avnet (AVT) 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.
Avnet is one of 664 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 in 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 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. Avnet is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for AVT’s full-year earnings has moved 20.5% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that AVT has returned about 18.8% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have lost about 24% on average. This means that Avnet is performing better than its sector in terms of year-to-date returns.
One other Computer and Technology stock that has outperformed the sector so far this year is Aspen Technology (AZPN). The stock is up 32.4% year-to-date.
The consensus estimate for Aspen Technology’s current year EPS has increased 5.1% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Avnet is a member of the Electronics – Parts Distribution industry, which includes 5 individual companies and currently sits at #3 in the Zacks Industry Rank. On average, this group has gained an average of 0.7% so far this year, meaning that AVT is performing better in terms of year-to-date returns.
Aspen Technology, however, belongs to the Internet – Software industry. Currently, this 149-stock industry is ranked #156. The industry has moved -45.9% so far this year.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Avnet and Aspen Technology as they could maintain their solid performance.
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