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Are Computer and Technology Stocks Lagging Allegro MicroSystems (ALGM) This Year?
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For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Allegro MicroSystems, Inc. (ALGM - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
Allegro MicroSystems, Inc. is one of 644 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 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 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. Allegro MicroSystems, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ALGM's full-year earnings has moved 10.6% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, ALGM has returned 59.9% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 21.1% on average. As we can see, Allegro MicroSystems, 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 ASE Technology Hldg (ASX - Free Report) . The stock has returned 27.1% year-to-date.
Over the past three months, ASE Technology Hldg's consensus EPS estimate for the current year has increased 1.2%. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Allegro MicroSystems, Inc. belongs to the Electronics - Semiconductors industry, a group that includes 40 individual companies and currently sits at #93 in the Zacks Industry Rank. This group has gained an average of 27.2% so far this year, so ALGM is performing better in this area. ASE Technology Hldg is also part of the same industry.
Investors interested in the Computer and Technology sector may want to keep a close eye on Allegro MicroSystems, Inc. and ASE Technology Hldg as they attempt to continue their solid performance.
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Are Computer and Technology Stocks Lagging Allegro MicroSystems (ALGM) This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Allegro MicroSystems, Inc. (ALGM - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
Allegro MicroSystems, Inc. is one of 644 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 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 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. Allegro MicroSystems, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ALGM's full-year earnings has moved 10.6% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, ALGM has returned 59.9% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 21.1% on average. As we can see, Allegro MicroSystems, 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 ASE Technology Hldg (ASX - Free Report) . The stock has returned 27.1% year-to-date.
Over the past three months, ASE Technology Hldg's consensus EPS estimate for the current year has increased 1.2%. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Allegro MicroSystems, Inc. belongs to the Electronics - Semiconductors industry, a group that includes 40 individual companies and currently sits at #93 in the Zacks Industry Rank. This group has gained an average of 27.2% so far this year, so ALGM is performing better in this area. ASE Technology Hldg is also part of the same industry.
Investors interested in the Computer and Technology sector may want to keep a close eye on Allegro MicroSystems, Inc. and ASE Technology Hldg as they attempt to continue their solid performance.