We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Is Allegro MicroSystems (ALGM) Stock Outpacing Its Computer and Technology Peers This Year?
Read MoreHide Full Article
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Allegro MicroSystems, Inc. (ALGM - 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.
Allegro MicroSystems, Inc. is one of 637 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #7 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. Allegro MicroSystems, Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for ALGM's full-year earnings has moved 8% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, ALGM has returned 45.6% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 36.5% on a year-to-date basis. As we can see, Allegro MicroSystems, Inc. is performing better than its sector in the calendar year.
One other Computer and Technology stock that has outperformed the sector so far this year is Fortinet (FTNT - Free Report) . The stock is up 52.7% year-to-date.
Over the past three months, Fortinet's consensus EPS estimate for the current year has increased 4.4%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Allegro MicroSystems, Inc. belongs to the Electronics - Semiconductors industry, which includes 41 individual stocks and currently sits at #178 in the Zacks Industry Rank. On average, stocks in this group have gained 47.6% this year, meaning that ALGM is slightly underperforming its industry in terms of year-to-date returns.
In contrast, Fortinet falls under the Internet - Software industry. Currently, this industry has 147 stocks and is ranked #70. Since the beginning of the year, the industry has moved +48.5%.
Investors with an interest in Computer and Technology stocks should continue to track Allegro MicroSystems, Inc. and Fortinet. These stocks will be looking to continue their solid performance.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Is Allegro MicroSystems (ALGM) Stock Outpacing Its Computer and Technology Peers This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Allegro MicroSystems, Inc. (ALGM - 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.
Allegro MicroSystems, Inc. is one of 637 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #7 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. Allegro MicroSystems, Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for ALGM's full-year earnings has moved 8% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, ALGM has returned 45.6% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 36.5% on a year-to-date basis. As we can see, Allegro MicroSystems, Inc. is performing better than its sector in the calendar year.
One other Computer and Technology stock that has outperformed the sector so far this year is Fortinet (FTNT - Free Report) . The stock is up 52.7% year-to-date.
Over the past three months, Fortinet's consensus EPS estimate for the current year has increased 4.4%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Allegro MicroSystems, Inc. belongs to the Electronics - Semiconductors industry, which includes 41 individual stocks and currently sits at #178 in the Zacks Industry Rank. On average, stocks in this group have gained 47.6% this year, meaning that ALGM is slightly underperforming its industry in terms of year-to-date returns.
In contrast, Fortinet falls under the Internet - Software industry. Currently, this industry has 147 stocks and is ranked #70. Since the beginning of the year, the industry has moved +48.5%.
Investors with an interest in Computer and Technology stocks should continue to track Allegro MicroSystems, Inc. and Fortinet. These stocks will be looking to continue their solid performance.