Investors focused on the Computer and Technology space have likely heard of Western Digital (WDC - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? 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.
Western Digital is one of 631 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. WDC is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for WDC's full-year earnings has moved 5.80% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that WDC has returned about 7.97% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 7.67%. This shows that Western Digital is outperforming its peers so far this year.
Looking more specifically, WDC belongs to the Computer- Storage Devices industry, a group that includes 9 individual stocks and currently sits at #16 in the Zacks Industry Rank. On average, stocks in this group have gained 18.94% this year, meaning that WDC is slightly underperforming its industry in terms of year-to-date returns.
WDC will likely be looking to continue its solid performance, so investors interested Computer and Technology stocks should continue to pay close attention to the company.