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. Has Mellanox Technologies (MLNX - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Mellanox Technologies is a member of the Computer and Technology sector. This group includes 630 individual stocks and currently holds a Zacks Sector Rank of #9. 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 is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. MLNX is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for MLNX's full-year earnings has moved 29.35% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that MLNX has returned about 32.15% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 8.62% on a year-to-date basis. This means that Mellanox Technologies is outperforming the sector as a whole this year.
Looking more specifically, MLNX belongs to the Electronics - Semiconductors industry, a group that includes 35 individual stocks and currently sits at #182 in the Zacks Industry Rank. On average, stocks in this group have gained 3.18% this year, meaning that MLNX is performing better in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on MLNX as it attempts to continue its solid performance.