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. Is Seagate Technology (STX - Free Report) 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.
Seagate Technology is a member of the Computer and Technology sector. This group includes 627 individual stocks and currently holds a Zacks Sector Rank of #3. 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 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. STX is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for STX's full-year earnings has moved 13.92% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, STX has gained about 29.61% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 10.40% on a year-to-date basis. This means that Seagate Technology is outperforming the sector as a whole this year.
Looking more specifically, STX belongs to the Computer- Storage Devices industry, a group that includes 9 individual stocks and currently sits at #123 in the Zacks Industry Rank. Stocks in this group have gained about 12.60% so far this year, so STX is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to STX as it looks to continue its solid performance.