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 Cree been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Cree is a member of the Computer and Technology sector. This group includes 642 individual stocks and currently holds a Zacks Sector Rank of #8. 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. CREE is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for CREE's full-year earnings has moved 10.53% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, CREE has gained about 25.87% so far this year. At the same time, Computer and Technology stocks have gained an average of 15.56%. This shows that Cree is outperforming its peers so far this year.

Looking more specifically, CREE belongs to the Semiconductor - Discretes industry, which includes 3 individual stocks and currently sits at #102 in the Zacks Industry Rank. On average, this group has gained an average of 21.31% so far this year, meaning that CREE 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 CREE as it attempts to continue its solid performance.