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 (CREE - 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.
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.