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 Alphabet (GOOGL - 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.
Alphabet is a member of our Computer and Technology group, which includes 630 different companies and currently sits at #2 in 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 is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. GOOGL is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for GOOGL's full-year earnings has moved 0.52% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, GOOGL has gained about 6.89% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 3.58% on a year-to-date basis. This shows that Alphabet is outperforming its peers so far this year.
Looking more specifically, GOOGL belongs to the Internet - Services industry, which includes 50 individual stocks and currently sits at #171 in the Zacks Industry Rank. Stocks in this group have gained about 6.76% so far this year, so GOOGL is performing better this group in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on GOOGL as it attempts to continue its solid performance.