The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Arlo Technologies (ARLO) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Arlo Technologies is one of 603 companies in the Computer and Technology group. The Computer and Technology group currently sits at #1 within 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 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. Arlo Technologies is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for ARLO's full-year earnings has moved 228.6% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that ARLO has returned about 28.6% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 28.1% on average. This means that Arlo Technologies is performing better than its sector in terms of year-to-date returns.
Another Computer and Technology stock, which has outperformed the sector so far this year, is ASML (ASML). The stock has returned 60.2% year-to-date.
The consensus estimate for ASML's current year EPS has increased 3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Arlo Technologies belongs to the Internet - Software industry, a group that includes 168 individual stocks and currently sits at #64 in the Zacks Industry Rank. Stocks in this group have gained about 8.2% so far this year, so ARLO is performing better this group in terms of year-to-date returns.
ASML, however, belongs to the Semiconductor Equipment - Wafer Fabrication industry. Currently, this 2-stock industry is ranked #6. The industry has moved +60.6% so far this year.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Arlo Technologies and ASML as they could maintain their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
