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 AudioEye (AEYE) been one of those stocks this year? 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.
AudioEye is a member of the Computer and Technology sector. This group includes 619 individual stocks and currently holds a Zacks Sector Rank of #4. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. AudioEye is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AEYE's full-year earnings has moved 3.5% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, AEYE has moved about 295.2% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 24.7% on a year-to-date basis. As we can see, AudioEye is performing better than its sector in the calendar year.
Arista Networks (ANET) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 67.4%.
In Arista Networks' case, the consensus EPS estimate for the current year increased 0.6% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, AudioEye belongs to the Internet - Software industry, which includes 145 individual stocks and currently sits at #85 in the Zacks Industry Rank. Stocks in this group have gained about 23.5% so far this year, so AEYE is performing better this group in terms of year-to-date returns.
Arista Networks, however, belongs to the Communication - Components industry. Currently, this 11-stock industry is ranked #32. The industry has moved +59.9% so far this year.
Investors with an interest in Computer and Technology stocks should continue to track AudioEye and Arista Networks. These stocks will be looking to continue their solid performance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
