Is Fastly (FSLY) Outperforming Other Computer and Technology Stocks This Year?
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 Fastly (FSLY) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Fastly is a member of our Computer and Technology group, which includes 621 different companies and currently sits at #3 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. Fastly is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for FSLY's full-year earnings has moved 41.5% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, FSLY has returned 152.2% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 22.4% on a year-to-date basis. This means that Fastly is performing better than its sector in terms of year-to-date returns.
One other Computer and Technology stock that has outperformed the sector so far this year is Arrow Electronics (ARW). The stock is up 106% year-to-date.
For Arrow Electronics, the consensus EPS estimate for the current year has increased 10.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Fastly is a member of the Internet - Software industry, which includes 178 individual companies and currently sits at #93 in the Zacks Industry Rank. Stocks in this group have gained about 9.1% so far this year, so FSLY is performing better this group in terms of year-to-date returns.
On the other hand, Arrow Electronics belongs to the Electronics - Parts Distribution industry. This 4-stock industry is currently ranked #7. The industry has moved +73.4% year to date.
Investors with an interest in Computer and Technology stocks should continue to track Fastly and Arrow Electronics. These stocks will be looking to continue their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).
