Is Apple (AAPL) Stock Outpacing Its Computer and Technology Peers 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. Is Apple (AAPL) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Apple is a member of the Computer and Technology sector. This group includes 605 individual stocks and currently holds a Zacks Sector Rank of #4. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. AAPL is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for AAPL's full-year earnings has moved 5.02% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, AAPL has returned 69.41% so far this year. At the same time, Computer and Technology stocks have gained an average of 24.45%. This shows that Apple is outperforming its peers so far this year.
Breaking things down more, AAPL is a member of the Computer - Mini computers industry, which includes 4 individual companies and currently sits at #23 in the Zacks Industry Rank. On average, this group has gained an average of 68.69% so far this year, meaning that AAPL is performing better in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to AAPL as it looks to continue its 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.