Is Backblaze (BLZE) Stock Outpacing Its Computer and Technology Peers This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Backblaze, Inc. (BLZE) 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.
Backblaze, Inc. is a member of our Computer and Technology group, which includes 622 different companies and currently sits at #5 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. Backblaze, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for BLZE's full-year earnings has moved 12% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that BLZE has returned about 52.4% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 10.5% on a year-to-date basis. This shows that Backblaze, Inc. is outperforming its peers so far this year.
Another Computer and Technology stock, which has outperformed the sector so far this year, is Arista Networks (ANET). The stock has returned 16% year-to-date.
Over the past three months, Arista Networks' consensus EPS estimate for the current year has increased 3.5%. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Backblaze, Inc. is a member of the Internet - Software industry, which includes 145 individual companies and currently sits at #48 in the Zacks Industry Rank. On average, stocks in this group have gained 19.5% this year, meaning that BLZE is performing better in terms of year-to-date returns.
In contrast, Arista Networks falls under the Communication - Components industry. Currently, this industry has 12 stocks and is ranked #79. Since the beginning of the year, the industry has moved +12.7%.
Investors interested in the Computer and Technology sector may want to keep a close eye on Backblaze, Inc. and Arista Networks as they attempt to continue their solid performance.
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