Are Computer and Technology Stocks Lagging Fastly (FSLY) This Year?
The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Fastly (FSLY) one of those stocks right now? 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.
Fastly is a member of our Computer and Technology group, which includes 640 different companies and currently sits at #8 in the Zacks Sector Rank. 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 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. Fastly is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for FSLY's full-year earnings has moved 11.3% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, FSLY has gained about 86.8% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 35.7% on a year-to-date basis. As we can see, Fastly is performing better than its sector in the calendar year.
Another Computer and Technology stock, which has outperformed the sector so far this year, is SMART Global Holdings, Inc. (SGH). The stock has returned 79% year-to-date.
The consensus estimate for SMART Global Holdings, Inc.'s current year EPS has increased 2.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Fastly belongs to the Internet - Software industry, a group that includes 146 individual companies and currently sits at #97 in the Zacks Industry Rank. On average, this group has gained an average of 47.8% so far this year, meaning that FSLY is performing better in terms of year-to-date returns.
On the other hand, SMART Global Holdings, Inc. belongs to the Electronics - Semiconductors industry. This 40-stock industry is currently ranked #196. The industry has moved +47.7% year to date.
Investors interested in the Computer and Technology sector may want to keep a close eye on Fastly and SMART Global Holdings, Inc. as they attempt to continue their solid performance.
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