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 Cree (CREE) 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.
Cree is one of 644 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. CREE is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CREE's full-year earnings has moved 10.53% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CREE has gained about 22.78% so far this year. At the same time, Computer and Technology stocks have gained an average of 13.55%. As we can see, Cree is performing better than its sector in the calendar year.
Looking more specifically, CREE belongs to the Semiconductor - Discretes industry, which includes 3 individual stocks and currently sits at #100 in the Zacks Industry Rank. On average, this group has gained an average of 23.77% so far this year, meaning that CREE is slightly underperforming its industry in terms of year-to-date returns.
CREE will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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