U.S. Markets closed

Has Microchip Technology (MCHP) Outpaced Other Computer and Technology Stocks This Year?

Zacks Equity Research
These small-cap ETFs that have P/E less than that of the average small-cap stocks.

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Microchip Technology (MCHP) 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.

Microchip Technology is one of 630 companies in the Computer and Technology group. The Computer and Technology group currently sits at #8 within 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 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. MCHP is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for MCHP's full-year earnings has moved 11.92% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, MCHP has moved about 16.16% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 9.08% on a year-to-date basis. This means that Microchip Technology is outperforming the sector as a whole this year.

Looking more specifically, MCHP belongs to the Semiconductor - Analog and Mixed industry, a group that includes 12 individual stocks and currently sits at #191 in the Zacks Industry Rank. On average, this group has gained an average of 9.54% so far this year, meaning that MCHP is performing better in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track MCHP. The stock will be looking to continue its solid performance.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Microchip Technology Incorporated (MCHP) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.