Is Veeco Instruments (VECO) 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 Veeco Instruments (VECO) 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.
Veeco Instruments is one of 624 companies in the Computer and Technology group. The Computer and Technology group currently sits at #4 within the Zacks Sector Rank. 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. Veeco Instruments is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for VECO's full-year earnings has moved 21.1% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, VECO has returned 57.8% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 46.4% on a year-to-date basis. This means that Veeco Instruments is performing better than its sector in terms of year-to-date returns.
Another Computer and Technology stock, which has outperformed the sector so far this year, is AppFolio (APPF). The stock has returned 84.8% year-to-date.
Over the past three months, AppFolio's consensus EPS estimate for the current year has increased 116.3%. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Veeco Instruments belongs to the Electronics - Manufacturing Machinery industry, a group that includes 9 individual companies and currently sits at #158 in the Zacks Industry Rank. On average, stocks in this group have gained 29.1% this year, meaning that VECO is performing better in terms of year-to-date returns.
In contrast, AppFolio falls under the Internet - Software industry. Currently, this industry has 147 stocks and is ranked #31. Since the beginning of the year, the industry has moved +54.8%.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Veeco Instruments and AppFolio as they could maintain their solid performance.
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