IInvestors interested in Computer and Technology stocks should always search to find the best companies in the group. Is Avnet (AVT) one of the stocks this year? A quick look at the company’s year-to-date performance compared to the rest of the Computer and Technology sector should help us answer this question.
Avnet is one of 663 individual stocks in the Computer and Technology sector. Together, these companies sit at #10 in the Zacks Sector Rank. Zacks Sector Rank measures the strength of our 16 individual sector groups by measuring the average Zacks Rank of individual stocks within those groups.
Zacks Rank highlights earnings estimates and estimates fluctuations to find stocks with improving earnings outlook. This system has a long track record of success, and these stocks are likely to be on track to beat the market in the next one to three months. Avnet currently sports Zacks Rank #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for full -year AVT revenue has grown 20.5% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
According to our latest data, AVT has moved about 2.8% on a year-to-date basis. At the same time, Computer and Technology stocks lost an average of 30.3%. As we have seen, Avnet has performed better than its sector in the calendar year.
Aspen Technology (AZPN) is yet another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 29.8%.
In the case of Aspen Technology, the consensus EPS estimate for the current year has increased 5.1% over the past three months. The stock currently has Zacks Rank #1 (Strong Buy).
Breaking things down even more, Avnet is a member of the Electronics – Parts Distribution industry, which includes 5 individual companies and currently sits at #2 in the Zacks Industry Rank. Stocks in this group have lost about 15.3% so far this year, so AVT has performed better in this group in terms of year-to-date returns.
On the other hand, Aspen Technology belongs to the Internet – Software industry. This 148-stock industry is currently ranked #164. The industry has moved -53.2% year to date.
Investors with an interest in Computer and Technology stocks should continue to follow Avnet and Aspen Technology. These stocks will seek to maintain their strong performance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.