Yahoo Finance Has Allegro MicroSystems (ALGM) Outpaced Other Computer and Technology Stocks This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Allegro MicroSystems, Inc. (ALGM) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Allegro MicroSystems, Inc. is one of 641 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 in 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 is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Allegro MicroSystems, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ALGM's full-year earnings has moved 5.4% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, ALGM has returned 31% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 30.9% on average. This means that Allegro MicroSystems, Inc. is outperforming the sector as a whole this year.
Another stock in the Computer and Technology sector, Bentley Systems, Incorporated (BSY), has outperformed the sector so far this year. The stock's year-to-date return is 32%.
The consensus estimate for Bentley Systems, Incorporated's current year EPS has increased 3.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Allegro MicroSystems, Inc. belongs to the Electronics - Semiconductors industry, which includes 40 individual stocks and currently sits at #192 in the Zacks Industry Rank. On average, this group has gained an average of 45.1% so far this year, meaning that ALGM is slightly underperforming its industry in terms of year-to-date returns.
Bentley Systems, Incorporated, however, belongs to the Internet - Software industry. Currently, this 146-stock industry is ranked #100. The industry has moved +36.8% so far this year.
Allegro MicroSystems, Inc. and Bentley Systems, Incorporated could continue their solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to these stocks.
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