Is Analog Devices (ADI) Outperforming Other Computer and Technology Stocks This Year?

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 Analog Devices (ADI) 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.Analog Devices is a member of our Computer and Technology group, which includes 613 different companies and currently sits at #1 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Analog Devices is currently sporting a Zacks Rank of #2 (Buy).Within the past quarter, the Zacks Consensus Estimate for ADI's full-year earnings has moved 10.7% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.Our latest available data shows that ADI has returned about 46.5% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 18.2% on average. This shows that Analog Devices is outperforming its peers so far this year.One other Computer and Technology stock that has outperformed the sector so far this year is Allegro MicroSystems, Inc. (ALGM). The stock is up 163.9% year-to-date.For Allegro MicroSystems, Inc., the consensus EPS estimate for the current year has increased 10.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).Looking more specifically, Analog Devices belongs to the Semiconductor - Analog and Mixed industry, which includes 10 individual stocks and currently sits at #4 in the Zacks Industry Rank. Stocks in this group have gained about 54.4% so far this year, so ADI is slightly underperforming its industry this group in terms of year-to-date returns. On the other hand, Allegro MicroSystems, Inc. belongs to the Electronics - Semiconductors industry. This 50-stock industry is currently ranked #56. The industry has moved +59.5% year to date.Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Analog Devices and Allegro MicroSystems, Inc. as they could maintain their solid performance.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks