Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is NetApp (NTAP) one of those stocks right now? 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.
NetApp is one of 619 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 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. NetApp is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for NTAP's full-year earnings has moved 16.1% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, NTAP has moved about 123.4% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 22.7%. This means that NetApp 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 Lenovo Group Ltd. (LNVGY). The stock has returned 245.7% year-to-date.
Over the past three months, Lenovo Group Ltd.'s consensus EPS estimate for the current year has increased 38.1%. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, NetApp belongs to the Computer- Storage Devices industry, a group that includes 7 individual companies and currently sits at #26 in the Zacks Industry Rank. This group has gained an average of 197.5% so far this year, so NTAP is slightly underperforming its industry in this area.
Lenovo Group Ltd., however, belongs to the Computer - Micro Computers industry. Currently, this 5-stock industry is ranked #5. The industry has moved +32.3% so far this year.
Investors interested in the Computer and Technology sector may want to keep a close eye on NetApp and Lenovo Group Ltd. as they attempt to continue their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).