June 22, 2024

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Has Applied Materials (AMAT) Outpaced Other Computer and Technology Stocks This Year?

Investors focused on the Computer and Technology space have likely heard of Applied Materials (AMAT), but is the stock performing well in comparison to the rest of its sector peers? Let’s take a closer look at the stock’s year-to-date performance to find out.

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Applied Materials is one of 627 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #13 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. AMAT is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for AMAT’s full-year earnings has moved 4.80% higher within the past quarter. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

According to our latest data, AMAT has moved about 58.16% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 27.71%. As we can see, Applied Materials is performing better than its sector in the calendar year.

Looking more specifically, AMAT belongs to the Semiconductor Equipment – Wafer Fabrication industry, which includes 4 individual stocks and currently sits at #123 in the Zacks Industry Rank. This group has gained an average of 63.13% so far this year, so AMAT is slightly underperforming its industry in this area.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to AMAT as it looks to continue its solid performance.

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