May 25, 2024


Digitally first class

Is Alphabet (GOOG) Stock Outpacing Its Computer and Technology Peers This Year?

Investors focused on the Computer and Technology space have likely heard of Alphabet (GOOG), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of GOOG and the rest of the Computer and Technology group’s stocks.

Alphabet is a member of our Computer and Technology group, which includes 619 different companies and currently sits 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. GOOG is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for GOOG’s full-year earnings has moved 29.57% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Our latest available data shows that GOOG has returned about 44.27% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 16.43% on average. This means that Alphabet is outperforming the sector as a whole this year.

To break things down more, GOOG belongs to the Internet – Services industry, a group that includes 49 individual companies and currently sits at #193 in the Zacks Industry Rank. On average, this group has gained an average of 32.02% so far this year, meaning that GOOG is performing better in terms of year-to-date returns.

GOOG will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.

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